Bermuda-based Dominion Petroleum has raised $45 million in bonds that’ll convert to shares, as the company focuses on “adding exploration opportunities” in the nascent East African oil province.
Dominion Petroleum Acquisitions Ltd. has issued secured convertible loan notes expected to bear yearly interest of 8.5 percent until repaid in full come October 2011.
The company could raise more funds by year-end 2007, after which the bond yield will drop to seven percent, the maturity date by a year.
Dominion's interpretation of seismic acquired over Block 7 ioffshore Tanzania shows "at least two large structural closures".
ws@scandoil.com
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