3 June 2015
Soma Oil & Gas Exploration
(Soma Oil & Gas or the Company)
Soma Oil & Gas Exploration Limited, the Somalia focused oil and gas exploration company, provides the following operational update.
Soma Oil & Gas remains on track with the transfer of the processed seismic data to the Ministry of Petroleum & Mineral Resources (the Ministry). It is currently anticipated that Soma Oil & Gas will complete such transfer by 1 August 2015, the second anniversary of the signing of the Companys Seismic Option Agreement (SOA).
To date, the Company has invested over US$40 million on the Exploration Programme, more than double the required spend under the terms of the SOA.
Interim Revenue Sharing and Production Sharing Agreements
To date, no Production Sharing Agreements (PSAs) have been agreed or signed. Soma Oil & Gas looks forward to completing discussions with the Ministry regarding PSAs once the Federal Government has completed its interim revenue sharing agreement with the regional authorities.
Robert Sheppard, CEO of Soma Oil & Gas, said:
We have not signed any PSAs with the Federal Government of Somalia and no PSAs will be signed until the Government completes its interim revenue sharing agreement with the regional authorities. Any future PSAs that are signed will include terms that are fair and balanced for all parties and reflective of those signed in other frontier oil and gas jurisdictions.