Dominion will farm-out a 20% working interest in Block 7 offshore Tanzania to a subsidiary of Mubadala Oil & Gas.
Following the completion of the transaction, Dominion will hold an 80% working interest and will operate the block. Mubadala will pay Dominion a US $20 million cash payment on closing, and will assume Dominion’s remaining 80% working interest in a new seismic program expected to commence before year-end.
The new consortium will work together to determine potential targets, both within Alpha and on other prospects mapped within the survey area.
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