(MENAFN- ProactiveInvestors - Australia) Ormil Energy (ASX: OMX) continues to expand its Botswana petroleum acreage with the award of a new exploration licence covering 23,700 square kilometres in the Ngamiland and Central districts.
The award follows the acquisition of Energy Botswana and its five Botswana licences that have potential coal seam gas Contingent Resource of up to 12.6 trillion cubic feet of gas.
PEL 154/2012 is valued for a four year period from 1 October 2012.
Ormil has already stated that its exploration efforts will be focused on Botswana, which is rated as one of the best countries for investment in Africa and the world in terms of transparency.
It plans to drill several wells and undertake testing work over the next 12 months that are targeted at moving a portion of the Contingent Resource into Proved and Probable as well as Proved, Probable and Possible Reserves.
Ormil is changing its name to Magnum Gas & Power.
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