In November 2019, Genel Energy appointed Stellar Energy Advisor to run a farm-out process for the SL10B, SL13 licence. Depending on the result farm-out, the company plans to drill a well in the licence in 2020/2021. Still in November 2019, the company completed the acquisition of East Africa Resource 25% stake in the licence.  The interpretation of the 2018 2D seismic data together with continued basin analysis has led to the maturation of a prospects and leads inventory for the SL10B, SL13 licence. A number of potentially high impact exploration targets have been identified within play types directly analogous to the prolific Yemeni rift basins. The SL10B, SL13 licence contains the Bur Dab 1 well, which found oil shows in 1958.  Genel acquired a total of 3,150 km of speculative 2D data over the SL-10B, SL13 and neighbouring Odewayne licences. The portion over the SL-10B, SL13 was completed in January 2018, while the portion over the Odewayne block was completed in October 2017. The acquisition started in March 2017 and was conducted by the contractor BGP Inc. The survey was part of a Somaliland-owned speculative 2D seismic project. Genel purchased the seismic data covering its onshore acreage, which fulfilled its minimum work obligations.    A surface oil seep study completed in 2015 supposedly confirmed the presence of a working hydrocarbon system with Late Jurassic source rocks and several potential reservoir/seal pairs. Genel believes that all its acreage in Somaliland could host over 2 Bbbl of oil.     Interest in the SL10B, SL13 licence is held solely by Genel Energy plc.  The Republic of Somaliland is bordered by Ethiopia in the south and west and it is located in northern Somalia. Somaliland remains internationally unrecognized but is considered economically stable and democratic. Somaliland declared independence from Somalia in 1991.    For further information, please contact:   Stellar Energy Advisors Dave Fassom Tom Perkins +44 20 7493 1977  Genel Energy Andrew Benbow, Head of Communications +44 20 7659 5100
Genel Energy appointed Stellar Energy Advisor to run a farm-out process for the SL10B, SL13 licence. Depending on the result farm-out, the company plans to drill a well in the licence in 2020/2021. 