HAMILTON, Bermuda -- Dominion Petroleum Plc. continues to build its Africa portfolio. At the annual general meeting, Roger Cagle, company chairman, told attendees the company has made good progress in East Africa.
"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," Cagle said.
The company's initial focus was on Tanzania, where it now has four production-sharing agreements, including offshore block 7, where it intends to gather additional seismic data over the Kisangire and Mandawa licenses onshore and offshore later this year. "Our exploration program in Tanzania will be progressed during the remainder of 2007 and into 2008," Cagle said, noting that the first well on the Mandawa license is expected in 2008.
"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. 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," Cagle said.