2009-09-25-2009-09-17

To acquire interests in 3 production sharing agreements in Tanzania, Mozambique.

French company Maurel & Prom SA and British company Cove Energy Plc (London AIM: COV) will acquire interests in three production sharing agreements in Tanzania and Mozambique from Artumas Group Inc., Calgary, (Oslo: AGI) for $11 million in cash plus development costs through a farm-out agreement. Maurel & Prom will farm in to a 38.22% participating interest in certain petroleum operations in Mnazi Bay, Tanzania, except for exploration operations where Maurel & Prom will take up to a 47.775% participating interest, the difference due to the Tanzanian Petroleum Development Corp.'s 20% participating interest in all but exploration operations. Cove Energy will farm in to a 16.38% and 20.475% interest respectively in petroleum operations and exploration operations. Artumas' participating interests will become 25.4% and 31.75% respectively. Maurel & Prom will become operator. Cove will acquire Artumas' entire 8.5% participating interest in the Offshore Area 1 Rovuma Block, Mozambique. Artumas will receive a royalty of 6.4% of Cove's profit petroleum accruing to the 8.5% participating interest. Maurel & Prom and Cove will respectively farm in to a 24% and 10% participating interest in the Onshore Rovuma Block, Mozambique. Artumas' participating interest will become 15.3%. Artumas' share of costs for the one exploration well will be carried by the two companies. Artumas chief executive Cam Barton says, "This transaction has the capacity to transform Artumas from a position of distress to one where the company will be carried through very significant exploration programs in all of its assets which have a reasonable chance to materially add value through exploration success."