www.dominionpetroleum.com
Dominion is dedicated to exploration for new oil and gas reserves in East and Central Africa. Dominion is the second largest net acreage holder in the Albertine Rift Basin in Uganda and the Democratic Republic of Congo where it operates two exploration licences. This basin has seen nearly thirty oil discoveries over the past three years and has emerged as the premier new oil exploration province in the region. Dominion’s net unrisked recoverable resources in Uganda (PDF) have been independently estimated at 359 Million barrels of oil (64 Million barrels risked).
Dominion Petroleum announces promising result of independent audit of Uganda prospect
Dominion Petroleum Ltd (AIM:DPL) said an independent audit of its prospective oil resources in Uganda’s exploration area indicates the mean unrisked oil-in-place in four identified prospects to be 1,715 million barrels (MMbbl) and the mean unrisked gross recoverable resource to be 378 MMbbl.
EA4B is located in south-western Uganda in the Lake Edward segment of the Albertine Rift Basin. The adjacent segment of the Rift Basin - Lake Albert - has been the site of several major oil discoveries in the last three years including those of Kingfisher, Warthog and Buffalo-Giraffe.
In EA4B, Dominion has to date identified four prospects and 11 leads. The prospects are adequately defined by the existing seismic and may be considered ready for drilling. The leads require the acquisition of further seismic.
ERC Energy Resources Consultants Ltd’s estimate of a mean unrisked gross recoverable resource of 378 MMbbl is above Dominion's own estimate of 355 MMbbl. According to ERC, the largest prospect contains mean unrisked oil-in-place of 482 MMbbl and 127 MMbbl mean unrisked gross recoverable oil resource.
It estimates the chance of a working hydrocarbon system in the area at 45 percent and gives the prospects individual chances of success of between 15 and 22 percent.
EA4B is held under a production sharing agreement by Dominion Uganda Ltd as operator which holds 100 percent of the licence interest.
Within the first two-year exploration period, Dominion Uganda acquired 300 kilometres of seismic data. Dominion has applied to enter the second two-year exploration period which will start in July 2009, during which it will be required to drill at least one exploration well.
Diminion CEO Justin Dibb said: “This report represents independent confirmation of the company's view that there is very significant oil potential in the Exploration Area. As previously indicated, Dominion needs to raise additional funding for an exploration drilling campaign to start in early 2010 and to that end is in discussions with potential investors, both trade and financial, as well as with its existing loan-note holders.”
“Notwithstanding the continuing difficult financing environment, Dominion is optimistic that the potential it has identified in Block EA4B and which is emphasized by ERC in their report will enable it to secure the funds required to pursue this significant opportunity,” he added.
