The farm-out process for onshore blocks SL-10-B and SL-13 in Somaliland is expected to yield fruit in the coming months with the operator Genel Energy saying the process which began in Q4 2019, with Stellar Energy Advisors appointed to run the process will conclude in H1 2020.
According to the operator the farm-out process is aimed at minimizing the cost to the Company of a well that could be spud in 2021 with 2000km of full fold data 2D seismic already acquired in 2018 which interpretation led to the maturation of a prospects and leads inventory for the SL10B13 block and further confirmed the longstanding view that the block had significant hydrocarbon potential. A number of potentially high impact exploration targets were identified within play types directly analogous to the prolific Yemeni rift basins.
Genel has maintained a lowest capital outlay capital allocation approach on its African exploration assets including those in Morocco which are still in the exploration phase.
Genel is also the operator of the Odewayne Block with potential estimates of 1Bn bbls 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 also 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 Energy has a 75% working interest in both licences.