Ø High potential area identified and captured by Jacka, now successfully farmed out to Genel and free carried in ~$50 million program
Ø “Odewayne Block” PSA
Ø 22,000 km2 concession covers Somaliland Blocks SL6, SL7(partial) and SL10(partial)
Ø PSA signed 2005
Ø No previous tenure (pre-1989 Force Majeure)
Ø Genel Operator, with 50% equity, Jacka 30% and Petrosoma 20%
Ø Genel operate adjacent block
Ø Jacka to be free carried in at least the minimum work program to be conducted over next two 18 month terms to May 2015
Ø Airborne gravity/mag acquisition program
Ø 1,500km 2D seismic survey
Ø 1 well
Ø The exploration program is likely to be both larger and accelerated as a result of the farming
Ø Same basin system as Yemen producing basins
Somaliland Political History
Somaliland was a British protectorate (British Somaliland) from 1884 until 1960. Somaliland gained its independence from Britain in June 1960, then joined Italian Somalia in July 1960 to form the Somali Republic. The union between the Somalia & Somaliland deteriorated into a civil war between 1980 and 1991.
After the collapse of the Somali regime, Somaliland withdraw from the union with Somalia and reinstated its sovereignty. An internationally monitored referendum on the constitution confirmed the people’s wish to re-gain independence.
For reasons beyond its control, Somaliland is not yet recognised as an independent state by any country or international organization. However, Somaliland is widely acknowledged as having established a stable and democratic government over the last 21 years, in effective control of its territory.