"We are very pleased with the progress Dominion Petroleum has made since its inception. We have built up an impressive portfolio of exploration assets in East Africa, which, as a largely under-explored but highly prospective region, is increasingly attracting the attention of many oil companies who view it as a new and important frontier.
"Dominion Petroleum's initial focus was on Tanzania. We now have four production sharing agreements with the government of Tanzania, including the very exciting offshore Block 7. Our exploration program in Tanzania will be progressed during the remainder of 2007 and into 2008. We intend to obtain new seismic data on the Kisangire and Mandawa licenses onshore and offshore in Block 7 later this year. Drilling of our first well in Mandawa is expected in 2008.
"Most recently, we were very pleased to add a new license in Uganda to our portfolio. Block 4B is located on the same rift system that has seen significant oil discoveries in the last 18 months and was won by Dominion Petroleum in the face of strong competition. Other oil companies have publicly announced at least 1 billion barrels of oil upside in the region slightly to the north as well as the presence of very productive dry gas.
"Dominion Petroleum is in a strong position to fund its forward exploration program and to pursue further opportunities to add to its exciting portfolio of exploration assets.
"The management team we have assembled was further strengthened this year through the appointments to the Board of Rob Shepherd as Finance Director and Roland Wessel as a Non-Executive Director. In addition, Dr. Andrew Robinson was promoted to the Board as the Company's Director of Exploration and Production. Justin Dibb was promoted to Managing Director. We now have in place an outstanding team, combining the requisite commercial, technical and financial skills to build significant shareholder value.
"Looking ahead, we are very well placed, in terms of assets, resources and personnel, to achieve our objective of building a significant oil company focusing on Africa. We will meet our commitments on our existing portfolio and will continue to pursue opportunities in the region to expand our exploration interests. As a Board, we are therefore extremely optimistic about our prospects.
"Finally, I would like to thank all of our employees and investors, whose hard work and support has been invaluable, and with whom we look forward to sharing an exciting future together."
Most Popular Articles