Somaliland 2D Seismic Acquisition Cost Genel Energy $15 Million

Odewayne, SL-10B and SL-13 blocks operator Genel Energy has said that the Government sponsored 2D seismic program of 1,000kms full fold data on the Odewayne Block which commenced in March and completed on the 24th August 2017 cost the operator $15 Million in its latest trading and operations update.

The data acquired by chinese company BGP in Saraar, Togdheer, Dadmaded, Marodijeh and Hawd regions was with the agreement that the operator would purchase the associated data from the government thereafter.

Genel adds that initial results have offered sufficient encouragement for a number of high graded areas to be targeted with infill 2D seismic acquisition.

“Processing of the data, commencing Q4 2017 and continuing into 2018, will facilitate seismic interpretation and the associated development of an inventory of drillable prospects,” Genel said in a statement.

This part of the campaign which brings the total 2D seismic acquired to date to 2000km satisfies and exceeds the minimum (500km) work obligation for the current third period, for which Sterling is fully carried by Genel for all costs.

The Odewayne Block with potential estimates of 1Bn bbls has seen no seismic data acquired before this 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.

Genel has 50 percent interest on the Odewayne Block while Sterling Energy (East Africa) Limited has 34 percent and has the remaining Petrosoma Limited 16%. On the SL-10B/13 block Genel is the operator with 75 percent interest.