Somaliland – 2D Seismic Completed at Genel-Operated Odewayne Block


 Sterling shares up while Genel shares down by 2.2 at 154.25 pence as 2D Seismic Completed at Genel Somaliland Operated Odewayne oil Block

FSomalilandsun- Sterling Energy PLC on Monday said the 2D seismic programme of 1,000 kilometres of full-fold data on the Odewayne block being sponsored by the government of Somaliland was completed last month.

The programme was completed on August 24. A programme over 500 kilometres was the minimum required for the current period, under which all of Sterling’s costs are being carried by partner Genel Energy PLC.
“The company expects initial processing results in the fourth quarter of 2017 and will thereafter undertake its own technical evaluation of the data,” said Sterling.

Read: Somaliland: Genel Energy Confirms Acquisition of 2D Seismic Data within 500kms of its Oil Concessions in the Country 

Sterling owns 34% of the block alongside operator Genel with 50%, and Petrosoma with the other 16%.

Sterling shares were up 0.1% on Monday at 14.51 pence while Genel shares were down 2.2% at 154.25 pence.

In a statement Sterling Energy’s CEO, Eskil Jersing, said:

‘We are very pleased that this phase of the seismic campaign has completed on time and safely without incident. The initial brute stack 2D data is encouraging and provides the first detailed subsurface view in one of the last untested large frontier rift basins in Africa. We would like to congratulate the Ministry of Energy & Minerals for the successful completion of the acquisition of the first 1,000kms over the Odewayne block.’

Sterling Energy CEO Eskil Jersing
Source: Alliance News)

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