Odewayne Somaliland 2D seismic Expected in-house in Q4 2017

Final data from the Odewayne Somaliland 2D seismic campaign which commenced in March 2017 is due in-house Q4 2017 according to JV partner Sterling Energy.

As of mid-June over 500 kilometers of 2D seismic had been acquired Chinese geophysical service company BGP in blocks SL-10B and SL-13 with 1000 kilometers now being obtained according to operator Genel Energy.

“The scope of the 2017 seismic programme has recently been increased from 2,000 line km following good progress in the early stages of acquisition, as well supporting the objective of defining a drillable prospect inventory,” Genel says in its latest update.

The exercise is part of the Somaliland government owned speculative 2D seismic acquisition project data which will see data being acquired in Saraar, Togdheer, Dadmaded, Marodijeh and Hawd regions with the operator purchasing the associated data from the government.

The need for acquisition according to Genel has resulted from a surface seep study completed early in 2015 confirmed the outstanding potential offered by this huge acreage position.

The campaign will satisfy the minimum work obligation for the current third period.

Genel is targeting resources of over 1,000 mmbbls in blocks SL-10B and SL-13. The Odewayne block has a similar resource potential to this, targeting in order of 1,000 mmbbls.

The PSC, awarded in 2005, is in the Third Period (expiring November 2018) with an outstanding minimum work obligation of 500km of 2D seismic. The minimum work obligation during the Fourth Period of the PSC (expiring May 2020) is for 1,000km of 2D seismic and one exploration well. Extensive fieldwork and a high resolution gravity and magnetic data acquisition programme have been completed.

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.

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