Oil & Gas

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 Odwayne Production Sharing Agreement which covers blocks SL-6, SL-7, SL-10A.[7]

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.[8][9]

The ministry are targeting resources of over 1 billion barrels (160 million cubic metres) in blocks SL-10B and SL-13. The Odewayne block has a similar resource potential to this, targeting in order of 1 billion bbl (160 million m3).

Gravity and aeromag has been acquired and interpreted over the entire 40,000 square km acreage.