On 27th July 2007, Dominion Petroleum's subsidiary, Dominion Uganda Limited, signed a Production Sharing Agreement with the Government of the Republic of Uganda which grants it exclusive rights to explore for petroleum in Block 4B. Block 4B is located in the south-west of Uganda including most of the Ugandan part of Lake Edward and incorporates 2,021 square kilometres (0.50 million acres). This area is a previously unexplored part of the Albertine Rift Basin where significant oil discoveries have been made since 2006. Dominion believes that Block 4B offers similar exploration potential.

In early 2008, Dominion acquired an airborne gravity and magnetic survey over Block 4B and its adjacent License in the Democratic Republic of Congo (Block 5). This proved the presence of a substantial thickness of sedimentary rocks capable of generating oil. A satellite radar-imaging survey has suggested the presence of oil seeps on Lake Edward. During the second half of 2008, Dominion is acquiring around 540 km of 2D seismic on land and lake areas of Block 4B. Early results suggest the presence of significant leads which can be drilled from onshore. Exploration drilling is expected to commence in 2009.