{"id":5839,"date":"2017-04-03T14:12:23","date_gmt":"2017-04-03T14:12:23","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5839"},"modified":"2017-04-03T14:12:23","modified_gmt":"2017-04-03T14:12:23","slug":"sterling-energy-revises-farmout-agreement-for-odewayne-block-somaliland","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/sterling-energy-revises-farmout-agreement-for-odewayne-block-somaliland\/","title":{"rendered":"Sterling Energy Revises Farmout Agreement For Odewayne Block, Somaliland"},"content":{"rendered":"<p>Sterling Energy has announced that it has agreed with Petrosoma Limited to revised terms of the Farmout Agreement between Sterling Energy (East Africa) Limited (<strong>SEEAL<\/strong>) and Petrosoma dated October 2013. The revised terms will reduce the amounts due by SEEAL to Petrosoma and reduce SEEAL&#8217;s interest in Odewayne by 6%.<\/p>\n<p>Pursuant to the Farmout Agreement, SEEAL purchased a 10% interest in the Odewayne Production Sharing Agreement (<strong>PSA<\/strong>) from Petrosoma.\u00a0 SEEAL purchased an additional 30% in other <a href=\"http:\/\/bit.ly\/2otcO6K\">transactions<\/a> with Jacka Resources Somaliland Limited.<\/p>\n<p>The Farmout Agreement included future contingent consideration totalling US$8m from SEEAL to Petrosoma.\u00a0 The Farmout Agreement has been amended so that the parties will cancel the US$8m contingent consideration in return for:<\/p>\n<ul>\n<li>a payment by SEEAL to Petrosoma of US$3.5m; and<\/li>\n<li>a transfer from SEEAL to Petrosoma of a 6% interest in the PSA.<\/li>\n<\/ul>\n<p>Completion of the transfer of the participating interest remains subject to approval of the Government of Somaliland.\u00a0\u00a0 Upon such approval, SEEAL will retain a 34% interest in the Odewayne Block, fully carried by Genel Energy for its share of the costs of all exploration activities during the Third and Fourth Periods of the PSA.<\/p>\n<p>&#8220;<em>We are very pleased to have amended the terms of the Farmout Agreement for the Odewayne Block so as to reduce our overall cash exposure.\u00a0 We retain a material stake in the Odewayne Block and look forward to the commencement of the <a href=\"http:\/\/bit.ly\/2nwjdZX\">2D seismic campaign<\/a>,<\/em>&#8221; Sterling Energy Plc.&#8217;s CEO, Eskil Jersing, said.<\/p>\n<p>The Company adds it anticipates that the 2D seismic campaign on the Odewayne Block will commence in Q2 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sterling Energy has announced that it has agreed with Petrosoma Limited to revised terms of the Farmout Agreement between Sterling Energy (East Africa) Limited (SEEAL) and Petrosoma dated October 2013. &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/sterling-energy-revises-farmout-agreement-for-odewayne-block-somaliland\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":5569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[874,6038,976,1192,1801,6037,4727,2356,2409],"class_list":["post-5839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-farmout","tag-farmout-agreement","tag-genel-energy","tag-jacka-resources","tag-odewayne-block","tag-odewayne-production-sharing-agreement","tag-petrosoma-limited","tag-somaliland","tag-sterling-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/Odewayne-Block.png?fit=423%2C528&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1wb","jetpack-related-posts":[{"id":981,"url":"https:\/\/www.oilnewskenya.com\/index.php\/jacka-resources-signs-second-farm-out-with-sterling-energy-in-somaliland\/","url_meta":{"origin":5839,"position":0},"title":"Jacka Resources signs second farm-out with Sterling Energy in Somaliland","author":"Samuel Kamau Mbote","date":"May 6, 2014","format":false,"excerpt":"Jacka Resources\u00a0has announced that Jacka Resources Somaliland Limited has signed a second Farmout Agreement with\u00a0Sterling Energy (East Africa) Limited for the\u00a0Odewayne Block Production Sharing Contract, onshore Somaliland, East Africa. Sterling will acquire JRSL\u2019s 15% participating interest in the PSC for a total cash consideration of US$12 million and approval for\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/somaliland.jpg?fit=702%2C550&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/somaliland.jpg?fit=702%2C550&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/somaliland.jpg?fit=702%2C550&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/somaliland.jpg?fit=702%2C550&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1014,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sterling-energy-announces-completion-of-farm-in-to-odewayne-block\/","url_meta":{"origin":5839,"position":1},"title":"Sterling Energy announces completion of farm-in to Odewayne Block","author":"Samuel Kamau Mbote","date":"May 12, 2014","format":false,"excerpt":"Sterling Energy has announced that completion has now occurred under the Farmout Agreement with Jacka Resources Somaliland for the acquisition of an additional 15% interest in the Production Sharing Contract (PSC) for the Odewayne Block, located onshore in the Republic of Somaliland. The holders of the PSC are now:\u00a0Genel Energy\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/somaliland1.jpg?fit=520%2C517&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5858,"url":"https:\/\/www.oilnewskenya.com\/index.php\/2d-seismic-acquisition-commences-on-the-odewayne-sl-10b13-blocks-somaliland\/","url_meta":{"origin":5839,"position":2},"title":"2D seismic Acquisition Commences on the Odewayne &#038; SL-10B\/13 Blocks, Somaliland","author":"","date":"April 7, 2017","format":false,"excerpt":"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\u00a0will purchase the\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5600,"url":"https:\/\/www.oilnewskenya.com\/index.php\/2d-seismic-on-somalilands-odewayne-sl-10b13-blocks-expected-by-march-2017\/","url_meta":{"origin":5839,"position":3},"title":"2D seismic on Somaliland\u2019s Odewayne, SL-10B\/13 blocks expected by March 2017","author":"","date":"January 24, 2017","format":false,"excerpt":"Somaliland with through its speculative 2D seismic acquisition project will commence the acquisition of 2D seismic data on the Odewayne and SL-10B\/13 blocks earlier expected to start in 2016 by March 2017 according to operator Genel Energy. Under a new agreement the government will acquire the data by contracting with\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/03\/somaliland-blocks.jpg?fit=870%2C440&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5566,"url":"https:\/\/www.oilnewskenya.com\/index.php\/drilling-in-somalilands-odewayne-block-not-expected-till-2019\/","url_meta":{"origin":5839,"position":4},"title":"Drilling in Somaliland\u2019s Odewayne Block not expected till 2019","author":"","date":"January 16, 2017","format":false,"excerpt":"Oil and gas exploration drilling in Odewayne block is two to three years away according to block joint venture partner Sterling Energy in its latest presentation to shareholders. The block which is operated by Genel Energy and currently in the third period (after recieving a further 2 year extension to\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/Odewayne-Block.png?fit=423%2C528&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4878,"url":"https:\/\/www.oilnewskenya.com\/index.php\/2d-seismic-in-onshore-odewayne-psc-somaliland-pushed-to-q4-early-2017\/","url_meta":{"origin":5839,"position":5},"title":"2D Seismic in onshore Odewayne PSC Somaliland Pushed to Q4, Early 2017","author":"","date":"July 28, 2016","format":false,"excerpt":"The acquisition of 2D seismic in the large onshore Odewayne PSC block will commence in late 2016, early 2017 according to operator Genel Energy. Although 2D seismic acquisition is already carried by Genel Energy Somaliland Limited for all exploration costs during the current third, and subsequent fourth exploration period an\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/somaliland1.jpg?fit=520%2C517&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=5839"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5839\/revisions"}],"predecessor-version":[{"id":5840,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5839\/revisions\/5840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/5569"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=5839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=5839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=5839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}