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Wednesday, August 7, 2019
Genel Energy in its latest release updated activities onshore Somaliland. According to the company, the interpretation of the 2018 2D seismic data together with continued basin analysis has led to the maturation of a prospects and leads inventory for the SL10B13 block, confirming the longstanding view that the block has significant hydrocarbon potential. A number of potentially high-impact exploration targets have been identified within play types directly analogous to the prolific Yemeni rift basins.
Once these prospects and leads have been quantified in terms of volumetric potential and associated geological risk, Genel will initiate a farm-out campaign, commencing late Q3 2019. This remains consistent with its capital allocation approach, as long-term reserves replacement from legacy African exploration assets is targeted through the lowest possible capital outlay.
On the Odewayne block, further seismic processing is continuing in order to complete the company’s understanding of the prospectivity of the block. In both cases the minimum work commitments and associated expenditure for the current license periods has been met.
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