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
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 Odewayne Production Sharing Agreement which covers blocks SL-6, SL-7, SL-10A.
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.
We are targeting resources of over 1,000 mmbbls in blocks SL-10B and SL-13. The Odewayne block has a similar resource potential to this, targeting in order of 1,000 mmbbls.
Gravity and aeromag has been acquired and interpreted over the entire 40,000 square km acreage. Seismic operations in Somaliland have been temporarily suspended due to a deterioration in the security environment.
We continue to see significant potential in our onshore Somaliland acreage, and are working to progress the acquisition of seismic data on our highly prospective licences. Genel continues to support the government’s efforts to provide an appropriate level of security in order to conduct future operations. Seismic acquisition is currently scheduled for 2016.