logo-loader
viewGenel Energy PLC

Genel Energy ups its stake in Somaliland block SL10B13 to 100%

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

Genel Energy PLC -
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.

Quick facts: Genel Energy PLC

Price: 191.4 GBX

LSE:GENL
Market: LSE
Market Cap: £531.46 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Genel Energy PLC named herein, including the promotion by the Company of Genel Energy PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Union Jack's West Newton potential confirmed

Headlines from the Proactive UK newsroom. Union Jack Oil (LON:UJO) has been informed by the operator that the Kirkham Abbey reservoir in the West Newton project area contains a base case 146mln barrels of oil and up to 283mln barrels in a best case. The liquid element is much higher than...

4 weeks ago

2 min read