Alberta Oilsands eyes eastern Zambia rift basins

Alberta Oilsands

Alberta Oilsands Inc., Calgary, has agreed to acquire an 80% interest in petroleum exploration licenses covering three rift basins in eastern Zambia.

Subject to TSX Venture Exchange approval, Alberta Oil Sands would acquire blocks 42, 44, 52, 54, 55, 57, and 58 which total 18 million acres, and a pending application on Block 25 in the Lake Tanganyika basin, Luangwa Rift, and the Cabora Bassa (Lake Kariba)/Mid-Zambezi trough.

Sellers are British Virgin Island and Zambian entities, and local partners will control the remaining 20% of the licenses.

Alberta Oil Sands said the acquisition would give it a presence in three new rifts and critically a full license on Lake Tanganyika. Block 54 is adjacent to Tanzanian lake acreage held by Beach Energy Ltd., Adelaide, which is concluding interpretation of a major seismic program.