Somaliland sun- Sterling Energy owns 40% working interest of the Odweine (WI 40%) Exploration block through its subsidiary Sterling Energy (East Africa) Limited (‘SE(EA)L’), which is fully carried by Genel Energy.
The Odewayne production sharing agreement (‘PSA’) was awarded in 2005, and is in the Third Period with an outstanding minimum work obligation of 500km of 2D seismic. The Third Period was recently extended by two years (to 2 November 2018) in order to allow time for an Oilfield Protection Unit (‘OPU’) to be established. The minimum work obligation during the Fourth Period of the PSA (also extended by 2 years to May 2020) is for 1,000km of 2D seismic and one exploration well.
This was informed by Sterling Energy in its interim management report and and financial results for the third quarter ended 30 September 2016 released on 14 November that contained the CEOs report as well as on the company’s interests in Somaliland, Mauritania and Cameroon.
On the the interim reports’ segment on Somaliland Sterling Energy informed that “ Regional 2D seismic acquisition to cover the Odewayne block (and satisfying the minimum work obligation for the Third Phase) is planned as part of a larger government supported multiclient program with the Odewayne component currently scheduled to commence in H1 2017”
For full details cliick Sterling Energy interim management statement