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1 Point complet sur Dominion le Ven 8 Mai - 8:37

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résumé:

Dominion est présent en Tanzanie, Uganda et RDC.

Dominion est à cours de cash mais a des projets:

- Tanzanie onshore:
1/ Farm in avec MAU: étude edn cours pour planifier un second puit
2/ Farm in avec Heritage: 2 puits prévus. début opérations fin 2009 - Financement 100% Héritage
- Tanzanie offshore:
sismique en cours

- Uganda Albertine Rift Basin à prixmité du block détenu esn RDC sur un terrain déjà exploré avec succès par Tullow et Heritage
15 leads dont 4 sont en état de commencer les forages en parlant de possibilité d'atteindre jusqu'à 1Mbl
Le cout d'explo initial avec 2 puits est estimé à 17m$ et n'a pas de financement. Dominion cherche activement un farm in.

-RDC: adjacent à Uganda ne possède que 50%, Dominion est opérateur sismic en cours et doit etre achevé fin 2009

- Des ambitions de développement: Dominion est en négociation finale pour acquérir des droits sur 3 nouveaux champs à fort potentiel. A court de cash, Dominion cherche un financement

Dominion recherche activement un moyen de financement et est en discussion avec de nombreux investisseurs

Pour mémoire: Dominion Market cap 40m$ et besoins mini en explo: 85m$






Source:

http://www.proactiveinvestors.co.uk/companies/news/5533/dominion-petroleum-high-impact-exploration-in-sub-saharan-africa-5533.html

In today’s capital-starved financial climate, are low-cost low-risk prospects the way to go?

AIM-listed, Sub-Saharan Africa focussed Dominion Petroleum (DPL) doesn’t think so. With its ambition to become the leading independent upstream exploration company in the region, playing it safe simply won’t do. Dominion is instead targeting higher risk, but potentially high reward, opportunities.


We take a look at Dominion’s substantial exploration portfolio, its strategy of forming partnerships with sizeable and experienced oil companies, and its operational plans for 2009-2011.

AIM HIGH – WITH 41,420 square kilometres of net acreage


Dominion Petroleum is currently focussed exclusively on three countries around Lake Victoria, being Uganda to the north, Tanzania to the south, and the Democratic Republic of Congo (‘DRC’) to the west. Investor and industry interest in this area has surged recently, thanks to some major discoveries by other operators - and Dominion is seeking to join them.


Acquiring large tracts of territory is one thing; exploring them is another. And if drilling is successful, at what point do operations become cash generative? Dominion’s strategy is to focus its activities on the earliest stages of the exploration and production sequence - and then invite partners on board, who can bring their financial and human resources to bear on the identified opportunities. Dominion is, at root, an explorer. We will now look in outline at the company’s acreage in Uganda, Tanzania and the DRC, and at the potential they appear to offer.

UGANDA


Dominion identified the potential of Uganda relatively early, and was successful in acquiring the Block 4B Production Sharing Contract in July 2007. This acreage is in a previously unexplored part of the Albertine Rift Basin, which runs through Uganda and the DRC. This Basin is the largest oil reserve in East and Central Africa, with major finds by Tullow Oil and Heritage Oil making headlines in the industry.


Initial investigation of this block by Dominion was done using airborne gravity and magnetic surveys. These indicated the presence of thick sedimentary formations capable of generating oil. This work has been followed by completing 371km of onshore 2D seismic, with a further 130km completed over part of Lake Edward. And the presence of oil has been confirmed through the discovery of oil seeps on the surface of Lake Edward, an area of which forms part of the block, and also at outcrop on land. Geochemical analysis indicates that the basin contains mature source rocks that have generated petroleum.


So far, the company has identified some 15 leads and prospects in Block 4B, which covers an area of 2,021 square kilometres. Of these, 4 have already reached drillable status, with combined P50 unrisked recoverable resources estimated at 355 million barrels of oil. About half of this is in the ‘C’ prospect, at a sizeable 172 million barrels. The other 11 leads require further seismic study; they are currently considered by the company to offer a combined unrisked 782 million barrels of oil.


Dominion is therefore suggesting that there might be anything up to about one billion barrels of recoverable oil in this block. Such upside must naturally be treated with caution; the drill bit has a habit of delivering cruel disappointments, and despite advances in seismic techniques and drilling methods the average success rate in Africa is still only about 20%. But the presence of the oil seeps proves the presence of oil somewhere in the vicinity - and the success rate in Uganda by other operators is currently a remarkably high 100%.


Dominion Petroleum has already completed more seismic than was required under the first phase of the contract, and is required to drill at least one exploration well in the second phase, which expires in July 2011. The company’s current plans are to drill two wells in late 2009-2010. Targeted prospects are relatively close to surface, and can be reached from onshore locations using a land rig.


Dominion currently has 100% of the Block 4B PSC. Dominion is currently assessing how best to finance the drilling of the two exploration wells, which currently have an estimated combined cost of $17.6m. Options include issuing new shares to institutional investors or else industry partners via a strategic investment or else farm-out of the licence. Given the considerable interest in the area, the Company is confident it will be successful in raising the funds required.

TANZANIA


Dominion Petroleum has a dominant position in the oil and gas frontier territory of Tanzania.

With leads and prospects onshore as well as offshore in the Indian Ocean, and few wells drilled to date, Tanzania is attracting major oil companies including Shell, Petrobras, Tullow, Heritage and Maurel et Prom.


The gross area of Dominion’s three onshore and one offshore Production Sharing Agreement blocks is 48,230 square kilometres; about one-third of this has been farmed out, as noted below. Extensive 2D seismic - some 4,350 km offshore and almost 1,000 km onshore - has already been obtained over this very substantial acreage, with a further 500 sq. km. of 3D seismic to follow on the offshore block.


The apparent potential of this acreage, based on seismic interpretation, is very substantial. Tanzania is already producing gas onshore; the unrisked resource estimate for the Dominion onshore acreage is currently put at some 750 million barrels of oil equivalent. Offshore, five plays have been identified by Dominion, containing 11 leads and prospects already mapped – and one of these is estimated at about a billion barrels unrisked. But the water is deep, between half a mile and one and a half miles, way beyond the range of jack-up rigs. This is heavyweight exploration; not the world’s most difficult waters, but certainly very expensive to drill. There is also the issue of production infrastructure; in essence, Dominion is investing in seismic work with the objective that this will prove sufficiently persuasive to get one or more large oil companies to commit to funding most or all of the initial drilling. But even a moderate slice of multi-billion barrel potential could give Dominion a very good return on its outlay and efforts, and oil majors are sure to cast an eye over such large opportunities.


The onshore acreage is much less expensive to drill, and Dominion has already secured farm-out deals with both Heritage and Maurel et Prom. These companies are both significant players in the region and are valuable partners. The first well Mandawa-1, drilled in the Mandawa PSA with Maurel et Prom, was announced in March as a dry hole. The target formation was found to be poorly developed and contained water; however, oil shows were encountered in the well in the deeper claystones, which had been predicted to be a hydrocarbon source rock in the area. Such results require thorough examination by experts, and before the second exploration well is drilled the partners will be studying the data closely.


Dominion is partnered in the Kisangire PSA by Heritage – which has taken a 55% equity stake as well as operatorship. Two wells are planned; the first of which has an estimated cost of $12.5m is fully carried by Heritage and is due to be drilled in late 2009. The second well has a partial carry by Heritage – but if the first well is a success, funding its share of the second well should not be too hard for Dominion to arrange.

DEMOCRATIC REPUBLIC OF CONGO (DRC)


Dominion Petroleum as operator, in partnership with SOCO International (38.25%) and the state oil company COHYDRO (15%) has signed a Production Sharing Agreement with the Government of the Democratic Republic of Congo for Block 5. This very large block of 7,346 sq. km. is immediately west of, and adjoins Dominion’s Block 4B in Uganda. Like the Ugandan block, it also contains part of Lake Edward. The award of this PSA is subject to Presidential ratification, which is still awaited.


An initial airborne gravity and magnetic survey conducted in August 2008 indicates the presence of a large mid-basin high within Block 5. Until seismic data, currently scheduled for late 2009 has been collected, processed and interpreted it is impossible to quantify the potential. That said, noting the evidence of oil seeps in Lake Edward and just across the border, as mentioned above, this acreage would seem an attractive opportunity. With partners already on board, Dominion seems well-placed with this opportunity - but the delay in Presidential ratification introduces some degree of uncertainty.

NEW VENTURES


Dominion has recently advised that it has some “new ventures (which are) at an advanced stage of negotiation (which would) bring further large upside” (11 April 2009). Whilst the company’s current presentation gives no details of where or what these might be, outline plans for three new ‘assets’ have been given: Dominion say that an airborne gravity and magnetic survey is pencilled-in for 2009, with seismic and drilling work potentially taking place during the following two years. Investors will be watching eagerly for more news.

FINANCIALS


The prospect of finding large oilfields in this part of Africa is a mouth-watering one for oil companies hungry for major new reservoirs, and for investors seeking high upside potential.

Whilst we note that resource estimates based on seismic rather than drilling can be proved woefully wrong by the drill bit, Dominion recently indicated that, if its Albertine Rift acreage proves to be as prospective as that held to the north by Tullow and Heritage, it could conceivably be worth in the order of almost US$ 2 billion based on analysts valuations for their neighbours. With a market capitalisation of £40 million Dominion’s upside is clearly very substantial - but as yet, the company is yet to make a discovery and consequently the market remains cautious.


Dominion does not currently have enough partner funding and cash to cover its 2009-2011 exploration programme in full, the cost of which is currently estimated at $85m including some contingency. Moreover, it is seeking new ventures which would presumably involve some further financial demands. Some might well interpret this negatively, as implying a potential shortfall in funding. But others would argue that, provided the speed of the exploration programme can be regulated, it is far better to have a surfeit of opportunities to choose from. The company’s current position on these matters is clear: “Dominion is currently in discussions with a number of parties with regard to funding its forward plans. Whilst successful completion of these discussions cannot be assured, the company remains confident that financing will be secured in a timely fashion to enable its exploration program to continue accordingly” (6 March 2009)
With evidence of consolidation within the sector, and concerns about the longer-term supply of oil, Dominion’s acreage cannot be ignored. The ability of the company to attract and retain good farm-in partners, whose geologists will have pored over the company’s seismic data, is perhaps the best litmus test of its potential until more drilling has been done and more quantitative analysis is possible.


Lake Edward, which is an important landmark in Dominion Petroleum’s operations, was discovered by the famous explorer Henry Morgan Stanley in 1875. Stanley found water; Dominion, its partners and investors are hoping to uncover something very much more valuable. Dominion said last month that the seismic confirms the company’s view that “the prospectivity of the Lake Edward basin is comparable to that of Lake Albert” - which is where Heritage and Tullow are having major success. The next couple of years promise excitement, and not a little risk; but frontier exploration was always like that.

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2 Un point sur Uganda le Ven 8 Mai - 8:42

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Deja 600mb découverts


UGANDA’S OIL RESOURCES HIT 600 MILLION BARRELS
Friday, 1st May, 2009 E-mail article Print article

BY VISION REPORTER

UGANDA’S discovered oil and gas resource in the Lake Albertine Graben is so far estimated at around 600 million barrels of oil, an mount considered essential for oil production.

The exploration areas stretch from West Nile to the south-western tip of Uganda covering 23,000 sq. km. The region is divided into nine blocks, five of which have been licenced to oil companies. The remaining four blocks are yet to be licenced.

These companies include Heritage Oil and Gas Uganda Ltd (Heritage), Tullow Uganda Operations Ltd (Tullow Oil), Neptune Uganda Ltd (Neptune) and Dominion Uganda Ltd (Dominion).

However, it is Tullow and Heritage that have made significant hydrocarbon discoveries. Over 22 oil wells have been confirmed to contain “world-class reservoir quality and productivity.” These wells include Mputa-1, Mputa-2, Mputa-3, Mputa-4, Mputa-5, Waraga-1, Kingfisher-1, Kingfisher-2, and Kingfisher-3. Others include Nzizi-1, Ngege-1, Taitai-1, Kasamene, Warthog, Ngassa, Bufallo-1 and Giraffe-1.

According to Tullow, 2008 was extremely successful with all of the 10 wells drilled showing significant amounts of oil, with the potential to produce around 600 million barrels. This is significantly higher than the threshold for commercial oil exploitation. And there is a likelihood of finding over a billion barrels of oil in the same region, the company said in its 2008 annual report.

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3 Mini rafinerie en Uganda le Ven 8 Mai - 17:45

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source:
http://www.euroinvestor.co.uk/News/ShowNewsStory.aspx?StoryID=10424088

La filiale de Dominion en Uganda projete de participer à la construction d'une mini rafinerie

INTERVIEW-Uganda to build mini oil refinery - minister
08/05/2009 - 10:52


* Uganda revives plan for a small refinery

* To increase capacity of electricity project

By Hereward Holland

KAMPALA, May 8 (Reuters) - Uganda plans to go-ahead with the construction of a mini-refinery for the east African nation's 2 billion barrels of crude reserves after previously ruling the idea out, the state energy minister said.

Investor interest is heating up for Uganda's oil discoveries since explorers Tullow Oil Href="QuoteRef">TLW.L and Heritage Oil Href="QuoteRef">HOC.TO discovered hydrocarbons in the Lake Albert region bordering the Democratic Republic of Congo.

"We're discovering fields almost every week. We have confirmed 2 billion barrels, but the other question is 'Will the barrels get out of the ground?' so we're going to build a mini-refinery," said Simon D'Ujanga, state minister for energy.

"This region geologically has not been tested for flow of oil so we are programming a mini-refinery in order to produce some oil and see," he told Reuters late on Thursday.

In February, D'Ujanga told Reuters that the mini-refinery idea was scrapped due to large finds in the region, and that Uganda wanted to build a larger refinery.

He gave no other details on the mini-refinery.

Kampala expects to start pumping oil in 2010 or 2011.

Energy companies -- Tower Resources Href="QuoteRef">TOWR.L and Dominion Uganda Ltd, a subsidiary of Dominion Petroleum Href="QuoteRef">DOPL.L -- are increasingly turning off the beaten track and searching east and central Africa for crude.

Oil moved towards $58 per barrel on Friday Href="StoryRef">urn:newsml:reuters.com:*:nSP435537 .

MORE POWER

D'Ujanga said Uganda planned to increase the capacity of the Karuma hydropower dam project to 750 MW at a cost of $1.2-1.5 billion from a previous 200 MW scheme after the Norwegian firm Norpak pulled out late last year.

"This calls for more geological investigations," he said. "We need to evaluate the environmental impact of problems that may be associated with it, so we are losing some time."

Businesses complain that lack of power is a main obstacle for development. Energy deficits and load-shedding -- power demand grows at 3 MW per month -- cost Uganda one percent in economic growth annually, D'Ujanga said.

The Karuma dam should be completed by 2014 fulfilling part of a plan to increase electricity access to 15 percent of the country by 2020, from 9 percent at present, D'Ujanga said.

The government is constructing another 250 MW hydropower dam near the source of the river Nile.

(Editing by Jack Kimball and Peter Blackburn)

((Email: nairobi.newsroom@reuters.com; tel: +254 20 222 4717))

(For full Reuters Africa coverage and to have your say on the top issues, visit: Href="Link">http://af.reuters.com/)

Keywords: UGANDA ENERGY/


* Uganda revives plan for a small refinery

* To increase capacity of electricity project

By Hereward Holland

KAMPALA, May 8 (Reuters) - Uganda plans to go-ahead with the construction of a mini-refinery for the east African nation's 2 billion barrels of crude reserves after previously ruling the idea out, the state energy minister said.

Investor interest is heating up for Uganda's oil discoveries since explorers Tullow Oil and Heritage Oil discovered hydrocarbons in the Lake Albert region bordering the Democratic Republic of Congo.

"We're discovering fields almost every week. We have confirmed 2 billion barrels, but the other question is 'Will the barrels get out of the ground?' so we're going to build a mini-refinery," said Simon D'Ujanga, state minister for energy.

"This region geologically has not been tested for flow of oil so we are programming a mini-refinery in order to produce some oil and see," he told Reuters late on Thursday.

In February, D'Ujanga told Reuters that the mini-refinery idea was scrapped due to large finds in the region, and that Uganda wanted to build a larger refinery.

He gave no other details on the mini-refinery.

Kampala expects to start pumping oil in 2010 or 2011.

Energy companies -- Tower Resources and Dominion Uganda Ltd, a subsidiary of Dominion Petroleum -- are increasingly turning off the beaten track and searching east and central Africa for crude.

Oil moved towards $58 per barrel on Friday.

MORE POWER

D'Ujanga said Uganda planned to increase the capacity of the Karuma hydropower dam project to 750 MW at a cost of $1.2-1.5 billion from a previous 200 MW scheme after the Norwegian firm Norpak pulled out late last year.

"This calls for more geological investigations," he said. "We need to evaluate the environmental impact of problems that may be associated with it, so we are losing some time."

Businesses complain that lack of power is a main obstacle for development. Energy deficits and load-shedding -- power demand grows at 3 MW per month -- cost Uganda one percent in economic growth annually, D'Ujanga said.

The Karuma dam should be completed by 2014 fulfilling part of a plan to increase electricity access to 15 percent of the country by 2020, from 9 percent at present, D'Ujanga said.

The government is constructing another 250 MW hydropower dam near the source of the river Nile.

(Editing by Jack Kimball and Peter Blackburn)

((Email: nairobi.newsroom@reuters.com; tel: +254 20 222 4717))

(For full Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/)

Keywords: UGANDA ENERGY/

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4 et délais en Uganda le Sam 9 Mai - 13:03

Admin


Admin
Source
http://www.newvision.co.ug/D/9/183/679891

En fait, les projets en Uganda sont un peu au point mort. Les compagnies pétrolieres veulent exporter le pétrole vers l'Est avec le projet de pipe vers Monbasa.
Le gouvernement veut raffiner sur place.
Les financements ne sont pas encore la non plus.
Tullow qu devait commencer à produire en septembre a reculé cette date et s'occupe à faire de l'explo.

Donc Uganda, interessant mais pas encore mure pour prod facile

Texte complet:
WHILE TULLOW WANTS TO EXPORT CRUDE OIL, THE GOVERNMENT INSISTS ALL UGANDAN OIL HAS TO BE REFINED HERE

BY IBRAHIM KASITA
FIRST, they promised that Uganda would produce refined oil by 2009. As the new year approached, Ugandans were told the scheme would delay by some months because the refinery site had to be shifted. Now due to major disagreements between the oil exploring companies and the Government, Uganda is not likely to start oil production next year.

Hopes for early oil production rose in 2007 after Tullow Oil, a firm exploring oil in the Lake Albertine Graben, signed a memorandum of understanding with the Government to begin production.

The earlier plan was to start production of 4,000 to 5,000 barrels of oil per day from Mputa oil wells. Initially, the refinery would produce diesel, kerosene and aviation fuel to enable Uganda end the fuel shortage. It would save about $600m (sh1,300b), which is spent on importing petroleum every year.

It would also include a 57MW thermal electricity plant, a transmission line from Mputa to Fort Portal and Nkenda and a distribution power network from Kaiso-Tonya to Hoima.

The Early Oil Production Scheme was expected to boost generation of thermal electricity and end load shedding and lower electricity tariffs.

All these projects were supposed to be running by September 2009. However, disagreements over oil pricing, construction of the refinery and the tendering process led to postponement, initially to 2010.

Tullow’s plans for this year focuses on “fast-tracking the commercialisation of Ugandan reserves and executing selective high-impact exploration and appraisal campaigns” and not refining. On the contrary, in Ghana, where oil was discovered at the same time as in Uganda, Tullow is importing oil extraction equipment to begin production in 2010.

NEW BOTTLENECKS
However, even before the original disagreements are sorted out, new bottlenecks have cropped up. Experts believe these may further delay the project up to 2013. And when oil exploration starts, it won’t be 4,000 barrels a day Tullow Oil intends to begin with 500 barrels per day instead. They will then increase to 2,000 barrels a day after three years of production. Paul McDade, the chief operations officer, says they will increase production to over 100,000 barrels per day in about 10 years. But analysts say by starting small, Tullow might be buying time to negotiate for exporting crude oil.

In its annual report 2008, Tullow outlined a plan to construct a 1,300km oil pipeline to take crude oil to Mombasa for refining and exportation. The company says oil exploration will be more profitable if they refine it in Mombasa and distribute it regionally. The region would pay the same price, but Uganda gets royalties.

But the Government argues that oil should be used to satisfy local demand before export. “We want all of the oil discovered in Uganda to be processed domestically. Our aim is to get an economic return, to get jobs and investments. We don’t want anything raw to get out,” said Hilary Onek, the energy minister.

If the Government agrees that Tullow should refine the oil in Mombasa, the early production scheme will delay further for more than three years to allow mobilisation of finances and construction of the pipeline. The oil pipeline requires about $1.3b.

Due to disagreements over the oil refinery construction, the Government has asked the companies to begin extracting gas, which requires less sophisticated facilities. The Government has also asked the companies to set up gas-powered generators to produce electricity as opposed to heavy fuel thermal plants.

Another bottleneck is that Uganda is not yet prepared for oil production for lack of a “midstream” department that is supposed to oversee, monitor, and regulate the oil business.

The Public Service Commission last year invited applicants to fill the vacancies in the department but to-date, the recruitment has not happened. Before oil production starts, this body should be functional.

All these bottlenecks imply that oil production is unlikely to start in the next two years. Oil experts explain that after the order is placed, it may take eight months before the equipment arrives and another year to build the refinery. However, in the case of Uganda, the tendering process is not yet resolved.

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