AIM-listed Sterling Energy has announced that the Government sponsored 2D seismic program of 1,000kms full fold data on the Odewayne Block was completed on the 24th August 2017. This part of the campaign satisfies and exceeds the minimum (500km) work obligation for the current third period, for which Sterling is fully carried by Genel for all costs. The Company expects initial processing results in Q4 2017 and will thereafter undertake its own technical evaluation of the data.
Sterling Energy’s CEO, Eskil Jersing, said:
‘We are very pleased that this phase of the seismic campaign has completed on time and safely without incident. The initial brute stack 2D data is encouraging and provides the first detailed subsurface view in one of the last untested large frontier rift basins in Africa. We would like to congratulate the Ministry of Energy & Minerals for the successful completion of the acquisition of the first 1,000kms over the Odewayne block.’
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Source: Sterling Energy
You need private investors.but hypothetically one could start funding for this with shares like pontus marine did for fishing
they 10.000 somali plan is useful could restart somalita and somali airways with that maybe more stuff. Yh oil is hard but airlines is a gold mine too Turkish makes a killing of MogadishuYou need private investors.
Fishing is cheaper to get off the ground and scale up, unlike oil and gas exploration that demands billions of investment just to from seismic to go from drilling and exporting.
Outsourcing seismic doesn't mean people are incapable of doing it their own, just economically not feasible within an infant industry.
Same thing happened in Puntland, where outsourcing took place because it costs a fraction of doing it yourself. However once you start drilling, you definitely want the culture of public and private investing to increase because it's vital in protecting your supply chain.