(Alliance News) - Genel Energy PLC said Monday it now wholly owns the SL10B13 block, onshore Somaliland, after acquiring a 25% stake from East Africa Resource Group for an undisclosed sum.
The energy firm said it has started a farm-out process relating to the block, run by Stellar Energy Advisors.
Interpretation of 2018 2D seismic data along with basin analysis has revealed several prospects, each of them expected to hold 200 million barrels of oil in resources.
Genel was first awarded a 75% interest in the block as operator in 2012.
Shares in Genel Energy - which is headquartered in London - were down 0.7% at 211.5 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Genel Energy (GENL)