Maurel & Prom Snaps Up Additional Interest in Tanzania

Maurel & Prom and Dominion have signed an agreement in principle related to an additional working interest in the Mandawa license and a new carried interest in the Kisangire license as follows:

  • A 40% interest in the Mandawa Production Sharing Agreement onshore Tanzania, resulting in Maurel & Prom owning 90% of the Mandawa license and Dominion's interest being reduced to 10%, and;
  • A 35% carried interest in the Kisangire Production Sharing Agreement onshore Tanzania (operated by Heritage Oil, who owns a 55% interest).

In addition to approval by the Tanzanian Government, the agreement is also subject to certain other conditions, including the assumption by Maurel & Prom of the operatorship of the Mandawa license.