Jacka Resources targets oil in Somaliland, exploration to start in current quarter

[The Sage]

Monday, April 02, 2012 by Bevis Yeo

 

Jacka Resources targets oil in Somaliland, exploration to start in current quarter.

 

Jacka Resources (ASX: JKA) has acquired a highly prospective oil exploration block in Somaliland, East Africa, that is on trend with the prolific producing basins of Yemen that hold 9.8 billion barrels of oil equivalent.

 

The company will hold a 50% operating stake in the 22,000 square kilometre Habra Garhajis block , where a working petroleum system appears to be demonstrated by 9 independently verified oil seeps.

 

Geochemical analyses of these seeps indicate a light oil or condensate that is consistent with the oils produced in Yemen.

 

Jacka’s partner Petrosoma has an established in-country office and team that will provide immediate operational capability.

 

The joint venture has scheduled an aggressive work program starting with the acquisition of a comprehensive gravity and magnetics dataset in the second quarter of 2012.

 

Jacka will also be required to shoot at least 500 kilometres of 2D seismic.

 

Habra Garhajis is 1 of 3 Jurassic rift basins in the Horn of Africa that are continuations of the Jurassic rift basins of Yemen, and its geology is expected to be very similar.

 

The entire East African region is the subject of an increasingly strong and competitive industry focus with companies such as BG, Ophir, ENI, Africa Oil, Anadarko, Total, CNOOC and others taking positions.

 

Recent finds such as Anadarko’s giant 30 trillion cubic feet gas discovery in the Rovuma Offshore Area 1 in Mozambique, large gas discoveries by BG and Eni as well as an oil find by African specialist Tullow Oil have all served to fuel interest in the region.

[burahadeer]

good, heard others r in ceel afweyn where oil,natural gas & iron ore are saturated.

[LANDER]

I don't know if Oil is what we need right now, our democracy is still young, oil and the riches that come with it will corrupt most human beings.

[Che -Guevara]

^Extreme poverty is not good option either.

[Mooge]

ku dayo puntland ku dayo.

[Hustler]

I my self dont think somaliland should rush with the oil and with small time companies like puntland did. As someone who is studying petroleum I say somaliland should wait till the recognition comes this year, then go after the big dogs like bp.

[Jacaylbaro]

Habra Garhajis block

;)

[NASSIR]

Unless SL agrees to the federalist model and has the approval from the federal government, this bid to explore resources in parts of Somalia borders on violation of Somalia's territorial integrity. Nor can a UK registered NGO guarantee the legality of contracts signed with "SL" by investors! Otherwise, we will be dealing with warlords inviting and signing conttracts with third parties whose only goal is to make quick buck out of new frontiers or engage in "leverage buyout" type of deals whereby small caps solicit investors and then resale their so called holdings.

[The Sage]

^^^ If the China can't stop people from doing business with Taiwan what makes you think the weakTFG can do anything about Somaliland? Besides it hasn't stopped other companies like Coca Cola from signing deals with SL.

[burahadeer]

[LANDER]

Che -Guevara;813196 wrote:

^Extreme poverty is not good option either.

If you look at other african countries that have an oil sector like Nigeria, you'll notice the oil

wealth doesn't really trickle down to the poorest in those societies although they are more densely

populated than Somalis and perhaps not the best comparison in that sense. Also governance in Nigeria

is clearly corrupt and oil wealth surely plays its role.

[AsadSL]

Garhajis block:cool:

[LANDER]

AsadSL;813218 wrote:

Garhajis block:cool:

Gee I wonder what tribe you hail from

[Qandalawi]

No harm in exploring the natural resources our soil, explore it and make use of it while you can as soon and as best as you possibly can.

 

Bring out the oil baby, its worth dollars and poverty is not an option as one member has already said.

[faarah22]

They must get permission from TFG first, like puntland did. legal protocol must be followed.