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Soma Oil: Oil and Gas Agreement Signed with Somalia

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Looks like the Brits have got in before anyone else.


Soma Oil & Gas Exploration Limited announces that it has signed an agreement with the Government of the Federal Republic of Somalia to assist in the development of the country’s hydrocarbons sector. This represents the first agreement in Somalia’s oil and gas industry since the election of President Hassan Sheikh Mohamud and the appointment of an internationally recognized Government in 2012 following decades of civil war.


Under the terms of the agreement, Soma Oil & Gas will conduct seismic surveying in Somalia’s territorial waters in areas agreed with the Government and in certain limited onshore areas. The Company will also collate and reprocess historic seismic data using modern techniques, and prepare an evaluation of Somalia’s petroleum potential. Soma Oil & Gas will create a data room for the Somali Government, into which all available data will be placed.


The survey that Soma Oil & Gas conducts will give it the right to nominate and obtain exploration and drilling rights under Production Sharing Agreements for prospective areas.


Prior to 1991 a number of International Oil Companies were granted licences in the country, which, according to oil industry experts has some of the largest prospective resources within East Africa, an area of already great industry interest.


Soma Oil & Gas was founded earlier this year expressly with a view to exploring in Somalia. Chief Executive, Robert Sheppard, a former senior executive of BP, Amoco and Sidanco, with over 40 years’ experience in the industry, joined the Company in May. Lord Howard of Lympne, former British Home Secretary and Leader of the Conservative Party, is the Company’s Chairman.


Robert Sheppard, CEO of Soma Oil & Gas, said:


“We formed Soma Oil & Gas having identified an opportunity to conduct exploration in Somalia as it emerges from a lengthy period of civil conflict. Despite large recent discoveries in East Africa, Somalia remains a significantly underexplored region. We believe that this agreement to assist the Government and the work that is due to be carried out over the next 12-18 months will provide significant momentum for the oil and gas sector in Somalia.”


Lord Howard of Lympne, Chairman of Soma Oil & Gas, said:


“This agreement reflects the close collaboration between the UK and Somalia and it is our intention to assist Somalia to develop an active hydrocarbons sector that will attract significant foreign investment to the country. We intend that Soma Oil & Gas’ commitment in Somalia will boost the local economy and generate new opportunities for employment for Somali nationals.”

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