Petroleum Africa
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Wednesday, September 30, 2009
Through BlueGold Capital, Dominion Petroleum has raised $10 million which will go toward funding its Ugandan drilling campaign on Block EA4B. Talks with BlueGold were completed in mid-August. As part of the funding the Company’s existing convertible loan notes have been restructured. The company also initiated a farm-out process as part of its fund-raising strategy for 2010 and beyond. Dominion said it has received strong interest from quality companies.
Dominion expects to initiate the drilling campaign in 2010 and has identified targets which it characterizes as highly prospective. The company received the results of an independent reserves audit for the block conducted by Energy Resources Consultants Ltd. (ERC). In the audit ERC said that the mean unrisked potential on four prospects of oil-in-place was 1,715 Mmbbls with the mean unrisked recoverable reserves sitting at 378 Mmbbls. The largest of the prospects contains unrisked oil-in-place of 482 Mmbbls and 127 Mmbbls mean unrisked gross recoverable.
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