Genel Energy signs deal with OPIC Somaliland Corporation (OSC) involving Taiwanese investment to drill oil well by 2023

[ZodiaK]

Genel Energy inks farm-out deal for Somaliland exploration venture

"Somaliland is a highly-prospective and largely unexplored region, with a compelling technical case for the drilling of a well,” said Genel...

www.proactiveinvestors.co.uk

Genel Energy inks farm-out deal for Somaliland exploration venture​

Genel Energy PLC (LSE:GENL, OTC:GEGYY) has signed a farm-out agreement with a Taiwan state backed vehicle, OPIC Somaliland Corporation (OSC), to team up in the SL10B13 block, Somaliland.

OSC will receive a 49% interest in the block in return for 49% of Genel’s back-costs, plus a cash premium. Genel will retain 51% and will continue to be the project operator.

The exploration block is described as “highly prospective” with more than 5bn barrels of prospective resources estimated based on 2D seismic data, captured in 2018. The geology of the region is described as being analogous to Yemen.

It is planned that Genel and OSC will aim to drill an exploration well in 2023, with gross drill costs estimated at US$40mln,

"Somaliland is a highly-prospective and largely unexplored region, with a compelling technical case for the drilling of a well,” said Genel technical director Mike Adams.

“Oil seeps confirm a working petroleum system, and one prospect alone could target over half a billion barrels across multiple stacked reservoirs. Being able to drill this at a low-cost to Genel, with a clear route to market in a success case, fits with our strategy, and we look forward to working with OSC.

Adams added: “During the energy transition the hydrocarbons that should be developed are those that are low-cost, low-carbon, and deliver a material and tangible benefit to local people and the host government. Somaliland has the potential to tick all of those boxes."

Genel noted that the farm-out deal has been approved by the Government of Somaliland.

 

[0117]

 

[codewebsduh]

If SL gets oil its game over for Somalia.

However I doubt large oil reserves are existant inland.

 

[codewebsduh]

@Gantaal97 which reer lives in the area?

 

[Galmudug-State]

Mashallah good news. Galmudug should focus on this too including other federal states.

 

[Gantaal97]

@Gantaal97 which reer lives in the area?

HY mostly

 

[InaShaqalle]

Well done SL

 

[ZodiaK]

 

[Hayfever]

HY mostly

 

[Wir]

If SL gets oil its game over for Somalia.

However I doubt large oil reserves are existant inland.

The fear you lot have is ridiculous. Why is it game over for Somalia, we have nothing to do with the place

 

[Kool-Aid]

Finally, the oil must be drilled! We need the wealth to build infrastructure!

 

[Wir]

View attachment 209607

Great news mate. Now that Somaliland built a world class port it can start exporting it's natural resources

 

[Wir]

This is SL10B13 in Western Sool Aynabo district where Genel confirmed Billion Barrel potential after completing seismic and aerial survey in 2019

 

[IPushFatKids]

Does Genel Energy (which is part Turkish owned) have some agreement with the FGS about these activities? I haven't heard a peep from the government about these activities so I suspect there may be. Power play by Taiwan, they are heavily reliant on oil imports and having first mover advantage in SL would be huge if they find anything of commercial value.

FGS needs to invest in a navy ASAP to have capability to enforce blockade. These Taiwanese really sh*tting all over Somalia's sovereignty wth zero regard.

 

[0117]

Does Genel Energy (which is part Turkish owned) have some agreement with the FGS about these activities? I haven't heard a peep from the government about these activities so I suspect there may be. Power play by Taiwan, they are heavily reliant on oil imports and having first mover advantage in SL would be huge if they find anything of commercial value.

FGS needs to invest in a navy ASAP to have capability to enforce blockade. These Taiwanese really sh*tting all over Somalia's sovereignty wth zero regard.

FGS can't even fund a hospital yet you are here talking about a navy?

Genel Energy was in Somaliland before the paper government of FGS was born

The CPC Corporation is a Taiwan state owned company with a revenue over $30BN in 2019.The initial test drilling will 100% happen as the capital to mitigate the risk is available now.

 

[IPushFatKids]

FGS can't even fund a hospital yet you are here talking about a navy?

Genel Energy was in Somaliland before the paper government of FGS was born

The CPC Corporation is a Taiwan state owned company with a revenue over $30BN in 2019.The initial test drilling will 100% happen as the capital to mitigate the risk is available now.

why are you so triggered?

 

[PuntPlayer]

Genel Energy inks farm-out deal for Somaliland exploration venture

"Somaliland is a highly-prospective and largely unexplored region, with a compelling technical case for the drilling of a well,” said Genel...

www.proactiveinvestors.co.uk

Genel Energy inks farm-out deal for Somaliland exploration venture​

Genel Energy PLC (LSE:GENL, OTC:GEGYY) has signed a farm-out agreement with a Taiwan state backed vehicle, OPIC Somaliland Corporation (OSC), to team up in the SL10B13 block, Somaliland.

OSC will receive a 49% interest in the block in return for 49% of Genel’s back-costs, plus a cash premium. Genel will retain 51% and will continue to be the project operator.

The exploration block is described as “highly prospective” with more than 5bn barrels of prospective resources estimated based on 2D seismic data, captured in 2018. The geology of the region is described as being analogous to Yemen.

It is planned that Genel and OSC will aim to drill an exploration well in 2023, with gross drill costs estimated at US$40mln,

"Somaliland is a highly-prospective and largely unexplored region, with a compelling technical case for the drilling of a well,” said Genel technical director Mike Adams.

“Oil seeps confirm a working petroleum system, and one prospect alone could target over half a billion barrels across multiple stacked reservoirs. Being able to drill this at a low-cost to Genel, with a clear route to market in a success case, fits with our strategy, and we look forward to working with OSC.

Adams added: “During the energy transition the hydrocarbons that should be developed are those that are low-cost, low-carbon, and deliver a material and tangible benefit to local people and the host government. Somaliland has the potential to tick all of those boxes."

Genel noted that the farm-out deal has been approved by the Government of Somaliland.

The most gullible population of all the Soomaali people = LaNdErs

 

[0117]

why are you so triggered?

FgS nEeDs tO iNvEsT iN nAvY.....tO enForCe bLocKadE

 

[PuntPlayer]

FgS nEeDs tO iNvEsT iN nAvY.....tO enForCe bLocKadE

Bro they don’t need to do anything but read. Difference between SL and FSG is that , FSG actually has competent , skilled , experienced professionals in international law and in all the fields concerning issues like this. And proven track records. I’m not a centralist and certainly not pro Mogadishu. Just felt the need to educate you yellow teethed khat munching wannabe holocaust niggas

 

[Afro Asiatic]

FGS can't even fund a hospital yet you are here talking about a navy?

Genel Energy was in Somaliland before the paper government of FGS was born

The CPC Corporation is a Taiwan state owned company with a revenue over $30BN in 2019.The initial test drilling will 100% happen as the capital to mitigate the risk is available now.

Doqon why are you so triggered? You are from a third world paper republic sh1T hole. Stop acting like your from Switzerland or something. Xoolo yahoow