African energy play for AIM
Article Date: Jun 19 2006Oilman Michael Garland plans to raise some £33 million on AIM for Tanzania-focused Dominion Petroleum.
Backed by a group of US and other investors with local knowledge and influence, Dominion has three production sharing agreements with the Tanzanian government over areas with claimed potential resources of 1.4 billion barrels of oil equivalent or 104 million barrels 'on a risked basis'. The agreements cover four onshore licences in Mandawa, Kisingire, Lukuliro and Selous and the company hopes to start drilling towards the end of this year.
Garland, a former commercial director at fully-listed gas storage group Star Energy, is chief executive of Dominion, whose chairman is Roger Cagle, deputy chief executive of energy group SOCO International. The company's technical director is Dr. Andrew Robinson, former technical director at successful JKX Oil & Gas, while doors can no doubt be opened by non-executive director Daniel Yona, Minister of Energy in the Tanzanian government from 2000 to this year.
Insinger de Beaufort is nominated adviser and broker to Dominion. The company has already raised pre-float funding of £6.6 million, doubtless at a discount to the price finally fixed for AIM.
Growth Company Investor’s award-winning team offer outstanding share recommendation performance. Get immediate access to all these recommendations – click here.
This story is from Growth Company Investor, the independent voice on fast-growing companies. Subscribe today for the latest AIM recommendations.
