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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.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

Sign up

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

MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.