2D seismic on Somaliland’s Odewayne, SL-10B/13 blocks expected by March 2017

Somaliland with through its speculative 2D seismic acquisition project will commence the acquisition of 2D seismic data on the Odewayne and SL-10B/13 blocks earlier expected to start in 2016 by March 2017 according to operator Genel Energy.

Under a new agreement the government will acquire the data by contracting with an international seismic contractor and the operator will purchase associated data despite 2D seismic acquisition already carried by Genel Energy Somaliland Limited for all exploration costs during the current third, and subsequent fourth exploration period.

The Odewayne Block with potential estimates of 1Bn bbls has seen no seismic data acquired to date and remains undrilled although the scale of the basin and comparison with analogue basins suggests potential for developing a significant portfolio of potentially drillable structures.

Gravity and aeromag has however already been acquired and interpreted over the entire 40,000 square km acreage which resolved several lows across the licences that are ground truthed as Mesozoic rift basins by legacy seismic data.

On the SL-10B/13 block to the adjacent East of Odewayne Genel estimates resources of over 1,000 mmbbls.

Genel has 50 percent interest on the Odewayne Block while Sterling Energy (East Africa) Limited has 40 percent and has the remaining Petrosoma Limited 10%. On the SL-10B/13 Genel is the operator with 75 percent interest