Dominion announced the results of a competent persons report (CPR) on the first prospect in Block 7, offshore deep-water Tanzania. The Alpha prospect has a mean prospective resource of 1.104Bbbl of oil or 7.069Tcf of gas, based on the CPR recently concluded by Energy Resource Consultants. ERC have risked the prospect with a 12% Chance of Success (CoS) as a whole (differing CoS for different objectives ranging from 9%-15% within Alpha); net risked mean resource: 134MMbo or 848Bcf. Alpha is in water depths of ca. 4000 feet and represents multiple drilling objectives all the way down to ca. 16,000 feet.
The Alpha prospect was identified by the existing 4,350 kilometers of 2D seismic coverage and is supported by amplitude variations with offset ("AVO") studies performed this year. This is only the first prospect in the block and the CPR work undertaken on Alpha was intended to assist in planning a ca. 1,000km sq 3D seismic survey. This survey should begin next month and should take approximately 60 days to acquire. Once completed, Dominion will initiate further work on the other prospects and leads already identified in the 2D seismic.
Andrew Cochran, CEO of Dominion, commented, "This is an excellent start and it demonstrates the 'world class' nature of Block 7 in terms of hydrocarbon potential. The Alpha prospect is not unique, nor even the largest so far identified, within Block 7 but simply the most robust prospect to guide our continued work in the area. Once armed with the upcoming 3D we will carry out additional technical analysis and update the full prospect and lead inventory accordingly."
Tanzania Onshore Mandawa PSA Kianika-1 well. (Dominion Oil and Gas Ltd., 10%)
Dominion and its partner Les Establissment Maurel et Prom (M&P) are pleased to advise that the Kianika-1 well has spudded in the Mandawa PSA, onshore Tanzania. The prospect is located in the norther part of Mandawa, ca. 200 kilometers south of the capital Dar es Salaam. The well is targeting a 264Bcf gas prospect at a depth of ca. 9,000 feet with a 9% chance of success (CoS). As announced in February, Dominion Oil & Gas Ltd (Dominion) is farming-out most of its interests in, and operatorship of, Mandawa to M&P such that Dominion is participating for 10% in the well (M&P 90%). This transaction with M&P is part of Dominion's corporate repositioning and portfolio management, seeking to focus more of its efforts and capital on higher-impact projects elsewhere in the portfolio.
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