Thread started 31st July 2008, Price = 15.75p
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Web Site : http://www.dominionpetroleum.com/

May 2008 Presentation : Link To PDF file

July 2008 Presentation : Link To PDF file


Dominion is an independent energy company dedicated to exploration for new oil and gas reserves in East and Central Africa.
The Group was founded in 2004 and the strategy is to become the leading independent upstream exploration company in this region.
DPL intend to achieve this objective by using their experienced management team, their firm contacts and partners in East and
Central Africa and their excellent understanding of the geology of the region.
DPL are continuing to build on their strong acreage position in Tanzania and the Albertine Rift Basin (Uganda and Democratic
Republic of Congo) by adding new exploration opportunities in other emerging petroleum provinces in East and Central Africa.
The company currently has 57,356 square kilometers (14.17 Million acres) under license in Tanzania, Uganda and the Democratic
Republic of Congo (net to Dominions interest 53,573 square kilometers or 13.24 Million acres).




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If you bother to read the spudding RNS it clearly states this is a geologic well. You will also see historically that Heritage/Tullow drilled dusters for 3 years before striking it luck in that area.

DPL has some big excitement with offshore Tanzania, I went long again today DPL sub 3.3p levels, and very happy to get back in at that level.

OH, so they were not looking for oil at all, just pretty rocks and strata, wouldn't have bothered investing if I'd known that....

Buy side of the order book picking up some strength now, might be another tick up before close, you never know.

Is it my imagination or has this been in auction for 30 mins

quite possibly ... it's 3.55 either way on screen

Tis back with us.

looks like holders are averaging down.

is that the same as trying to catch the falling knife?

maybe but like all these "piss pot" oilies there will no doubt be a lot more rumour and speculation to come.

surely you and your merry men don't have this one?

http://www.oilbarrel.com/nc/news/display_news/article/dominion-petroleum-suffers-as-the-first-ever-well-in-ugandas-lake-edward-graben-comes-in-dry/771.html

July 22, 2010

Dominion Petroleum Suffers As The First Ever Well In Ugandas Lake Edward Graben Comes In Dry





Shares in Dominion Petroleum took a big on Wednesday, slumping almost 40 per cent to 3.39 pence, as the market reacted to news that the Ngaji-1 well in Uganda was a duster. The well, the first ever in the Lake Edward Graben, was drilled to 1,765 metres and failed to find any significant hydrocarbons, although a full suite of logging, coring and a vertical seismic profile will be acquired to help build the knowledge base of this, until now, virgin basin.
This is a setback for the AIM company, knocking confidence in its Uganda position, particularly as Ngaji (or Silverback) was selected as the maiden well because it was deemed the best location to test the geology of the basin. Uganda has become something of a City favourite following Tullow Oils successes in the Lake Albertine Graben to the north, where the resource estimates run into the billions of barrels, but dud wells by Tower Resources and now Dominion Petroleum may lead some investors to believe that Tullow (and its forerunners Heritage Oil and Hardman Resources) has a monopoly on the hydrocarbon-bearing rocks in this country.

Yet this is still much to play for here. Dominion, which is well funded following a US$50 million equity funding in March, has a strong acreage position in the Lake Edward Graben, straddling both Uganda and the Democratic Republic of Congo, so one dud well does not write off the entire basin. Whats more, as chief executive Andrew Cochran pointed out, the geology observed in the well demonstrated key elements of a prospective basin which had otherwise been fundamental risks in the Lake Edward Graben. The company now plans to acquire 2D seismic later this year ahead of further drilling in 2011; indeed, the Ngaji-1 well may well be suspended and used as the base for possible deviated drilled under Lake Edward next year to test a down-dip lead.

For many investors, however, the real interest in the Dominion portfolio lies to the south, off the coast of Tanzania. This is part of the East Africa Margin, an area that has attracted increased industry investment in recent years, a spend that seemed to be justified after earlier this year Anadarko Petroleum made a serious gas discovery in the deepwaters off Mozambique. This find, Windjammer, was important because it demonstrated the presence of source rock capable of generating significant volumes of hydrocarbons in this region, which, until this well, was the predominant risk associated with the offshore East African Margin.

Dominion holds 100 per cent of Block 7 in the deepwaters off Tanzania, where a recent CPR attributed the Alpha prospect a mean prospective resource of over 1.1 billion barrels of oil or more than 7 tcf of gas. Admittedly, this is high risk deepwater drilling (about 4,000 feet down), with Energy Resource Consultants giving the prospect a 12 per cent chance of success with a net risked mean resource of 134 million barrels of 848 billion cubic feet of gas.

A 1,000 sq km 3D seismic survey is expected to start shooting shortly, and should take 60 days to acquire. This will provide further data on Alpha and the other prospects and leads already identified on existing 2D seismic. This is mouth-water stuff: according to Cochran, a former exploration advisor at Anadarko, Alpha is not unique nor even the largest prospect so far identified in Block 7. This is an excellent start and it demonstrates the 'world class' nature of Block 7 in terms of hydrocarbon potential, said Cochran. Once armed with the upcoming 3D we will carry out additional technical analyses and update the full prospect and lead inventory accordingly."

The company also has a 10 per cent interest in the Mandawa PSA onshore Tanzania. Here the Kianika-1 well spudded last month, some 200 km south of the capital Dar es Salaam, to target a 264 bcf gas prospect with a 9 per cent chance of success. The first well here, drilled in early 2009, was P&A after it was found to be water-bearing, and Dominion subsequently farmed-down to Maurel & Prom to reduce its equity to the current level.

After the disappointment of the first Ugandan well, the Dominion Petroleum story looks to increasingly be a deepwater Tanzania story although time, and further seismic and drilling, may yet prompt a re-examination of the prospectivity of the Lake Edward Graben acreage.

sp waking up a little today is there some news coming?

Lots of volume and a lovely round bottom floor and now rising

sp up 20% so far today!

whoopy....

I like a round bottom....being very cheeky :)))

A folllow through today after the large profit taking yesterday after lunch time

The piece from Shares Magazine ..............


'Dominion Petroleum, which, unlike Heritage, remains a
player in Uganda, has also come off sharply. Its shares have
fallen 40% in the wake of disappointing results from the
Ngaji-1 exploration well in the country. We think the group
has capacity to recover with interest likely to switch to its
100%-owned Block 7 in deep waters offshore Tanzania. The
38 million cap expects to commence a 1,000 square kilometre
3D seismic survey imminently and positive results could
help attract a partner to the project.

Shares says: Buy Heritage Oil at 321.4p, Dominion
Petroleum at 3.1p.'

Large volume so far and share price rising

strong order book on the bid side

http://moneyam.uk-wire.com/Article.aspx?id=201009300700215642T