Extension of Block 7, Offshore Tanzania (2826E)
05 April 2011 - 4:00PM
UK Regulatory
TIDMDPL
RNS Number : 2826E
Dominion Petroleum Limited
05 April 2011
5 April 2011
DOMINION PETROLEUM LIMITED
("Dominion Petroleum" or "the Company")
EXTENSION OF BLOCK 7, OFFSHORE TANZANIA
Dominion is pleased to announce that the company has just been
granted a 1 year extension to the Initial Exploration Period for
its deepwater Block 7 by the United Republic of Tanzania's Ministry
of Energy and Minerals.
The extension to the current period removes any obligation for
the company to relinquish any portion of Block 7 until May of next
year, providing Dominion with much more time to more fully evaluate
the acreage before a mandatory 50% relinquishment at the close of
the Initial Period.
Late last year, Dominion acquired a 3-D seismic survey on Block
7 and is presently processing these data in full while interpreting
the "Fast Track" volume; the survey was initially focused on the
Alpha prospect.
However, the "Fast Track" volume has led to the identification
of numerous other prospects of similar scale to Alpha and final
processing for the survey is likely to be completed in early May.
The company may acquire new 2D, or additional 3D, data this year in
the block to mature some of the additional leads and prospects
identified since last year's competent persons report (CPR).
A competent persons report (CPR) prepared, in September 2010, by
Energy Resource Consultants Ltd confirmed a mean prospective
resource of 7Tcf of natural gas, or 1.1 billion barrels of oil, for
the Alpha prospect alone. The 3D and recent drilling results in the
area have positively impacted the prospectivity of Block 7 in a
material way.
In granting the extension, the Ministry noted Dominion's good
working track record in Tanzania. The additional time means that
Dominion can continue to assess the whole of block, and possibly
acquire more data, to better decide how to proceed toward
drilling.
Andrew Cochran, Chief Executive of Dominion Petroleum,
commented:
"We thank the Government of Tanzania for granting us this
extension. It is a validation of the technical work we have done to
date and reflects the huge scale in terms of prospectivity that
Block 7 represents.
"The extension of the licence will allow us to better formulate
plans on a drilling program for our deepwater East Africa portfolio
in 2012. As the area becomes more and more competitive by the day
our position becomes more and more strategic."
ENQUIRIES:
Dominion Petroleum Limited
Andrew Cochran, Chief Executive Officer +44 (0)20 7349 5900
Rob Shepherd, Finance Director
Pelham Bell Pottinger Limited +44 (0)20 7861 3112 /
Archie Berens +44 (0)7802 442 486
RBC Capital Markets, NOMAD and Joint Broker +44 (0)20 7653 4000
Martin Eales
Paul Stricker
Canaccord Genuity Limited, Joint Broker +44 (0)20 7050 6500
Tarica Mpinga
This information is provided by RNS
The company news service from the London Stock Exchange
END
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