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 names Salamander Energy’s Andrew Cochran new CEO
Dominion Petroleum Ltd (AIM: DPL) said it has appointed Andrew Cochran as chief executive officer with immediate effect.
Justin Dibb has stepped down from the board and his role as interim CEO with immediate effect, but will remain with the company as a managing director.
Cochran was previously business development director at Salamander Energy PLC (LSE: SMDR), of which he was a founder. Prior to that, he was new ventures manager at Endeavour International Corp (NYSE Amex: END; LSE: ENDV) and before that exploration advisor at Anadarko Petroleum.
Shares in Dominion were lifted out of suspension on August 18 when the group announced details of a re-financing via a US$10 million injection into the business by London-based hedge fund manager BlueGold Capital Management Ltd in return for a for 20 percent of Dominion’s currently issued share capital and payment in shares for settling the default on existing loan notes. The financing was completed in September, and BlueGold’s CEO Dennis Crema has joining Dominion as a non-executive director.
Over the next 22 months, the company plans to drill five exploration wells, complete seismic surveys in Democratic Republic of Congo Block 5 where it has a 100 percent working interest, continue its strategy of securing exploration acreage in and around East and Central Africa; and seek farm-in and farm-out arrangements, the acquisition of production or appraisal assets and asset swaps to manage exploration risk.
The company is gearing up to undertake a drilling programme in Uganda, where it has identified 4 prospects and 11 leads in Block EA4B, set to start early next year. The government in August extended the exploration license for the block until July 2011 after the company agreed to relinquish half of the acreage it held under the license in line with the production sharing agreement, with the remaining 50% covering all of its identified prospects.
Dominion said in September it was aiming to raise more capital to fund its 2010 operations by farming out EA4B, and was holding discussions with “quality companies” that are showing “strong interest”. Dominion had cash reserves of US$1.2 million as of 30 June, compared to US$20.6 million in H1 2008, before reaching the agreement with BlueGold.
