Dominion Petroleum has signed an agreement to farm out a 20% working interest in block 7, offshore Tanzania, to a subsidiary of Mubadala Oil & Gas.
Under the deal, Dominion will receive $20m from Mubadala, which will assume Dominion's remaining 80% working interest in a new seismic programme expected to begin later this year.
Completion of the transaction is then subject to approval from the Tanzanian Government.
Dominion CEO Andrew Cochran said that the partnership may seek another party as it begins block 7's drilling phase next year and while Dominion accelerates work on the new Kenyan acreage.
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