Soma wins funding for Somali seismic survey


Issue 270 - 30 Jan 2014 | 5 minute read

Soma Oil & Gas, led by former UK Conservative party leader Michael Howard, has secured an equity investment of $50m from British Virgin Islands-registered private investment company Winter Sky. Soma has an agreement with the Somali Federal Government to acquire substantial acreage in exchange for shooting seismic, (AE 261/4), and says the funding means it can finalise a contract for a planned 2D exploration programme. “Negotiations with a small number of seismic contractors are at an advanced stage, and Soma expects to make an appointment soon. The seismic work programme will commence within Q1 2014,” a company spokeswoman told African Energy.

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