Dominion Petroleum’s subsidiary Dominion Congo Limited has signed a Production Sharing Agreement with Government of the Democratic Republic of Congo, which gives it and its partners exclusive rights to explore for petroleum in Block 5. Dominion will operate the exploration activity (46.75% interest) and its partners are SOCO International plc (38.25%) and State Oil Company, Congolaise des Hydrocarbures (‘COHYDRO’) (15%). The PSA is subject to and becomes effective upon ratification by the President of DRC.
Block 5 incorporates 7,346 km2 (1.82 million acres) of land and lake areas. It lies to the west of and includes part of Lake Edward and adjoins Block 4B in Uganda where Dominion has carried out exploration activity as operator since July 2007 (100% working interest). Both Blocks are part of the Albertine Rift system of sedimentary basins where significant oil discoveries have been made in 2006 and 2007. The addition of Block 5 to Dominion’s portfolio consolidates the company’s position as a major player in the exploration of the Albertine Rift.
