Oil&Gas
Odewayne Block - Somaliland
2019-02-24 10:37  点击:2
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Project Profile


Value: US$50 million (third and fourth exploration phases of the PSC)
Location: Southwest of Somaliland, west of Block SL10B/SL13, Somalia
Area: 22,840 square kilometres


The Odewayne PSC covers 22,840 square kilometres in Somaliland and contains a broad, undrilled basin thought to be of Jurassic to Cretaceous origin, analogous to productive basins in Yemen. The government of Somaliland has given the green light for Genel Energy to take a 50% operated stake in the Odwayne production sharing contract. Genel entered the farm-in agreement with Jacka Resources which will see the London-listed company fund the exploration programme over the Odwayne Block, including the acquisition of 500 kilometres of 2D seismic and the drilling of one well. Tendering for the 2D seismic contract is scheduled to start during the first quarter of 2013. The total cost of the work programme for the third and fourth exploration phases of the PSC was estimated at about US$50 million. The work on the exploration programme had started, with an airborne gravity and magnetic survey already underway which will be completed by Genel. Sterling and Petrosoma will each hold a 10% stake in the Odewayne Block after a farm-in from Sterling in October 2013. Like the other joint venture partners, Sterling will be carried by Genel for the costs of all exploration activities during the third and fourth periods of the PSC.

Operators:

Genel Energy: Operator with 50% interest

Petrosoma (Prime International Resources): 16% interest

Sterling Energy: 34% interest
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