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Dominion Announces Acquisition of New Exploration Licence In Uganda

Source: www.gulfoilandgas.com 7/30/2007, Location: Africa

Dominion Petroleum has signed a Production Sharing Agreement (‘PSA’) with the Government of Uganda. The new PSA is for Exploration Block 4B, which is located in the south-west of the country, on the border contiguous with Congo, covering a total area of 2,021 square kilometres.

Block 4B lies east and south of Lake Edward in a part of the Eastern Rift Valley. It is in the same sedimentary basin as Lake Albert, the site of significant oil discoveries during 2006 and 2007 on Block 2,which is located on the north-eastern part of Lake Albert. During 2006, two of three discovery wells (Mputa, Waraga and Nzizi) tested at combined rates of up to 12,050 barrels of oil per day. In March 2007, it was announced that the oil discovery well Kingfisher-1 on Block 3a, immediately south of Block 2, had tested ata combined rate of 13,893 barrels of oil per day.

Dominion Petroleum believes the area covered by Block 4B offers explorationpotential that is comparable to that of the area around Lake Albert.

The first phase of the PSA is 2 years. During the first phase, Dominion will spend at least US$4.0 million on geological and geophysical work and on the acquisition of at least 300km of seismic data. If Dominion elects to enter a second two year exploration phase, it will drill at least one exploration well.

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