United Arab Emirates based company, Hamra Oil Holdings Limited (HOHL) said it has completed the first phase of oil exploration using a Full Tensor Gravity Gradeometry, an Air Survey on Lake Malawi.HOHL Senior Official, Ben Chiza-Mkandawire told journalists in Lilongwe on Monday that there is hope that the lake has huge amounts of oil deposits underneath.

“Currently, we are still combining the data from the just-ended survey but what we have managed to get is giving us confidence that the country has huge oil deposits in its lake,” he said.

He said the survey took around four months to complete and another three months for processing and data interpretation before the seismic program.

The company intends to embark on planning an effective seismic program in the second phase which will start soon, he added.

Malawi awarded contracts of oil and gas exploration to the United Kingdom based Surestream Petroleum Company and was given Blocks Two and Three in 2011.

Later in 2013, Surestream partnered with HOHL for oil exploration.