VOL. NO: 48      DATE:
 

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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

American oil group eyes East African prospects

The American based Dominion Petroleum has entered into three production sharing agreements with the government of Tanzania. The PSAs cover four onshore permits totalling 10 million acres, covering Mandawa, Kisingire, Lukuliro, and Selous. 

Dominion's Chief Executive Officer, Mike Garland, said that by entering Tanzania, the firm has finally entered East Africa's enormous potential. "The calibre and track record of Dominion's investors and management speak for themselves," he said. 

Under the PSAs, Dominion will drill four wells which the company intends to select from an initial number of 16 prospects already identified. The drilling programme is due to commence in late 2006, subject to rig availability. The company has already amassed a collection of historical data covering the acreage. 

On the basis of its analysis, using modern techniques not available to earlier explorers, Dominion believes the region offers very significant exploration upside. It is believed that the data available to Dominion is estimated to be worth over $200 million.

 

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