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Soma Oil & Gas Applies for Somalia PSAs

Source: www.gulfoilandgas.com 12/9/2015, Location: Africa

Soma Oil & Gas (Soma), the UK-registered oil and gas exploration company focused on Somalia, announces that, as per the terms of the Seismic Option Agreement (SOA), the company delivered the Exploration Programme data to the Ministry of Petroleum and Mineral Resources (the Ministry) of the Federal Government of Somalia (FGS) 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 Production Sharing Agreements (PSAs) as per the SOA.

Today’s 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 & display the Exploration Programme data. The Ministry has appointed Spectrum ASA to market this Exploration Programme 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 finalising 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 of Somalia and final approval of PSA awards by the full Federal Government.

Change of CEO

With the completion of all Soma’s obligations under the SOA, Robert Sheppard has notified the Board of his intention to stand down as Chief Executive Officer. He will remain on the Board of Directors.

Richard Anderson is transitioning with Robert Sheppard as the new CEO. Mr. Anderson has been a non-executive director on the Board of Soma Oil & Gas since December 2013. He has 32 years’ experience in oil and gas industry, including executive finance and management roles. Mr Anderson was the CFO of Eurasia Drilling Company from 2008 to March 2015 and he was also on the Board of Eurasia Drilling Company up to October 2015. Mr Anderson is Chairman of Vanguard Natural Resources LLC. He was President and Chief Executive Officer of Prime Natural Resources, Inc. from 2002 until 2007.

Lord Howard of Lympne, Chairman of Soma Oil & Gas, commented:

“This is an exciting day for Somalia and for Soma Oil & Gas. The new ministry building and data room underline the successful reawakening of the country’s oil and gas industry after a prolonged hiatus due to civil war.

“Our submission of Notice of Application for PSAs highlights our continued interest and willingness to take investment risks to explore for hydrocarbons offshore Somalia. The Board and I wish to thank our shareholders for their continued funding and support as we embark on the next phase in exploration.”

“I would also like sincerely to thank Bob Sheppard for his extraordinary achievements in getting this project off the ground and to the point we have reached today. It may prove a historic accomplishment and I’m delighted that he will continue to serve as a Non-executive Director. The Board looks forward to working with Richard Anderson who has great experience and has already added tremendous value in his non-executive role on the Board.”

For more information about related Opportunities and Key Players visit East Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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