Somaliland is a highly prospective, onshore exploration province, and Genel is targeting resources of over two billion barrels of oil.
In August 2012, Genel was awarded an exploration licence for onshore blocks SL-10-B and SL-13 in Somaliland, with a 75% working interest in both. Genel extended its presence in November 2012 with the acquisition of 50% participating interest in the Odewayne Production Sharing Agreement which covers blocks SL-6, SL-7, SL-10A.
Onshore Somaliland is a relatively unexplored region, with few exploration wells drilled. The total size of the blocks is approximately equivalent to the entire Kurdistan Region of Iraq.
Genel took the opportunity because of encouraging indications including onshore oil seeps and existing geological data showing favourable conditions for hydrocarbons to have accumulated in numerous large tilted fault blocks and sub-basins. In addition, the basins of Somaliland were contiguous to Yemen prior to the opening of the Gulf of Aden in the Oligocene-Miocene - similar sedimentary sequences and structural styles are expected in Somaliland.
We are targeting resources of over 1,000 MMbbls in blocks SL-10B and SL-13. The Odewayne block has a similar resource potential to this, targeting in order of 1,000 MMbbls.
The processing of c.3,500 km of raw 2D seismic data on the SL-10B/13 (Genel 75% working interest, operator) and Odewayne (Genel 50% working interest, operator) was almost complete in August 2018. Analysis and interpretation is underway. Evidence of a thick Mesozoic rift basin continues to provide encouragement, and the first analysis of this highly-prospective region in over 25 years is expected to complete in Q4 2018. A prospect inventory will then be developed, guiding the optimal strategy to maximise future value, with the potential to spud a well around the end of 2019.