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Market: LSE
Sector: Energy
EPIC: OPHR
Latest Price: 570.00p  (-2.15% Descending)
52-week High: 590.50p
52-week Low: 184.50p
Market Cap: 2,267.44M
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Ophir Energy
www.ophirenergy.com

Ophir Energy plc (Ophir) is the UK incorporated holding company of a group of companies (the Group) with oil and gas exploration assets in a number of African locations. The Group's headquarters are located in London (England), with operational offices in Perth (Australia), Malabo (Equatorial Guinea) and Dar es Salaam/Mtwara (Tanzania).

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Dominion Petroleum: US funds snap up 10 pct stake as interest in East Africa builds

21st Sep 2011, 11:15 am by Jamie Ashcroft Dominion owns highly prospective acreage in the east African oil and gas exploration frontier

California based hedge fund Outrider Management has taken a 10.8 per cent stake in Dominion Petroleum (LON:DPL).

Today, in a stock exchange statement Dominion told investors that it had received notification of this shareholding from the US investment firm on September 20 2011.

The American firm, which invests in companies that are active in emerging markets, owns a total of 172.45 million shares in Dominion. These holdings are split between the Outrider Master Fund LP and the HFR EM Outrider Master Trust with each holding 127 and 45.3 million shares respectively.

Dominion owns highly prospective acreage in the east African oil and gas exploration frontier, which stretches from Mozambique, up through the Madagascar channel, along the deep waters offshore Tanzania and now up into Kenyan waters.

It is currently planning to tie-up with a major partner so it can progress a drill programme to test some of the large prospects that it has found through seismic exploration.

Several major oil firms are already active in the region – notably Andarko Petroleum (NYSE:APC), BG Group (LON:BG.) and Ophir Energy (LON:OPHR) have already made discoveries in Mozambique and Tanzania – and today the region's prospects got a further endorsement as French major Total (NYSE:TOT) acquired assets in Kenya.

Through a farm-in deal with AIM-quoted Cove Energy (LON:COV), US oil firm Anadarko Petroleum (NYSE:APC) and Dynamic Global Advisors (DGA) Total has acquired a 40 percent stake in five deep-water licences in Kenya.

Going forward, these Kenyan assets will be explored and developed through a new joint venture between Anadarko (with a 50 per cent stake), Total (with 40 per cent) and Cove (10 per cent).

The move is part of a ‘bold exploration strategy’ in which Total is acquiring large stakes in high-potential frontier plays, said Marc Blaizot, senior vice president of exploration at Total. 

Meanwhile Cove chief executive John Craven said: “Industry attention in East Africa has increased substantially over the last 18 months following our Windjammer discovery offshore Mozambique and the farm-in of Total into our Kenyan interests demonstrates the attractiveness of our acreage in the region to the industry."

 

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