Dominion raises funds for East Africa exploration

March 2, 2010
Dominion Petroleum has raised £32.7 million ($50 million) through a planned placing of new ordinary shares, which will be applied toward the funding of the company’s drilling program and seismic acquisition in East Africa.

Offshore staff

TANZANIA -- Dominion Petroleum has raised £32.7 million ($50 million) through a planned placing of new ordinary shares, which will be applied toward the funding of the company’s drilling program and seismic acquisition in East Africa. The seismic will be acquired offshore Tanzania on Block 7.

“We decided to raise these new funds to enable us to expedite an active and extremely promising exploration and drilling program at higher working interest levels,” says Andrew Cochran, chief executive of Dominion Petroleum. “Suitable drilling and seismic equipment is already available in both Uganda and Tanzania such that we should be able to implement the program within our accelerated timetable.”

Interest in East Africa offshore is gaining momentum following Anadarko’s discovery offshore Mozambique announced last month.

3/2/2010