– Press Release
Somalilandsun : Minsom Assets Ltd has announced that Mohammed Yusef Ali (Petrosoma Ltd ) has signed agreement with Sterling Energy (East Africa) Limited for the Odewayne Block Production Sharing Contract, onshore Somaliland, East Africa. Pertaining that the following clarification , notary documents and settlement is issued :
We refer to the judgment Notary ref:X.N.CH 453/013 dated 29/08/013, the Declaration acceptance letter ref:X.N.CH 397/013 which was agreed and signed by Mr. Abdi wahab Ahmed Yassin and Mr. Mohammed yusef AIi. The parties agreed and requested the Sultans as the diligent party to help and resolve their dispute in regards to their partnership of Odweyne Blocks in an amicable way, which is within the rules of Article 29 section 29.1 paragraph 2 of the PSA and the Mining law of Somaliland Republic. All costs of arbitration and the customary fee was paid by both parties as whole. We believe this resolution serves the best interest of all stakeholders as well as the project area .
As a result, We are declaring and acknowledge the full and final settlement of the judgment and the transfer of interest from Mohammed Yusef Ali (Petrosoma Ltd ) accepted the judgment resolution, paid the Sum of $50,000$ (fifthly thousand US dollars), assigned and transferred 2% interest of the Odweyne blocks to Mr. Abdiwahab A Yassin’s company of Minsom Assets ltd.
We have provided all the necessary documents to the Ministry of Energy and Natural Resources to consent and complete the farm-out/ transfer of interest as per request.
Minesom Assets chairman Mr. Abdi Wahab Ahmed said: “”We consider the Odewayne Block to be highly prospective and look forward to working with our joint venture partners in the exploration of this largely unexplored block”
Holders for the block, which is located onshore in the Republic of Somaliland, are Genel Energy Somaliland, which controls 50% as operator, Sterling Energy, which controls 40% and Petrosoma, which controls 8%. and Minsom Assets which controls 2%
The following supporting documents are available upon request by concerned parties:
i) Declaration letter to the committee (Notary Ref X.N.C.H 397/013 signed by
Me and Mohamed dated 17/8/2013
ii) The Judgment (Notary Ref: 453/013 dated 29/8/013
iii) Declaration of acceptance Ref: (Notary Ref X.N.C.H 4511/013
iv) Receipt for the $50,000 compensation payment paid by Mr. Mohamed Yusef
as per judgment dated on 10/11/013
v) Deed of assignment and official request letter from Mr. Mohamed Yusef (Petrosoma) for the 2% transfer of Interest Odweyne Blocks to Minsom Assets Ltd registered in somaliland
vi) Full and Final Settlement REF: X.N.AW.C 62 2014
By . Abdiwahab Ahmed Yassin