Odin Energy (ASX:ODN) might not have found oil and gas in in Zambia but has taken a position in a company which holds four copper leases in the Zambian copper belt.
A joint venture company of which Odin was involved was set up to source opportunities in southern Africa, but has passed on acquiring three oil and gas leases in Zambia.
In negotiations with the joint venture group and as compensation for the $100,000 expended, Odin has gained e a position in a separate company which holds the four copper leases in the Zambian belt.
The majority of the copper leases acquired are in the heart of the copper belt, to the south of the town of Solwezi and within 70 kilometres of First Quantum Minerals’ (TSX:FE) Lumwana copper mine.
The four leases have a combined area of approx. 200 kms2.
Odin is principally involved in offshore production in the USA and is awaiting the results of a workover program on a well in Texas.
Production at the Galveston 307 Prospect during the quarter was 200,044 MCF of gas and 457 Barrels of condensate (17,665 MCF and 41 BC net to Odin).
Odin has a Working Interest of 11.25% in the prospect.
Average production during the quarter was 2,228 MCFEPD (197 MCFEPD net to Odin), which is a 20% increase on production from the previous quarter.
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