ZCCM-IH | New partnership in two onshore Zambian oil blocks

By Published On: July 10th, 2018Categories: Corporate announcement

ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) is delighted to announce that the Company has been granted two onshore Oil and Gas exploration licenses by the Ministry of Mines and Minerals Development of Zambia (“MoMMD”). The two licensed oil blocks are situated in the Western and Muchinga provinces of Zambia. The granting of this license by the MoMMD is in line with ZCCM-IH’s strategy to undertake mining related diversification particularly in the energy sector.

In order to undertake exploration works on the license area, ZCCM-IH has partnered with Oranto Petroleum (“Oranto”) a Nigerian based and the largest privately-owned oil exploration and production company in Africa. Oranto will own a 90% stake in this project while ZCCM-IH will retain 10%. Oranto will provide funding and technical support for the project. The technical support will include the provision of training to ZCCM-IH Technical Staff in oil and gas exploration and production.

Dr P C Kasolo
Chief Executive Officer
Issued in Lusaka, Zambia on Tuesday, 10th July 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | [email protected]
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Tuesday, 10th July 2018

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.

ZCCM Investments Holdings Plc (ZCCM.zm)

Share price: 37.98 Kwacha (0.00 | 0.00% – 22/03/23)

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