Dominion Petroleum set to acquire more 2D data

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.

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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