Audited Results for the 12 months ended 31 December 2014

30 September 2015

Soma Oil & Gas Holdings Limited
(Company No. 08506858)
Soma Oil & Gas Exploration Limited
(Company No. 8619726)
Soma Management Limited
(Company No. 8619760)

(together Soma Oil & Gas or the Company)

 

Audited Results for the 12 months ended 31 December 2014

Soma Oil & Gas, the UK-registered exploration pioneer into deep water hydrocarbon potential offshore Somalia, has today filed its annual report for the year ended 31 December 2014 with Companies House.

Operational Update

Soma Oil & Gas has completed the exploration programme under the Seismic Option Agreement. Soma has invested approximately US$41.3 million under this programme and has made available to the Federal Government of Somalia, both the historical geological data gathered in phase one and the 20,500 kilometres of 2D seismic data acquired & processed by Soma under the second phase of the exploration programme.

 

It marked the first hydrocarbon exploration activity in the region since the outbreak of civil war in 1991 showing Somalia is “open for business”.

 

In February 2015, Soma Oil & Gas became a corporate supporter of the Extractive Industries Transparency Initiative (“EITI”) and is also actively supporting the Federal Government in its ambitions to become an EITI compliant country. In this respect, in its Annual Report published today, Soma Oil & Gas provides details of all financial support it has provided to the Federal Government.

Outlook

Soma Oil & Gas has now identified its specific areas of interest within the offshore evaluation area and will be making applications for PSAs by submitting Notice of Application to the Federal Government.

 

PSAs will not be granted until the terms of the PSAs are negotiated and a revenue sharing agreement has been put in place between the Federal Government and the regional authorities. Furthermore, the PSAs will be conditional on approval by the entire Federal Government including the Council of Ministers.

 

The full 2014 Consolidated Annual Report and Financial Statements for Soma Oil & Gas Holdings Limited can be viewed at Companies House.

 

 

www.somaoilandgas.com

 

FTI Consulting                                                                     +44 (0) 203 727 1000

Ben Brewerton, Sara Powell                                                somaoilandgas.sc@fticonsulting.com

 

-Ends-

 

Back to Latest News