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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 gets green light for Block 7 farm-out

6th Dec 2011, 8:33 am by Philip Whiterow Dominion gets nod for Block 7 farm-out

Takeover target Dominion Petroleum (LON:DPL) has completed the farm-out of a 20 per cent stake in Block 7, deepwater Tanzania.

The group said that following unconditional approval of the farm-out by the Tanzania government, it expects to receive the US$20 million cash for the stake from oil group Mubadala Oil & Gas on December 15.

Mubadala Oil & Gas has exploration and production interests in the Middle East, North Africa, and Central and Southeast Asia. 

Dominion added it plans to acquire 2-D seismic data on Block 7 in early 2012.  

At least 1,000 square kilometres of data will be acquired further offshore than last year's 3D survey 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, Dominion added.

Andrew Cochran, Dominion’s chief executive said: “Mubadala's participation has validated the prospectivity of the acreage and our work on the Block to date. In Mubadala, we have a partner with considerable resources as well as exploration and commercial expertise."

In October, Dominion recommended an all share offer from Ophir Energy (LON:OPHR) worth 5.9p per share and that valued the shares and convertible loan notes of Dominion at £118.2 million.

Formal submissions were made to the Kenyan Competition Authority and the Tanzanian Fair Competition Commission and the consent of the Republic of Kenya's Minister of Energy for clearance for the acquisition in November.

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