Somaliland:Sterling Energy confirms Odewayne farmin

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StockMarketWire.com – Sterling Energy said completion has occurred under the Farmout Agreement with Jacka Resources Somaliland Ltd for the acquisition of an additional 15% interest in the Production Sharing Contract for the Odewayne Block, located onshore Republic of Somaliland.

The holders of the PSC are now:

– Genel Energy Somaliland Limited (Operator) – 50%

– Sterling Energy (East Africa) Limited – 40%

– Petrosoma Limited – 10%

At 8:03am: [LON:SEY] Sterling Energy PLC share price was +0.63p at 30.13p

Sources :StockMarketWire

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1 COMMENT

  1. The black Gold in Somaliland.

    In early history traders from Egypt (Pharoas ) were in Somaliland. In 15th century Jewish, Indian and Arab merchants mostly from Yemen, Syria and Oman were in Somaliland as traders.

    In 16th century a war broke out between the Muslim Somaliland tribes leader Ahmed Gury and Christian Abassinian kingdom (Ethoipia) which lasted many years and caused many casualties.

    In 19th century Somaliland tribe leaders signed an agreement with the Ottoman Empire in the redsea port of Berbera in Somaliland, inorder to get a strong milatry aid in case of a war with Ethiopia.

    After the collapse of Ottoman Empire the Somaliland tribe leaders again signed an agreement with the British Empire in 1884 in the same sea pot of Berbera. The ( leader agreement ) was not signed on the Somaliland soil but on a British Navy Ship. The content of the agreement was not to colonize but to protect. That was were the name of the country came from ( British Somaliland protectrate ). And from 1884 untill independence day on 26 june 1960 the country remained as a British Somaliland Protectrate.

    The ex British Somaliland Protectrate now known as the ( Somaliland Republic ) is full of natural resources like petrolium, gas, uranium, lime, aqua marine and many other natural minerals.

    Explorations that were taken by british geologists in early 1930s has shown positive signs of potential oil and gas resources in off shore along the red sea coast as well as in shore around Guban, Nugal, Hawd and Zaila regions of the Republic.

    Before Somaliland Independence on 26 june 1960 the british goverment and companies were not in hurry to drill oil and gas from Somaliland because the arabian golf states were the major oil and gas suppliers, so there was no rush…

    Somaliland Republic gained it´s independence from Britain on 26 june 1960 and became the 8th independent country in the whole African continent. 34 countries around the world conguratulated the newly born republic.

    Seven days later on 1st july 1960 South Somalia known as (Italian Somali Colony ) obtained their independence from Italy. On that same day (1st july 1960) the ex British Somaliland Protectrate decided freely to unite with the ex Italian Somali Colony without any written agreements. The union were never ratified.

    For Somalilanders the union with the ex Italian Somali Colony and the hope of a Great Somalia turned into an unforgetable Nightmare, after the southrens over took the power and occupied every key major goverment positions.

    Poverty, oppression, corruption, triblisum, nepotisum, missmanagement, unjustice, killing, arresting, missplaced millions of Somalilanders, asylum seekers around the world, bombing cities and villiges, genoside, hundred thousands of mass graves, lost of wealth, and distruction of everything were the result of the useless union with the south.

    It took 31 years of deadly war with 70.000 Somalilander victums to declare indenpendence again and withdrow from the union with the south in 18 may 1991.

    Since 18 may 1991 up to now Somalilanders enjoy unlimited freedom in a peacefull fully functioning democracy with multi party system based on one man one vote.

    Though Somaliland is not yet fully recognized by the rest of the world, many countries have diplomalic offices and treat Somaliland as a Republic.

    For the last 23 years Somaliland has it´s own Flag, Currency, President , House of Parlament, House of Elders, Ministries, currency, Milatry, Police, Marine, Multi party system based on democratic principles with three local and presidential elections, Peacefull power transfere to the new President. ( A wonderfull miracle in burning region).

    The Somaliland goverment resently signed an oil drilling agreements with some westren major oil companies in order to improve the economy which is the most improtant problems that face the country.

    Revenue from oil and gas export increase goverment budget and devolopment projects will take place but unsecured oil and gas pipe lines can turn into a disaster for somaliland nomads who live in that area. The result will be a contiminated water and grass, and that must be handled wisely.

    Somaliland goverment, companies, consultant Engineers and all necessary institutions must word together and efficiently. That is the only way in which everyone will benefit from the natural resources.

    Written by Big Joe

    Munich, Germany.

    12. Mai 2014.

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