Odewayne and SL-10B/13 Blocks operator Genel Energy has said that 2D seismic acquisition project commenced in March as part of a Somaliland government owned speculative 2D seismic acquisition project and in line with former announcements.
The joint venture partners on the block Genel Energy, Sterling Energy and Petrosoma will purchase the associated data from the government.
The government’s participation is in line with an agreement that the government will acquire the data by contracting with an international seismic contractor and the operator will purchase associated data. 2D seismic acquisition was already carried by Genel Energy Somaliland Limited for all exploration costs during the current third, and subsequent fourth exploration period.
“This new data is expected to deliver a step change in the company’s understanding of this highly prospective but underexplored area,“ Genel Energy said in a statement.
The current 2D seismic will satisfy the outstanding commitment in the current exploration phase on both licenses. Genel Energy says that any further activity beyond the current exploration phase is discretionary.
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.