Raven Resources Group acquires exploration license in prospective Taoudeni basin

8/21/2013

Raven Resources Group acquires exploration license in prospective Taoudeni basin

LONDON and BAMAKO -- Raven Resources Group mentioned the ratification of its exploration license over Block 6, onshore Mali through its subsidiary Corvus Resources Management. The formal handover ceremony took place in Bamako on the 16th of August, 2013.

The agreement between Raven Resources Group and the Ministry of Mines and Energy, Mali allows Raven to prospect for hydrocarbons in the prolific Taoudeni basin. Raven Resources Group plans to invest over $50 million as part of this exploration campaign over its 7 year license period. The Taoudeni basin is the largest sedimentary basin in Northwest Africa and has had companies such as ENI, Total, and Sonatrach prospect for hydrocarbons. Mali has recently been through a successful democratic election following a long drawn out military coup.

Minister of Mines and Energy, Mamadou Diarra Igor said, "This is a critical time for Mali in more ways than one and these positive developments herald a new beginning, a course correction for the people of Mali who will definitely benefit from this sort of investment in the economy."

Raven Resources Group's Director for Business Development, Adeniyi Makanjuola commented, "We are extremely excited about the opportunity to prospect in one of the last frontiers for onshore oil and gas exploration worldwide. We see a great deal of potential and are committed to our efforts in Mali. We have assembled a strong team and we are confident that we will be able to achieve our set goals with the backing of our investors."

 

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