Australia's Jacka Resources Signs Tanzania PSA

Australia listed African explorer Jacka Resources has signed a production sharing agreement (PSA) for the Tanzania’s Ruhuhu Basin Block.

Under this PSA, government of Tanzania issued the Ruhuhu Exploration Licence in which Jacka Resources is the operator with 100% initial interest. The Tanzania Petroleum Development Corporation (TPDC) has a right, upon development, to take up a 20% interest in the development Licence.

The Ruhuhu Block is located in south western Tanzania, adjacent to Lake Nyasa.

Tanzania has recently become one of the world’s international oil and gas exploration hot spots. Between 2010 and March 2013, an estimated 33.7 Tcf in recoverable gas resources have been discovered offshore and 8 Tcf onshore.