Oil & Gas Corporate News
Dominion Petroleum (LON:DPL) (DPL, 3.48p, ? (3.33%)) announced that the 3D seismic survey that was recently conducted on Block 7, deep-water Tanzania, has now been completed. The data was acquired by Fugro Geoteam AS, using the seismic vessel the GeoBarents. The survey was conducted over a total area of 1,236km2 covering the Alpha, Beta and 3 other prospects. A recent competent persons report (CPR) prepared by Energy Resource Consultants Ltd on the Alpha prospect confirmed a mean prospective resource of 1.1Bbbl as the oil case and 7Tcf as the gas case. The data will now be processed by CGG Veritas. This should be complete by Q2 2011 and a "Fast Track" processed volume will be ready later this week. The long offset, 7km streamer, data will support amplitude variations with offset ("AVO") studies, these studies on the existing 2D data have helped de-risk Alpha and Beta already. The final results of the 3D and subsequent analyses will help the Company re-assess volumes and improve chances of success not only for the Alpha prospect but for all prospects mapped within, and immediately adjacent to, the survey area. Dominion also notes that last month the first deep-water discovery in Tanzania, the Pweza-1 well, was drilled south of Block 7 and has proven a working hydrocarbon system in the deep-water of Tanzania. This first discovery confirms Dominion's belief that offshore Tanzania is highly prospective and provides further confidence in its exploration efforts on Block 7. In the Lake Edward Basin Dominion and its partners plan to acquire the first ever cross-border 2D seismic between the DRC and Uganda for early in 2011, in excess of 300km. A contract will be awarded to the preferred contractor before year's end and the survey could start as early as January, lasting 3-4 months. Dominion obtained valuable geological data from the Ngaji-1 well in Block 4B well and confirmed the presence of excellent quality reservoir sands as well as hints of source potential. These data justify continued exploration in the basin as a whole in both of the countries it straddles. The Kianika-1 well on the Mandawa PSA continues to drill ahead and is expected to reach its planned depth of 2900m before the end of November. The well is operated by Dominion's partner Les Establissment Maurel et Prom (M&P). Further details will…
