Operations Update
10 November 2010 - 6:00PM
UK Regulatory
TIDMDPL
RNS Number : 9141V
Dominion Petroleum Limited
10 November 2010
?
10 NOVEMBER 2010
Dominion Petroleum Limited
("Dominion" or the "Company")
Operations Update
- Completion of 3D seismic survey on Block 7, deep-water Tanzania
- Cross-border 2D seismic survey of Lake Edward Basin, Uganda and DRC
commencing in Q1 2011
Dominion is pleased to provide an update on its operations:
Tanzania Deep Water Block 7 (Dominion Tanzania Ltd 100%, Operator)
Dominion is pleased to announce that the 3D seismic survey that was recently
conducted on Block 7, deep-water Tanzania, has now been completed. The data was
acquired by Fugro Geoteam AS, using the seismic vessel the GeoBarents. The
survey was conducted over a total area of 1,236 sq km covering the Alpha, Beta
and 3 other prospects. A recent competent persons report (CPR) prepared by
Energy Resource Consultants Ltd on the Alpha prospect confirmed a mean
prospective resource of 1.1Bbbl as the oil case and 7Tcf as the gas
case.
The data will now be processed by CGG Veritas. This should be
complete by Q2 2011 and a "Fast Track" processed volume will be ready later this
week. The long offset, 7km streamer, data will support amplitude variations with
offset ("AVO") studies, these studies on the existing 2D data have helped
de-risk Alpha and Beta already. The final results of the 3D and subsequent
analyses will help the Company re-assess volumes and improve chances of success
not only for the Alpha prospect but for all prospects mapped within, and
immediately adjacent to, the survey area.
Dominion also notes that last
month the first deep-water discovery in Tanzania, the Pweza-1 well, was drilled
south of Block 7 and has proven a working hydrocarbon system in the deep-water
of Tanzania. This first discovery confirms Dominion's belief that offshore
Tanzania is highly prospective and provides further confidence in its
exploration efforts on Block 7.
Andrew Cochran, CEO of Dominion,
commented:
"The recent discovery in Tanzania is very significant and
justifies the increased levels of interest shown by major industry players in
deepwater East Africa. We are extremely excited by what we already know about
Block 7 and early results from the 3D support the drilling of Block 7, perhaps
next year depending on rig availability."
Lake Edward Basin
- Uganda Exploration Area 4B (Dominion Uganda Ltd
100%, Operator)
- Democratic Republic of Congo, Block 5 (Dominion DRC
46.75%)
Dominion announces the first ever cross-border 2D seismic between
DRC and Uganda for early in 2011. Dominion, and its partners, plan to acquire in
excess of 300km of new seismic in the Lake Edward Basin. A contract will be
awarded to the preferred contractor before year's end and the survey could start
as early as January, lasting 3-4 months.
Dominion obtained valuable
geological data from the Ngaji-1 well in Block 4B well and confirmed the
presence of excellent quality reservoir sands as well as hints of source
potential. These data justify continued exploration in the basin as a whole in
both of the countries it straddles (Uganda and the DRC).
Andrew Cochran,
CEO of Dominion, commented:
"Obtaining the first ever cross-border
seismic on the Lake Edward basin demonstrates Dominion's unique and strategic
position in the play. While Ngaji-1 disappointed on some levels the subsequent
analyses easily justify continued exploration of the basin, now armed with a
better understanding of the basin as a whole. We could return to drilling as
early as next year depending on the outcome of the new seismic."
Tanzania Onshore Mandawa PSA Kianika-1 well (Dominion Oil and Gas Ltd, 10%)
The Kianika-1 well on the Mandawa PSA continues to drill ahead and is expected
to reach its planned depth of 2900m before the end of November. The well is
operated by Dominion's partner Les Establissment Maurel et Prom (M&P). Further
details will be forthcoming as the well progresses.
ENQUIRIES:
+-----------+-----------+
| Dominion | |
| Petroleum | |
| Limited | |
+-----------+-----------+
| Andrew | +44 |
| Cochran, | (0) 20 |
| Chief | 7811 5300 |
| Executive | |
| Officer | |
+-----------+-----------+
| Rob | |
| Shepherd, | |
| Finance | |
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| Pelham | |
| Bell | |
| Pottinger | |
| Limited | |
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| Archie | +44 |
| Berens | (0)20 |
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| | 3112 / |
| | +44 |
| | (0)7802 |
| | 442 486 |
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| | |
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| RBC | +44 |
| Capital | (0)20 |
| Markets, | 7653 4000 |
| NOMAD | |
| and | |
| Joint | |
| Broker | |
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| Martin | |
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| Paul | |
| Stricker | |
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| Genuity | (0)20 |
| Limited, | 7050 6500 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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