Somalilandsun- In August 2012, Genel was awarded an exploration licence for onshore blocks SL-10-B and SL-13 in Somaliland, with a 75% working interest in both.
Genel extended its presence in November 2012 with the acquisition of 50% participating interest in the Odewayne Production Sharing Agreement which covers blocks SL-6, SL-7, SL-10A.
Onshore Somaliland is a relatively unexplored region, with few exploration wells drilled. The total size of the blocks is approximately equivalent to the entire Kurdistan Region of Iraq.
Genel took the opportunity because of encouraging indications including onshore oil seeps and existing geological data showing favorable conditions for hydrocarbons to have accumulated in numerous large tilted fault blocks and sub-basins. In addition, the basins of Somaliland were contiguous to Yemen prior to the opening of the Gulf of Aden in the Oligocene-Miocene – similar sedimentary sequences and structural styles are expected in Somaliland.
We are 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. A substantial 2D seismic campaign is to commence for all the blocks in the second quarter of 2013, with the first exploration well targeted for the second half of 2014.
Genel operations in Somaliland
Two PSAs covering five blocks: SL-6, SL-7, SL-10A, SL-10B, SL-13
Genel 75% interest and operator in blocks SL-10B, SL-13 (East Africa Resource Group 25%)
Genel 50% interest and operator in blocks SL-6, SL-7 and SL-10A (Jacka Resources 30%, Petrosoma 20%)
Total gross acreage 40,300 square km