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Dominion Petroleum needs $50 million for its African drilling campaign

Dominion Petroleum is preparing a $50 million share placing to finance a drilling campaign in Uganda.

 

Dominion Petroleum is preparing a $50 million share placing to finance a drilling campaign in Uganda, the Financial Times reported on Monday, citing unnamed sources. The placing by the London-listed company would allow the East and Central-Africa focused oil and gas explorer to proceed with its drilling projects, without having to sell stakes in its prospects to other rivals, the paper said.

 

The London-listed company would also use some of the funds from the placing to carry out seismic data tests on its offshore assets in Tanzania, the FT said. No one at Dominion Petroleum could immediately be reached for comment. 

Source : Reuters