Australian oil and gas exploration company Jacka Resources announced that it will acquire a 50 per cent operating stake in an onshore block in the breakaway state of Somaliland by paying previous and future license costs. The oil rich Habra Garhajis block, expanded in 2.2 million hectare area, encloses the basin of the same name, covers all of block SL 6 and parts of blocks SL 7 and SL 10, which is currently owned by Japan based Petrosoma.
As per agreement, the block is subject to a production sharing agreement with the Somaliland government, while the Australian major has to pay all of the third period minimum work programme. The company will hold 50 per cent equity in the field by funding the studies, gravity survey and 500 km 2D seismic survey, as well as by paying a contribution toward past license costs.
Speaking about the acquisition, Jacka chairman Scott Spencer said the Habra Garhajis block, which held some nine independently verified oil seeps, had ‘enormous potential that reinforces the company’s new venture strategy both in East Africa and rift systems. We are delighted to be partnering Petrosoma and entering this block in Somaliland. We look forward to working with Petrosoma over the coming months and executing the exploration programme,’ he added.
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