Soma Oil & Gas Exploration Limited has announced it has completed the processing and reprocessing of the acquired 2D seismic data carried out by SeaBird Exploration and concluded in June 2014 with over 20,500 km lines of 2D seismic data having been acquired across a 114,000 sq km offshore evaluation area.
According to Soma Oil & Gas it will now provide the processed seismic data to the Ministry of Petroleum & Mineral Resources, Federal Government of Somalia for use by the Ministry.
The processed seismic data will be placed in the Ministry’s data room in Mogadishu, as well as a data room in London and a virtual data room.
According to CEO of Soma Oil & Gas Robert Sheppard the exercise was completed with no security incidents.
“Within twenty months of signing the Seismic Option Agreement, Soma has not only completed the acquisition of over 20,500 km lines of 2D seismic data in offshore deep water, with no security or HSE incidents, but has now finalised the processing and reprocessing of the acquired data which will now be gifted to the Ministry of Petroleum & Mineral Resources. This is a remarkable achievement for both the Company and the Federal Government of the Republic of Somalia,” says Sheppard.
Soma Oil and Gas adds that it has invested approximately US$40 million on the Exploration Programme in Somalia more than double the required spend under the terms of the Seismic Option Agreement.
Under a seismic option agreement with Ministry of Petroleum & Mineral Resources, Federal Government of Somalia Soma oil and gas is now set to benefit from blocks with an area of up to 60,000 sq km under.
Soma Oil & Gas will serve the Notice of Completion of the Exploration Programme by 1 August 2015.