Read more:(Reuters) - Australian oil explorer Jacka Resources has entered into an agreement with Petrosoma Limited to take a 50 percent equity stake in an oil block in a breakaway enclave of Somalia, Jacka said on Monday.
It said the 22,000 square kilometre Habra Garhajis block -formerly known as block 26 - in southwestern Somaliland was expected to be similar in geology to basins in Yemen and Uganda where billions of barrels of oil reserves have been discovered.
Somaliland declared independence in 1991 and has enjoyed relative stability compared to the rest of lawless Somalia, which has been mired in conflict for two decades. However, although it has held a series of peaceful general elections, it remains unrecognised internationally.
"Jacka's management have held the belief for a long time that Somaliland holds great potential," Jacka's Chairman Scott Spencer said in a statement.
http://www.reuters.com/article/2012/04/ ... VQ20120402
