Pexco Explorations exits Somalia
Malaysian oil explorer Pexco Explorations East Africa has after eight years in Somalia’s Warder, Geladi and Ferfer blocks terminated exploration works.
The termination follows the expiry of its exploration license in July 2013 that had given it permission to explore and develop hydrocarbon resources in the remote area covering 29,000 sq. km. near the Somalia border.
The license was part of a petroleum sharing agreement between Pexco Exploration East Africa and the ministry of mines signed in October 2013 to prospect the three blocks.
According to Ethiopia’s The Reporter news site during the eight years Pexco Explorations East Africa spent $20 million to carry out an airborne gravity survey of 5,500 km and a magnetic survey of 3,100 km and had identified areas to drill exploration wells.
The company is believed to be awaiting for an answer from the ministry of mines after it asked for a new exploration license in the same blocks after time ran out before it could sink the exploratory wells.
Pexco Exploration East Africa is owned by Malaysian telecom billionaire Ananda Krishna.