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.
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
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
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
-
What does a weak yen mean for Japanese stocks?
The Japanese yen has hit its lowest level against the US Dollar since 1986. What does it mean for its stock market?
By Alex Rankine Published
-
Nationwide cuts mortgage rates as they dip below 4% for first time since February
The building society’s cheapest deal is now priced at 3.99%. Whether you’re buying or remortgaging, we look at whether rates could drop further in the coming months
By Ruth Emery Published