2D Seismic Acquisition On The Odewayne Block, Somaliland Complete

Joint venture partner in the blocks SL-10B and SL-13 Sterling Energy has announced that the Government sponsored 2D seismic program of 1,000kms full fold data on the Odewayne Block which commenced in March was completed on the 24th August 2017.

This part of the campaign satisfies and exceeds the minimum (500km) work obligation for the current third period, for which Sterling is fully carried by Genel for all costs.

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

According Sterlings Energy’s CEO Eskil Jersing the acquisition was completed with no incidences and preliminary results show that the data is encouraging.

“We are very pleased that this phase of the seismic campaign has completed on time and safely without incident. The initial brute stack 2D data is encouraging and provides the first detailed subsurface view in one of the last untested large frontier rift basins in Africa. We would like to congratulate the Ministry of Energy & Minerals for the successful completion of the acquisition of the first 1,000kms over the Odewayne block,” Sterling Energy Plc’s CEO, Eskil Jersing, said.

The Company expects initial processing results in Q4 2017 and will thereafter undertake its own technical evaluation of the data.

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.