Coastline Exploration says HSM approved 7 PSAs

[baala xoofto]

 

Somalian president approves Coastline oil exploration agreement

WORLDOIL.COM

---

Coastline Exploration Limited confirmed it has received final authorization for it to proceed with its exploration program from the competent authorities within the Federal Government of Somalia

 

[baala xoofto]

Russian oligarch, Alexander Djaparidze, is said to be one of the financiers of Coastline Exploration. 

 

[Dhagax-Tuur]

These fckers in Xamar shouldn't be allowed to rob generations' wealth.  Finished everything inland,  now it's offshore. 

 

 

[galbeedi]

Baala Xoofto, thanks for posting this. I was trying to write about it this morning.

This is nothing but a theift of resources by corrupt and incompetant government interested to pocket few millions. 

These crooks are not oil exploration or oil extracting companies, but front companies designed to gain the rights of the Somali resources for future brokerage. They have been created for the sole purpose of abtaining the rights. They also abtained and bought all the rights of Someoil company created by HSM, Khayre and former British concervative party chairman. 

Coastline exploration doesn't have any capacity to explore or drill oil. If you visit their company website, there is nothing but false propaganda and fake exploration expereince of 150  years. They have zero revanue of any financial statement. 

I heard that the deputy premier whose purpose in Mogadishu is just to make money teamed up with the current and  former energy ministers while bribing the foreign minister and others. Hamza, the premier is playing Dhaanto in Godey mesmerized by the clan while the shop is looted. 

$ 7 million ayaa lagu bedeshay khayraadkii Somalia.

THis fools don't even know how resource is shared these days. The so called 30% tax of the future profit is a well known scheme used by companies to gain access for the resources. At the end , they will infliate their expenses and give you pannies to the dollar. The best and modern way to make money on the resources is royalty per barrell of oil. As thhe price of oul goes so does the royalty. 

Here in Canada, where companies invest billions before they extract and sell the products, a 10% flat rate of the revanue is applied. After the company recuperates its costs, the rayalty goes from 25% to 40%. in most cases, the royalty increases with price of oil. if the price stays less than $50 per barrell, the royaly remains less than 25%. but if price goes beyond $60 or more the royaly goes up to 40%, which means in a $100 barrell market, the government takes 25-40 dollars.

It is the main reasons these brokers put the royalty as 5% which is pennies when they are selling $100 per barrell.

Anyway, forget about the calculations, this deal shouldn't stand. If you want to extract oil go to the big or medium companies. Stop taking these small bribes. Just like C/weli Gaas did in Boosaaso, HSM and company are doing to the Somali resources.

Tuugadani goormay dhergi?

 

 

 

[baala xoofto]

8 hours ago, galbeedi said:

These crooks are not oil exploration or oil extracting companies, but front companies designed to gain the rights of the Somali resources for future brokerage. They have been created for the sole purpose of abtaining the rights. They also abtained and bought all the rights of Someoil company created by HSM, Khayre and former British concervative party chairman. 

Just looking at their twitter feed, the excitement and celebrations is unbelievable. They got the signature and they transferred the 7 million dollars to the vultures in Mogadishu. 

I can't help but feel sorry for anyone who felt for these scammers. 

They even tweeted about Salahley Oil discovery. 

Off-shore oil is not cheap. And certainly it is not something an off-shoot group of no-bodies like Coastline Exploration can pull off. Just look south in Kenya, they spend 10 years looking for Off-shore oil and they found nothing, spending hundreds of millions of dollars.