News

February 23, 2010

Dominion Petroleum Farms Out Interests Onshore Tanzania To Focus On Higher Impact Prospects in Uganda

AIM listed group Dominion Petroleum has patiently spent some years assembling a high impact/high reward portfolio of six Production Sharing AGreemnts (PSAs) in the fashionable (for exploration) African countries of Uganda, Tanzania and the Democratic Republic of the Congo.

Now, as the business of drilling is seriously about to  start it has undertaken some active portfolio management. The company has announced that agreement in principle has been signed with Les Etablissements Maurel & Prom to farm into the Mandawa and Kisangire PSAs subject to execution of final agreements.

Under the final agreements, M & P will acquire: a 40 per cent interest in the Mandawa PSA onshore Tanzania, resulting in M & P owning 90 per cent of the Mandawa Licence and...