Heritage Oil PLC has been awarded the 1,934 sq km Kyela PSA in the northern onshore area of the Lake Nyasa basin in Tanzania.
Heritage, operator with 100% interest, said gravity and seismic data from the lake suggest the presence of a thick sedimentary section with the potential to generate oil. A 1,500 sq km high resolution gravity survey will start shortly followed by a 2D seismic survey.
Heritage said the area is a frontier exploration play that potentially shares certain geological similarities with the Albert basin of Uganda and Heritage’s recently awarded Rukwa PSA in Tanzania.
In the event of an oil discovery the Kyela PSA lies 125 km from the railhead at Mbeya, and economic scoping shows the commercial viability of either rail export to Dar es Salaam or export by pipeline depending on exploration success.