Operations Update

Date : 09/20/2010 @ 6:00AM
Source : UK Regulatory (RNS & others)
Stock : Dominion Pet (DPL)
Quote : 7.25  0.0 (0.00%) @ 12:00AM
Dominion Pet share price Chart

Operations Update


 

TIDMDPL 
 
RNS Number : 9316S 
Dominion Petroleum Limited 
20 September 2010 
 

                           Dominion Petroleum Limited 
                          ("Dominion" or the "Company") 
 
                                Operations Update 
 
- Commencement of 3D seismic survey on Block 7, deep-water Tanzania 
 
- Release of CPR on Alpha Prospect, Block 7, deep-water Tanzania 
 
- Continuing exploration programme in Lake Edward Basin, Uganda and DRC 
 
- Presentation at the First Energy / Societe Generale Global Energy Conference 
 
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 ca. 1,000 km sq 3D seismic survey has 
commenced on Block 7, deep-water Tanzania. The survey has been specifically 
designed to support amplitude variations with offset ("AVO") studies all the way 
down to the deepest objectives (Cretaceous/Jurassic Channel/Fan) and should take 
approximately two months to acquire and another two to three months to process, 
interpret and analyse. 
 
The initial AVO work performed on existing 2D seismic data has been very 
encouraging in identifying numerous positive indications and now drives the 3D 
survey; the results of which should help the Company re-assess volumes and 
improve chances of success ("CoS") not only for the Alpha prospect but for all 
prospects mapped within, and immediately adjacent to, the survey area. 
 
Dominion has also released the competent persons report (CPR) prepared by Energy 
Resource Consultants Ltd (ERC) on the first prospect, Alpha, in Block 7. The 
report confirms a mean prospective resource of 1.1Bbbl as the oil case and 7Tcf 
as the gas case. ERC have risked the prospect with a 12% CoS overall 
(individually, the various objectives within Alpha are estimated to have a CoS 
of between 9% and15%). The CPR is available on Dominion's website at 
www.dominionpetroleum.com. 
 
Since the CPR was initiated, drilling in deepwater East Africa has proven some 
elements of the Alpha play concept. In particular, both the pre-tertiary (i.e. 
Cretaceous) and the oil potential of the East African Margin as a whole have 
been de-risked. The current drilling in the area will be watched closely by 
Dominion and factored into its analyses of Block 7 as, and when, more 
information becomes available. 
 
Andrew Cochran, CEO of Dominion, commented: 
 
"Deepwater East Africa is seeing greatly increased attention and activity from 
the oil & gas sector and Block 7 is squarely in the middle of that focus. The 
CPR on Alpha independently confirms Block 7's highly prospective geology and we 
are very excited about progressing our work on all prospects and leads so far 
identified in the block." 
 
Lake Edward Basin 
 
- Uganda Exploration Area 4B (Dominion Uganda Ltd 100%, Operator) 
- Democratic Republic of Congo, Block 5 (Dominion DRC 46.75%) 
 
With the Ngaji-1 well in Block 4B having been drilled in July, on time and under 
budget, Dominion has now met all of its contractual obligations for the current 
period of its PSA with the Government of Uganda. The well has been plugged and 
abandoned as a dry hole with gas shows, but has been preserved for possible 
re-entry to support deviated drilling for objectives down-dip from its surface 
location. Valuable geological data has been obtained from the well, the first 
ever in the Lake Edward Basin, and will support continued exploration in the 
basin as a whole in both of the countries it straddles (Uganda and the DRC). 
 
Ngaji-1 has confirmed the presence of excellent quality reservoir sands, which 
was one of the biggest pre-drill risks, and provides for the first time a 
definition of the basin's stratigraphy. These data will form the bases of 
Dominion's exploration programme in both Uganda and the DRC going forward. The 
next stage of the programme includes 300km - 500km of 2D seismic across both 
countries. 
 
Andrew Cochran, CEO of Dominion, commented: 
 
"We always saw the Lake Edward area as a single basin, straddling two 
countries. Now that we have the PSA formally ratified in the DRC, we are well 
placed to continue the exploration of the basin as a whole and, following the 
upcoming seismic, we will rank all prospects and leads on a basin-wide basis to 
decide where best to drill next." 
 
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 currently 
at a depth of approximately 1,690m. The well is operated by Dominion's partner 
Les Establissment Maurel et Prom (M&P). Further details will be forthcoming as 
the well progresses. 
 
Presentation at Global Energy Conference 
 
Dominion will be making a presentation at the First Energy / Societe General 
Global Energy Conference. The presentation will take place at 11.20am on Tuesday 
21 September 2010. A copy of the presentation will be made available on the 
Company's website. 
 
ENQUIRIES: 
 
+----------------------------------+------------------------------+ 
| Dominion Petroleum Limited       |                              | 
+----------------------------------+------------------------------+ 
| Andrew Cochran, Chief Executive  | +44 (0) 20 7811 5300         | 
| Officer                          |                              | 
+----------------------------------+------------------------------+ 
| Rob Shepherd, Finance Director   |                              | 
+----------------------------------+------------------------------+ 
|                                  |                              | 
+----------------------------------+------------------------------+ 
| Pelham Bell Pottinger Limited    |                              | 
+----------------------------------+------------------------------+ 
| Archie Berens                    | +44 (0)20 7861 3112 / +44    | 
|                                  | (0)7802 442 486              | 
+----------------------------------+------------------------------+ 
|                                  |                              | 
+----------------------------------+------------------------------+ 
| RBC Capital Markets, NOMAD and   | +44 (0)20 7653 4000          | 
| Joint Broker                     |                              | 
+----------------------------------+------------------------------+ 
|                                  |                              | 
+----------------------------------+------------------------------+ 
| Martin Eales                     |                              | 
+----------------------------------+------------------------------+ 
| Paul Stricker                    |                              | 
+----------------------------------+------------------------------+ 
| Canaccord Genuity Limited, Joint | +44 (0)20 7050 6500          | 
| Broker                           |                              | 
+----------------------------------+------------------------------+ 
| Tarica Mpinga                    |                              | 
+----------------------------------+------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCKKLFFBKFBBBD 
 

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