Ophir Energy is to acquire Dominion Petroleum in a deal which will put the former in a premier position in East Africa.
The pair this week reached an agreement for the acquisition of all issued and to be issued share capital of Dominion, which holds assets offshore Tanzania and onshore in Kenya, Uganda and the Democratic Republic of Congo.
Following the agreement, Ophir now holds the largest independent net deepwater acreage portfolio in East Africa with seven offshore blocks, including three new operated blocks.
Chief executive Nick Cooper said combining the two portfolios will bring with it "geological, operational and commercial synergies".
He added: "East Africa is experiencing an upsurge in industry attention, partly as a result of Ophir's previous deepwater discoveries, with the involvement of many large oil and gas companies who are scheduled to drill high-impact exploration wells adjacent to the Ophir interests in the near-term."
Ophir's assets before the acquisition covered 17 separate oil and gas projects in eight different African jurisdictions.?
? Adfero Ltd
Source: http://feedproxy.google.com/~r/crippssears-news/~3/XUCrGvuJHNE/
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