Upon completion of the transaction, the company will hold an 80% working interest and operatorship in the block.
Mubadala will pay Dominion a $20m cash consideration on closing of the transaction and carry Dominion’s remaining 80% working interest in a new seismic program expected to begin prior to year-end up to a cap of $2.4m.
A large 3D seismic survey was acquired on the block at the end of 2010 over a lead identified as the Alpha structure, Dominion said.
Mubadala Oil & Gas is a business unit of Mubadala Development Company with exploration and production interests in the Middle East, North Africa, and Central and Southeast Asia.
