- Somaliland: Japanese Government Team in Four Days Official Working Visit
- Somaliland: Australian Court Grants Somali Community Remittance Breathing Space
- Somaliland: “Dabagubaw Sharkaa Ku Raac," and “Wacdaraha Hinaasaha” Plays Performing at HCC
- Somaliland: Sanitation Campaign Targets City Dwelling Livestock
- Somaliland: Opposition Politicians Urged to Stop Empty Rhetoric and Help Develop the Country
- Somaliland: In Failed Appeal UK Court Orders the Union of the Comoros to Pay £110,000 to UAE based Union Marine
- Somaliland: Danish Born Somalis Growing Up as Children of “Unwanted Immigrants” in Copenhagen
- Somaliland: “Port and Fuel Depot Facilities plus Logistics Satisfactory for Trade” Ethiopian Government Delegation
- Somaliland: SSE Supports Government Stance on Non Participation at the Copenhagen Somalia Compact Forum
- Somalia: “The No-Confidence Motion is an obstacle to Vision 2016,” says Prime Minister Abdiweli
- Somalia: “The No-Confidence Motion is an obstacle to Vision 2016,” says Prime Minister Abdiweli (25)
- Somaliland: Japanese Government Team in Four Days Official Working Visit (10)
- Somaliland: HCC Unveils “The Mystery of the Land of Punt Unraveled” Novel (5)
- Somaliland: Opposition Politicians Urged to Stop Empty Rhetoric and Help Develop the Country (20)
- Somaliland: Commemorating Liberation of Mankind, Peace and Human Dignity Day in Memory of Hero Majura (1)
|Press release on Somaliland oil exploration in Block 26|
|Thursday, 05 April 2012 21:51|
For Immediate Release Prime Resources Limited Petrosoma Limited.
Prime Resources and its affiliate company, Petrosoma is pleased to announce a joint venture between Petrosoma and Jacka Resources, an Australian oil exploration company quoted on the Australian Stock Exchange. To facilitate the joint venture, Prime assigned it rights in the production sharing agreement with the government of Somaliland for the oil block formally known as Block 26, to Petrosoma and the joint venture holders will each hold a 50% share in the block.
As part of its legal obligation to disclose price sensitive information, within 48hours, Jacka issued an announcement to the Australian Stock Exchange regarding the transaction. Although the Jacka announcement referred to the block using a historical reference, the block is now formally known as block SL6 and parts of SL7 and SL10.
Mohammed Yusuf Ali, Chairman & CEO of both Prime and Petrosoma, said,"this is a great day for all Somalilander. We are delighted to be in business with Scott Spencer and Justyn Wood of Jacka Resources. These two gentlemen were key figures in the multi- billion barrel Ugandan discovery in Lake Albert and they are very excited about the potential of the joint venture block in Somaliland." Mohammed Yusuf Ali added "all Somalilanders will benefit if we discover oil in this block".
Bridging Investment Gap in Somaliland
You are not aloneWe have 289 guests online
For details visit Salaamfinancial