Genel Energy abandons Morocco in favour of Somaliland

[Adan_1]

Genel Energy abandons Morocco in favour of Somaliland



(Agence Ecofin) - Genel Energy plc, an oil and gas company headquartered in Jersey and listed in London, reiterated on 6 August, in its unaudited account for the six-month period ending 30 June, its intention of releasing its 37.5% shares in the Juby Maritime licence, in offshore Morocco.

Negotiations are currently ongoing with the Moroccan authorities and follow the completion of the results’ analysis from the JM-1 well drilled in 2014, explained the British oil exploration and production company.

The company, jointly operating the Sidi Moussa and Mir Left licences, with respectively 60% and 75% shares, adds that it continues to look with the Moroccan government into the best way to move forward on these licences, in light of the 2014 well results.

Contrary to this loss of interest for Morocco, Genel announced that it has found a significant potential in its onshore area in Somaliland and that it is working at making progress with the seismic data acquisition on its high potential licences in this country.

Genel Energy plc is looking to undertake seismic surveys, in 2016, on the Odewayne and SL-10B/13 licences on which it holds the status of operator with respectively 50% and 75% shares.

http://www.agenceecofin.com/energy/0808 ... somaliland

[Rambie]

Here we go again, the oil myth every year.
Every year we hear "Oh, we found a lot of oil in SL"

But unless it doesn't get popout, what's the use?
I think such news should be ignored and better focus on proper tax collection,
expanding Berbera and crackdown on corruption. Jumping up and down on oil that is
still underground is a waste of time.

That said, if they do come to SL, the gov must not blow it off
like the last time in block SL-10B/13.

[mahoka]

i wont get hyped up about this shid, finding oil is one thing, extracting it is another

[Obscene]

Let's hope we find oil in 2016.

[theyuusuf143]

I agree with rambie. This oil boolshiidh will only make us unproductive. we should not expect any oil prosperity until we find marketable amount of oil. we should focus internal revenues creating an effective system to collect value added tax or VAT .