Tanzania's Ministry of Energy and Minerals has granted Dominion Petroleum a one-year extension to the initial exploration period for deepwater Block 7.
The extension removes any obligation for the company to relinquish any portion of Block 7 until May 2012, allowing the company additional time to fully evaluate the acreage before a mandatory 50% relinquishment at the close of the initial period.
Dominion has acquired a 3D seismic survey on the block and is presently processing the data in full while interpreting the "fast track" volume. The survey was initially created to focus on the Alpha prospect, but the fast track volume has led to identification of other prospects of similar scale to Alpha. Final processing of the survey is likely to be completed in early May.
Dominion may acquire new 2D or additional 3D data this year to mature some of the latest identified leads and prospects. A competent persons report prepared in September 2010 by Energy Resource Consultants confirmed a mean prospective resource of 7 Tcf of gas, or 1.1 Bbbl of oil, for the Alpha prospect alone. However, the 3D data and recent drilling results in the area have positively impacted the prospectivity of the block, stated the operator.
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