Petroleum Africa
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Monday, June 19, 2006
Dominion Petroleum has entered into three production sharing agreements with the government of Tanzania. The PSAs cover four onshore permits totaling 10 million acres. The four permits are Mandawa, Kisingire, Lukuliro, and Selous.
Under the terms of the PSAs, Dominion is committed to drill four wells. The company intends to select from an initial total of 16 promising prospects already identified. The drilling program is due to commence in late 2006, subject to rig availability.
According to the company it has amassed a collection of historical data covering the acreage. On the basis of its analysis, using modern techniques not available to earlier explorers, Dominion believes the region offers very significant exploration upside. The data available to the company is estimated to be worth over $200 million.
Dominion says from the data collection it appears that earlier attempts to hit oil were hampered by bad planning and poor geological reasoning. By reworking new biostratigraphic analysis and reprocessing, Dominion has built up a much clearer picture of the underlying geology and estimates that the hydrocarbons in place, measured in terms of mean unrisked prospective resources, is 1.1 billion barrels of oil equivalent, or 104 Mmboe on a risked basis.
Mike Garland, Dominion’s Chief Executive, said of his company’s entering Tanzania, “The world’s largest oil companies have finally woken up to East Africa’s enormous potential. Tanzania is the best new address for exploration. Investors in Dominion will gain exposure to an exciting exploration play with risk mitigated by the sheer extent of our acreage. The caliber and track record of Dominion’s investors and management speak for themselves.”
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