Oil firm Dominion Petroleum is set to acquire 2-D seismic data on Block 7, deepwater Tanzania, in early 2012.
The firm plans to acquire at least 1,000 square kilometres of data to define additional prospects in the deeper water portion of Block 7.
The 2D survey is also intended to aid refinement of the partial relinquishment pattern for Block 7 that is required at the end of the first period of this licence.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company also reported that the previously announced farm-out of a 20% working interest in Block 7 to Mubadala Oil & Gas has been completed. Mubadala is set to pay the firm $20m by 15 December 2011.
Chief executive officer Andrew Cochran said: "I'm pleased to have received Tanzanian government approval for the farm-out of Block 7 to Mubadala so the deal will close shortly. Mubadala's participation has validated the prospectivity of the acreage and our work on the block to date."
The share price fell 4.38% to 6p by 13:08.
NR
-
Spot the Dog: £67bn in underperforming funds revealedAround 137 funds consistently underperformed their benchmark, BestInvest's Spot the Dog report finds. Which funds are in the dog house?
-
What does a BP and Shell merger mean for the UK oil industry?BP’s struggles have made it vulnerable to a takeover. Could it merge with Shell to create a British behemoth?
