News

April 23, 2008

Dominion Petroleum Signs A Farm In Deal With Heritage For Some Highly Prospective Acreage Onshore Tanzania

Since floating on London’s AIM towards the end of 2006 Dominion Petroleum has raised around US$75 million in equity and convertibles and spent some of it assembling and adding to exploration acreage in highly prospective parts of Africa. It has three PSAs onshore Tanzania and one offshore Tanzania. Dominion also has assets in the Albertine Rift Basin system straddling the border between Uganda and the Democratic Republic of Congo.

The company says its objective is to add value through operating and managing the portfolio through acquisitions , farm ins and farm outs. It seems now to be getting a move on in doing just that.

The company announced that that has reached agreement with Toronto and London-listed Heritage Oil to farm into the Kisangire PSA, onshore Tanzania. Heritage, which has enjoyed drilling success in nearby Uganda, will be the operator subject to receiving approval from the authorities in...