Pontus Marine LTD- Leader of fishing industry in Somaliland

Monday, September 4, 2017

Somaliland - 2D Seismic Over Genel-Operated Odewayne Block Completed

LONDON (Alliance News) - Sterling Energy PLC on Monday said the 2D seismic programme of 1,000 kilometres of full-fold data on the Odewayne block being sponsored by the government of Somaliland was completed last month.

The programme was completed on August 24. A programme over 500 kilometres was the minimum required for the current period, under which all of Sterling's costs are being carried by partner Genel Energy PLC.
"The company expects initial processing results in the fourth quarter of 2017 and will thereafter undertake its own technical evaluation of the data," said Sterling.

Sterling owns 34% of the block alongside operator Genel with 50%, and Petrosoma with the other 16%.

Sterling shares were up 0.1% on Monday at 14.51 pence while Genel shares were down 2.2% at 154.25 pence.