Dominion Pet Share Discussion Threads

[rayrac] 13/10/2011 08:55

Thanks tt.

I see (I think), many voting with their feet.

[philo124] 13/10/2011 08:48

Not at 2.199, it doesn't.

[crosswire] 13/10/2011 08:47

Offer values each Dominion Share at 5.9 pence per share

[paulhgreen] 13/10/2011 08:47

OPHIR Currently £2.199

[holts] 13/10/2011 08:39

and therein lies the problem ,your 100,000 meant a penny gave you a nice uplift , 2440 will not serve you the same except perhaps over the very long term .

[encarter] 13/10/2011 08:38

I'm disappointed. These had the potential to increase 50x, now you'll be lucky to make 50%. I'm voting NO.

[podium] 13/10/2011 08:37

They are basically flogging the company for a lower value than it was at the start of the year.

[tommyttrades] 13/10/2011 08:30

2440 new shares in Ophir, Rayrac

Suffering same fate with TRP& DPL

[rayrac] 13/10/2011 08:26

Ditto for me too blue!

[rayrac] 13/10/2011 08:25

Say for the sake of asking. If you hold 100k of DPL shares, how many Ophir shares does that convert too?

I'm happy as I bought just recently, but it's not the most generous of deals (are they ever?). But Ophir is a better way to travel perhaps.

[bluemoonpattaya] 13/10/2011 08:21

im holding TRP and DPL. so im not sure if i should laugh or cry....
what a strange start for the day
GLA

[paulhgreen] 13/10/2011 08:16

My average is 6.65 so i might sit it out what the hell cant be any worse
than DP having our money
PG

[bluemoonpattaya] 13/10/2011 08:13

well im sitting on an ave of 6.5 and was happy to sit it out and wait.
i wonder if is revenge for the BOD losing the vote..........
what do you think..?

[excellance] 13/10/2011 08:12

ophir are a great company, drilling 11 wells in the next 18 months, fully funded, big hitting board and backers, they are going places fast!

[paulhgreen] 13/10/2011 08:09

HELP

Are these woth keeping I dont know anything about this company

Any thoughts ???

P G

[dizzylizzy2] 13/10/2011 08:08

it's a giveaway! why?

[philo124] 13/10/2011 08:03

Not that brilliant; like EO.

[poo bear] 13/10/2011 07:59

Blimey some amy get some money back.

Worth keeping Ophir shares imho.

[topinfo] 13/10/2011 07:51

*DJ Ophir Energy PLC Offer For Dominion Petroleum

(END) Dow Jones Newswires

October 13, 2011 02:50 ET (06:50 GMT)

Copyright (c) 2011 Dow Jones & Company, Inc.

TIDMOPHR TIDMDPL

RNS Number : 1106Q

Ophir Energy PLC

13 October 2011

Ophir Energy plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

For immediate release 13 October 2011

RECOMMENDED OFFER

for

Dominion Petroleum Limited ("Dominion")

by

Ophir Energy plc ("Ophir")

The Boards of Ophir and Dominion are pleased to announce that they have reached agreement on the terms of a recommended offer (the "Offer") to be made by Ophir to acquire the entire issued and to be issued share capital of Dominion.

Highlights

-- Recommended offer of 0.0244 New Ophir Shares for each Dominion Share.

-- The Offer values the entire issued and to be issued share capital of Dominion and the Dominion Convertible Notes at GBP118.2 million ($186.3 million). The Offer values each Dominion Share at 5.9 pence per share based on the closing price of 242.2 pence per Ophir Share on 12 October 2011 (being the last business day prior to the date of this Announcement).

-- The Offer represents a premium of approximately 64.2 per cent. to the closing price of 3.6 pence per Dominion Share on 12 October 2011 (being the last business day prior to the date of this Announcement).

-- The acquisition reinforces Ophir's position in its core East Africa play where it has led exploration activity resulting in three consecutive deepwater discoveries. Specifically, the Offer would:

-- create the largest independent net deepwater acreage portfolio in the emerging and highly prospective hydrocarbon province of East Africa, consolidating Ophir's current portfolio of Blocks 1, 3, 4 (40 per cent.) and East Pande (70 per cent.) in Tanzania with the addition of Block 7 (80 per cent.), offshore Tanzania and provide Ophir with entry to offshore Kenya through Block L-9 (60 per cent.) and Block L-15 (100 per cent.);

-- enhance Ophir's operated portfolio in the region with the addition of three operated blocks, to complement Ophir's operated East Pande Block and joint activities with BG in Blocks 1, 3 and 4 in Tanzania;

-- expand Ophir's active exploration programme scheduled for the next 18 months with the potential to drill one or two additional wells on its operated acreage; and

-- utilise potential operational, commercial and geological synergies to access full asset value.

-- Ophir will remain well funded following this transaction, with the capability to accelerate exploration and appraisal programmes across the enlarged portfolio.

-- It is currently anticipated that the Offer will be implemented by means of a scheme of arrangement under the Companies Act of Bermuda.

-- Ophir has also entered into agreements to acquire from Convertible Note Holders holding 86 per cent. of Dominion's outstanding convertible notes for a cash consideration of $32.8 million, conditional upon completion of the Offer. Ophir is in discussions with one other Convertible Note Holder in respect of the purchase of the remaining convertible notes. In addition, Ophir has received irrevocable undertakings from certain Convertible Note Holders in respect of their direct and indirect interests in Dominion Shares to vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting in respect of 421,553,527 Dominion Shares representing, in aggregate, approximately 26.5 per cent of the Dominion Shares in issue.

-- The Dominion Directors, who have been so advised by BofA Merrill Lynch and RBC Capital Markets, consider the terms of the Offer to be fair and reasonable. In providing their advice to the Dominion Directors, BofA Merrill Lynch and RBC Capital Markets have taken into account the commercial assessments of the Dominion Directors. Accordingly, the Dominion Directors intend unanimously to recommend that Dominion Shareholders vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting, as certain Dominion Directors and certain members of Dominion's senior management have irrevocably undertaken to do in respect of their own beneficial holdings of Dominion Shares representing, in aggregate, approximately 1.2 per cent of the Dominion Shares in issue.

-- The Offer is conditional, among other things, on the passing of resolutions by Dominion Shareholders and the sanction of the Court, the application for the New Ophir Shares to be admitted to the Official List being approved, the London Stock Exchange acknowledging that the New Ophir shares will be admitted to trading and the Dominion Directors not withdrawing, modifying or qualifying their unanimous recommendation of the Offer.

-- Commenting on the Offer, Roger Cagle, the Chairman of Dominion, said:

"The proposed combination of assets provides Dominion's shareholders with an opportunity to be invested in the pre-eminent deepwater explorer in East Africa, one of the world's most exciting exploration plays. The exposure to Ophir's existing discoveries in Tanzania would de-risk the combined portfolio while maintaining significant upside exposure for both companies' shareholders. The Board of Dominion therefore believes that the Offer provides greater certainty of value to our shareholders than remaining independent against the background of challenging market conditions, the funding needs faced by Dominion and the inherent risks associated with frontier oil and gas exploration."

-- Commenting on the Offer, Nick Cooper, Chief Executive Officer of Ophir, said:

"Ophir has been at the forefront of exploration efforts in deepwater Tanzania and has developed a detailed technical understanding of this emerging East Africa offshore play. The addition of Dominion's assets to our portfolio positions Ophir as the largest independent net deepwater acreage holder in East Africa with a portfolio of seven offshore blocks at high equity levels in highly prospective acreage offshore Tanzania and Kenya. There are significant potential geological, operational and commercial synergies in bringing these portfolios together and we are confident that the combined group will maximise value for shareholders from the exciting position we will command.

East Africa is experiencing an upsurge in industry attention, partly as a result of Ophir's previous deepwater discoveries, with the involvement of many large oil and gas companies who are scheduled to drill high-impact exploration wells adjacent to the Ophir interests in the near-term.

Ophir is strongly funded to deliver a sustained drilling programme across its East African portfolio and will seek to accelerate its exploration activities across the region to include the newly acquired blocks."

This summary should be read in conjunction with the full text of this Announcement (including the appendices). The Offer will be made on the terms and subject to the Conditions and further terms set out in Appendix I to this Announcement and the further terms and conditions set out in the Scheme Document and forms of proxy in relation to the Court Meeting when issued. The sources and bases of certain financial information contained in this Announcement are set out in Appendix II to this Announcement. A summary of the irrevocable undertakings given by certain Dominion Directors and certain members of Dominion's senior management and certain Convertible Note Holders is contained in Appendix III to this Announcement. A summary of the terms of the Implementation Agreement is set out in Appendix IV. Certain terms used in this Announcement are defined in Appendix V to this Announcement.

Enquiries

Ophir Tel: [phone]

Nick Cooper, Chief Executive Officer

Jonathan Taylor, Founder Director

[encarter] 12/10/2011 22:32

Yep, I will pick up a few more tomorrow.

[rayrac] 12/10/2011 18:51

Still a good buy, whatever the wise guy might think.

[oilbuy] 07/10/2011 21:27

cove strikes again in mozambique

[lucky_punter] 07/10/2011 07:27

City analysts have welcomed the news that Dominion Petroleum (LON:DPL) has sold a 20 per cent stake in its offshore Tanzania exploration block to Abu Dhabi firm Mubadala Oil & Gas.

[lucky_punter] 07/10/2011 07:21

East Africa focused oil and gas firm Dominion Petroleum (LON:DPL) this afternoon announced a long awaited farm-out deal for the deepwater Block 7 offshore Tanzania.