Dominion Pet Share Discussion Threads

[jsbach123] 07/7/2011 17:47

ollie147 when people call me names instead of entering informed debate I take that as a good indication that my view has some sense and substance.

[ollie147] 07/7/2011 17:36

JSBach123 you are a idolt!

[jsbach123] 07/7/2011 14:13

Well, Rob Shepherd (Finance director)certainly knows how to win friends and influence people (NOT). I have just received a letter enabling me to vote through my broker. In capital letters he states ' Please note that if these issues are not resolved the board will essentially be unable to act, except to call another shareholder meeting where the same resolutions will be put forward, additionally the company may not be able to enforce contracts that it ahs entered into and will furthermore not be able to complete the placing and associated transactions as set out above.'

Weasel words - 'board essentailly unable to act' tosh in my opinion. The Board can and must act whatever the result of the vote. And is the statement taht they will call another Shareholder meeting if they dont get their way first time a threat? Sounds like EU referendiums to me - we'll make you keep voting until we get the 'right' result.

Perhaps Mr Shepherd needs to be reminded that it is shareholders who own the company, and he and the Board are their servants.

I for one would be pleased to see the unnecessary and expensive Malta adventure voted down.

[rockhopper989] 07/7/2011 11:31

Yeah, hopefully it will be onwards and upwards from here for both companies, I am also in TRP, GOO, and XTR. I know there are other high-potential companies out there too such as CHAR, RRL and so forth.

As for DPL, I have great hopes in the potential of Malta as well as Bloc 7.

[oiht] 07/7/2011 11:18

Thanks Rockhopper but I've won nothing yet, share price could easily fall back further :(

Just come from BPC board and notice you're in there to, as am I @ 3.8p again, hope DPL goes the same way. Good luck to us both!

[rockhopper989] 07/7/2011 11:09

Nice work Oiht. I wish I could say the same for myself, though this was always the smallest in my portfolio in terms of total value, recent events just made it even smaller.

Nevertheless, I may add in the future depending on successes elsewhere and future newsflow here.

[oiht] 06/7/2011 10:14

Just bought in at 3.8p having watched share price slide from 7p. The focus has been on the placing and more importantly it's price but now attention should shift to the improved capital structure and prospects. Steady rise upwards from here I hope! GLA.

[oilbuy] 06/7/2011 06:58

in 2006 oil was discovered near Lake Albert along the border between Uganda and the Democratic Republic of Congo, and since that historic find leaders and advocates have proceeded with preparations to exploit the nation's oil . Estimated to be Sub-Saharan Africa's biggest onshore oil discovery in 20 years, the find raises Uganda's confirmed oil reserves to two billion barrels, of which over 800 million barrels are expected to be recoverable.

Early extraction of crude oil is projected at four to five thousand barrels per day with production anticipated to begin in 2011. Experts in government and industry say Ugandan oil production will increase to 125,000 barrels per day or more after five years, and continue at the top rate for 15-20 years more. This windfall would position Uganda to accelerate growth, diversify its economy and also drastically reduce its petroleum import costs, currently at US $600,000 million annually.

The government has negotiated initial plans with oil companies for oil development, but activity has not yet begun. An early production scheme slated for mid- to late-2009 was indefinitely postponed for reasons including the recent volatility of gas prices and the global financial downturn. The credit crunch has had severe economic implications for the region's extractive industries, with less financing available to sustain operation or development by smaller companies. These and other uncertainties recently led to changes to the assignment of oil blocks, with the UK's Tullow Oil using its preemption rights to take over Heritage Oil's stake in two blocks, and also exploring development partnerships with larger oil players Total and CNOOC. In addition to Tullow and Heritage, major oil companies Tower Resources and Dominion Petroleum Ltd are also operating in Uganda.

Uganda enacted an Oil and Gas Policy in 2008 to govern the massive 2006 find, but the improved guidelines set forth in the policy have yet to be implemented. The Ministry of Energy and Mineral Development is also drafting a new oil law to regulate the petroleum sector. This legislation has recently been disclosed to stakeholders to gather inputs ahead of finalization and approval by the government cabinet and parliament by the parliamentary elections of early 2011 . Revenue Watch conducted an analysis of the draft Oil and Gas Policy and issued a series of comments and recommendations that have informed the ensuing stages of the drafting process.

If effective oil production in Uganda can be sustained throughout the upcoming decade, it has the potential to mitigate large energy costs throughout the country, as well as to alleviate the country's expenditures on petroleum imports, which currently amount to $600 million annually.

More importantly, Uganda's energy ministry and Tullow Oil both estimate that the current reserves alone could generate over US $2 billion in annual revenue for over 20 years.1 The cumulative amount earned each year from oil would exceed the funding Uganda currently receives in development assistance, which is around US $1.7 billion per year. Revenues from oil can thus go a long way in supporting Uganda's development objectives provided that transparent, accountable and effective management systems are put in place to prevent and mitigate the most common political and socio-economic problems associated with oil extraction.

One key question in production decisions is whether Uganda wants to invest in a refinery, a pipeline, or railway development for the transport of crude oil. As a landlocked country, Uganda must evaluate the financial and practical viability of each option. The refinery would be the most financially challenging and inefficient option, with estimated costs exceeding $4 billion. The World Bank and the IMF have advised against a new refinery to support national consumption needs. Oil companies favor a pipeline that could serve the international market, but a pipeline will not be profitable unless Ugandan production increases beyond national demand and current estimated production levels. The third option, export via railway, would have the additional benefit of improving overall infrastructure.

Petroleum production in the Lake Albertine region also raises concerns about environmental impact and effects on the existing tourist industry, which is currently a major source of foreign exchange. Uganda also shares the Albertine Graben reserves with the Democratic Republic of Congo, creating the potential for conflict if both countries do not live up to their joint agreement for exploration and exploitation. As a further complication, the Lord's Resistance Army, a northern rebel group, hopes to secure the newly-discovered oil as leverage, which heightens the threat of conflict.

Lastly, it is crucial to bear in mind that oil revenues will be modest in per capita terms. Revenue Watch partner expert Keith Meyers estimates an initial increase to $75-100 in per capita oil income per year. For oil revenues to have a transformational impact, they must be strategically invested in a coherent development plan that leaves Uganda with a more diversified and vibrant economy when oil reserves are eventually depleted.

[sebastienstevens] 05/7/2011 22:56

im pretty happy as sold at 5.7 and came back in at 3.8. Mind you ive been shafted with HMB when they did a recent rights issue. infact my portfollio is down 19% lol ...Who cares all good things come to those who wait.

[rockhopper989] 05/7/2011 18:38

Recent events were very painful, but I feel they have put the company on a stronger footing. There was too much reliance on the potential of bloc 7, which may or may not come to fruition. Now with the addition of the Malta licence, and the earlier addition of the Kenyan licence, there is more company-making potential in Dominion's portfolio. However, whether management can exploit these assets is another question, and only time will tell. I am willing to give them that time, although I understand the frustration of many holders.

[jsbach123] 04/7/2011 18:39

Ollie don't see how Malta will gain better terms for farm in deal for block 7. Can you explain your reasoning?

[ollie147] 04/7/2011 17:35

the cost will be the 3D shoot, there will be no distractions. Also the new areas will give us better terms for a farm in deal with block 7.

[jsbach123] 04/7/2011 13:14

Ollie - 'could' hold but 'will' cost. It's an unwelcome longer-term distraction from the good prospects in Africa.

[patboy] 04/7/2011 12:10

11:54AM
BEOk - let's leave the torpor of the big-caps and take a look at the smallers.
BEWhere there are, at least, a few stories.
NHanother day and another bulge bracket bank
NHpushing east africa
NHas the next big
NHoil frontier
NHand that means
NHbuy Cover
NHsorry
NHCove Energy
NHEast Africa remains a relatively under-explored region in Africa, but following
recent exploration success there are early indications that the region offers
significant resource potential. We expect accelerating activity levels in the region
and believe East Africa could become one of the largest exploration plays in the
next decade. We initiate on Cove Energy as a Buy (1H, TP130p). Cove Energy is
our pure-play pick on East Africa where it is primarily exposed to the
Mozambique gas story.

NHthat's the opening of a big note from Citigroup
NHout today
Cove Energy PLC (COV:LSE): Last: 100.25, up 1.75 (+1.78%), High: 101.50, Low: 99.00, Volume: 2.95m
NHRegional M&A likely to consolidate smaller names - The large potential resource
base and need for significant capital investment to complete development projects should
see East Africa become a key area of focus for the large cap Oils. We expect a pick up
in M&A activity with the large cap Oils and LNG players moving to obtain a strategic
entry in the region and consolidate smaller players with large acreage positions.
NHDash for Gas... - We see two legs to the East Africa story: the first targeting large
offshore gas structures, which has already delivered significant exploration success in
Mozambique and Tanzania. Anadarko and Cove (initiating at Buy, TP 130p, ETR 34%)
are appraising significant gas discoveries in Area 1 offshore Mozambique and targeting
sanction for an LNG project in 2013/14. In Tanzania, BG (Buy, TP £16) and Ophir (NR)
plan an active exploration and appraisal programme following on from 2010 drilling
successes. Further north, offshore Kenya, a number of companies (Anadarko, Cove,
BG) are planning seismic surveys in 2011/12 with drilling expected in 2013/14.
NHInitiating on Cove Energy as a Buy (1H, TP130p) - Cove Energy is our pure-play
pick on East Africa where it is primarily exposed to the Mozambique gas story. Nearterm
newsflow will likely be focused on appraising these significant discoveries, but
exploration activity picks up again in 4Q11 with the arrival of a second rig. Despite the
recent share price move, the shares are still c.12% off their highs and price in little
"option value" for further exploration potential from Mozambique or Kenya nor the derisking
of an LNG development. Our base NAV of 130p/share implies 34% upside. We
initiate with a Buy/High Risk (1H) rating.

[ollie147] 04/7/2011 11:38

considering malta could hold on anything from 118 million barrles of oil and 1.5billon barrels im pretty happy with the deal they got

[bigb4lls] 04/7/2011 09:00

check out whose non exec of MOG(malta) and all becomes clearer

[holts] 04/7/2011 08:42

Dear Shareholder ,

we were keen to exclude you from participating in the placing and now we would like your help to push through a small deal which we will have to lose a bit of petty cash on if it doesn't go through , its Ok the price has dropped enough to enable you to paricipate now , sorry to have waved bye bye to your profits , please vote for us and give us a job .

PS , Consolidations are wonderfull on small aim stocks , they usually result in a nice fat price that can go down even quicker , odd really but there we go .

[jsbach123] 04/7/2011 08:13

Well written 77Monty - I remain puzzled by the Malta adventure, I cannot see it adds anything to encourage PIs.

[drambui] 04/7/2011 07:43

pmsl, desperate stuff!

[spikeydt] 04/7/2011 07:37

For the information of our UK-based shareholders only.

Not to be taken as an invitation or inducement to buy or subscribe for shares.

Dear iii board members,

As many of you know, we will be holding a Special General Meeting on
25 July to approve the share consolidation, placing and amendments to
our byelaws (full details here:

At this meeting, we need 66.67% of our shares issued to support the
resolutions, otherwise these transactions (which are inter-
conditional) cannot occur.
We have recently undertaken an analysis of our register and estimate
that there are more than 20,000 private investors, holding their
shares through nearly 100 different brokers and share dealing
services. We will need your support if we are to move the Company
forward.
In coordination with our registrar, Computershare, and some of the
largest brokers on our register, we have set up a website to enable as
many of our private investors to vote as is possible. A number of you
have already received letters as will others in the next few days,
with details of how to vote online.

If you have not received a letter from us by the end of the coming
week (8th July), then please contact your broker and ask how you can
vote at the SGM in the normal fashion. (Also bear in mind that your
broker may already have an online voting service).
If you have any questions relating to the SGM, please send them to
[e-mail].

In the meantime, I would be extremely grateful if you could forward
this message to other DPL shareholders who do not have access to this
message board.

Many thanks in anticipation,
Rob Shepherd By dominionFD

[encarter] 01/7/2011 17:56

9.365 metres.

[rayrac] 01/7/2011 12:03

ollie147, it is not so much the way they have funded, but why have they added to their portfolio, thus raising the needs for more funding, which then leads pi's into more dilution.

Only thing I can conclude from that, is they are not happy with what they have got in the way of existing prospects.

How far will a piece of elastic stretch?

[paulhgreen] 30/6/2011 17:31

What a rip off I feel like i,ve been mugged

[drambui] 30/6/2011 10:43

encarter, flush 'em down the loo.. the 'system' will see that they end up at the correct destination!