Bridging Investment Gap in Somaliland
- SOMALILAND: President Attends Ethiopian 8th NNPD Festival (18)
- Somaliland: Between Hope and Despair, Recognition Is Now or Never! (2)
- Clan Cleansing in Somalia: The Ruinous Legacy of 1991: A Book Review (17)
- Somaliland: Cllr. Mustaffe is sentenced to Death (4)
- Somaliland: Waran-Adde arrives in London (7)
|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 Although the Jacka announcement referred to the block using a historical reference, the block is now formally known as block SL6 and parts of SL7 and SL10.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".