UHIC seeks investors for ‘bigger-than-expected’ Chad development

Issue 279 - 13 Jun 2014 | 3 minute read
Canada’s United Hydrocarbon International Corporation (UHIC) says exploration drilling in H1 has revealed bigger-than-expected reserves in its Doba Basin Block and it is about to seek funding or a farm-in partner. Vice-president capital markets Frederick Kozak told Global Pacific & Partners’ Africa Independents’ Forum in London on 3 June that the company would make an announcement “in the next couple of weeks” on the hiring of an investment bank to oversee the process. UHIC began its drilling programme on 3 January, and has so far drilled a successful development well at Belanga-1A and exploration well at Belanga North-1, as well as a dry hole with the Toura-1 exploration well.

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