Independent oil and gas exploration company Dominion Petroleum has announced its half year results and updated operations in Uganda, Tanzania and the Democratic Republic of Congo.
Key Points
·32.7 million euro (ca. US$47 million) of new equity funding raised in March 2010
-Presidential approval for Block V Democratic Republic of Congo obtained in June 2010
-Ngaji-1 well drilled, under budget, in Uganda in July 2010 confirmed some elements needed for a working hydrocarbon system in the Lake Edward basin, notably potential reservoir sands of excellent quality
-Offshore Tanzania 3D seismic acquisition commenced in September 2010 and competent persons report released on the first prospect ('Alpha') there, the CPR having independently confirmed 7Tcf or 1Bbbl potential for the Alpha prospect alone
Andrew Cochran, Dominion's Chief Executive, commented:
'We have embarked on an intensive exploration programme, focusing our efforts on Block 7 offshore Tanzania and the Lake Edward basin. The East coast of Africa has attracted the attention of some of the largest names in the industry, endorsing our belief in its potential, this enormous potential having been verified by the CPR on the Alpha Prospect.
'As for Lake Edward, the ratification of our PSA in the Democratic Republic of Congo means that we can explore the basin on both sides of the Ugandan border and treat it as a single play. The data we already have gives us plenty of encouragement and the geological data acquired from the Ngaji-1 well, being the first ever in the Lake Edward basin, supports the continued exploration of the basin as a whole in both countries it straddles, Uganda and the DRC.
'We are therefore well placed to apply the funds we have raised in some very exciting exploration plays. This is clearly the most active period in the company's history and I look forward to reporting further progress.'