Dominion is pleased to announce that the 1,000-square-kilometer3D seismic survey has commenced on Block 7, deepwater Tanzania. The survey has been specifically designed to support amplitude variations with offset ("AVO") studies all the way down to the deepest objectives (Cretaceous/Jurassic Channel/Fan) and should take approximately two months to acquire and another two to three months to process, interpret and analyze.
The initial AVO work performed on existing 2D seismic data has been very encouraging in identifying numerous positive indications and now drives the 3D survey; the results of which should help the Company re-assess volumes and improve chances of success ("CoS") not only for the Alpha prospect but for all prospects mapped within, and immediately adjacent to, the survey area.
Dominion has also released the competent persons report (CPR) prepared by Energy Resource Consultants Ltd (ERC) on the first prospect, Alpha, in Block 7. The report confirms a mean prospective resource of 1.1Bbbl as the oil case and 7Tcf as the gas case. ERC have risked the prospect with a 12% CoS overall (individually, the various objectives within Alpha are estimated to have a CoS of between 9% and15%).
Since the CPR was initiated, drilling in deepwater East Africa has proven some elements of the Alpha play concept. In particular, both the pre-tertiary (i.e. Cretaceous) and the oil potential of the East African Margin as a whole have been de-risked. The current drilling in the area will be watched closely by Dominion and factored into its analyses of Block 7 as, and when, more information becomes available.
Andrew Cochran, CEO of Dominion, commented:
"Deepwater East Africa is seeing greatly increased attention and activity from the oil & gas sector and Block 7 is squarely in the middle of that focus. The CPR on Alpha independently confirms Block 7's highly prospective geology and we are very excited about progressing our work on all prospects and leads so far identified in the block."