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Tuesday, December 15, 2015
Soma Oil & Gas, as per its seismic option agreement (SOA) with Somalia’s government and Ministry of Petroleum and Mineral Resources, delivered the exploration program data at a public ceremony in Mogadishu. This completes all Soma’s obligations under the SOA.
In addition the company submitted a Notice of Application for PSAs as per the SOA.
The ceremony in Mogadishu, marked the opening of the new office of the Ministry. The new office has a data room with the capability to store and display the data acquired by the company. The Ministry has appointed Spectrum to market the data.
Soma’s analysis of the acquired and processed 2D seismic data has identified specific prospects which merit further exploration. The company submitted Notice of Application to the Ministry for PSAs targeting these prospects.
The conversion of this Notice of Application into PSA awards is dependent on the finalizing of a Model PSA by the Ministry, the negotiation of specific PSAs between the Ministry and Soma, a revenue sharing agreement between Federal Member States and the federal government and final approval of PSA awards by the government.
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