Soma Oil & Gas Exploration Limited, the Somalia focused oil and gas exploration company, announced Friday the completion of its offshore seismic acquisition program which commenced in February 2014.
The seismic acquisition program was carried out by SeaBird Exploration (SeaBird) and concluded in June 2014 with over 12,738 miles (20,500 kilometers) lines of 2D seismic data having been acquired across a 47,104 square miles (122,000 square kilometers) offshore evaluation area. The processing of the seismic data is expected to take until late 2014 to complete.
Soma Oil & Gas will provide the processed seismic data to the Ministry of Petroleum & Mineral Resources, Federal Government of Somalia (the Ministry) for use by the Ministry and storage in the Ministry’s data room in Mogadishu.
Under the terms of the Seismic Option Agreement signed by the Ministry and the Company, Soma Oil & Gas has the right to apply for Production Sharing Agreements for an area of up to 23,166 square miles (60,000 square kilometers).