Cape Town (ANN)-A presentation on the Somaliland opportunity, given last week at the Africa Oil Week conference in Cape Town, is available on the Genel website

Stellar Energy Advisors is running the farm-out process

Genel Energy PLC (LON:GENL) has bought out its partner in the SL10B13 block, onshore Somaliland.

The company acquired East Africa Resource Group’s 25% stake for an undisclosed sum.

As previously announced, a farm-out process relating to the block is now underway.

Interpretation of the 2018 2D seismic data together with basin analysis has identified multiple stacked prospects, with each of them estimated to have resources of around 200mln barrels of oil.

A further programme of surface oil seep sampling and analysis reiterates the presence of a working petroleum system on the block, Genel said.

Source: proactiveinvestors.co.uk