Dominion Petroleum perked up after announcing that it has signed a Production Sharing Agreement (PSA) for Exploration Block 7 in the Indian Ocean east of Tanzania's capital Dar-Es-Salaam.
Dominion Petroleum said it faced fierce competition from some of the largest oil companies in the world including Shell, Anadarko and Statoil.
Dominion will spend at least US$8.75 million on over the next four years, predominately on 2-D and 3-D seismic to define drill targets.
"We are very excited about this award. Block 7 is an important asset for Dominion and adds significantly to our extensive portfolio of exploration assets in Tanzania. Securing this acreage puts us alongside some of the largest and best known oil companies in the world." commented Mike Garland, Chief Executive of Dominion.