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  • Raptor Resources Holdings Inc. (RRHI) Boosted By New Oil Production Plans In Mozambique 0 comments
    Dec 12, 2013 10:39 AM | about stocks: RRHI

    A recent report in Ventures Africa (dtg.fm/J57d) indicated that Mozambique will start commercial oil production from an inland eastern coast oil field at Inhassoro in 2014, according to Sasol Petroleum (SASOL.com). Well testing has already been conducted, and over 236,000 test barrels of light oil have been produced.

    According to Ebbie Haan, MD of Sasol, "If we were to develop the field with one or two wells in the first phase, we would be talking about 1,100 bpd". He added that that Sasol plans to invest around $2.4 billion in Mozambique for a number of oil and gas projects until 2018. Reuters reports that billions of investment dollars have been triggered by recent gas and coal discoveries in the country.

    It's all good news for Raptor Resources Holdings, whose subsidiary Mabwe Minerals has just begun scaling up production of barite at its Dodge Mine in Zimbabwe, Mozambique's next door neighbor to the west. Barite is critical to the oil and gas industry as a weighting agent, where it helps to prevent blowouts during drilling. The Dodge Mine, only a few hundred miles from the Inhassoro oil field site, represents a huge barite strike, and they already have a master supplier contract with oil industry supplier Baker Hughes for up to 3 million tons of barite to be produced over the next 13 years, though not directly related to the recent Inhassoro announcement. New demands in nearby Mozambique now represent new market potential for the barite.

    Over the past several months, the company has been bringing together the necessary partners and plans, and initial production and grading is now underway. The project is being managed by WGB Kinsey & Company, a 4th generation mining and construction company in Zimbabwe since 1955. Distribution and shipping of the barite are being handled by Steinbock Minerals and Yasheya Ltd. respectively.

    For more information, visit raptorresourceholdings.com

    QualityStocks provides investor relations services to publicly traded companies in exchange for compensation. This article may be part of our efforts to widen a client's exposure. To read our full disclaimer, visit http://disclaimer.qualitystocks.net

    Stocks: RRHI
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