For Immediate Release Prime Resources Limited Petrosoma Limited.

[Xaaji Xunjuf]

For Immediate Release Prime Resources Limited Petrosoma Limited.

 

Prime Resources and its affiliate company, Petrosoma is pleased to announce a joint venture between Petrosoma and Jacka Resources, an Australian oil exploration company quoted on the Australian Stock Exchange. To facilitate the joint venture, Prime assigned it rights in the production sharing agreement with the government of Somaliland for the oil block formally known as Block 26, to Petrosoma and the joint venture holders will each hold a 50% share in the block.

As part of its legal obligation to disclose price sensitive information, within 48hours, Jacka issued an announcement to the Australian Stock Exchange regarding the transaction. Although the Jacka announcement referred to the block using a historical reference, the block is now formally known as block SL6 and parts of SL7 and SL10.

Mohammed Yusuf Ali, Chairman & CEO of both Prime and Petrosoma, said,“this is a great day for all Somalilander. We are delighted to be in business with Scott Spencer and Justyn Wood of Jacka Resources. These two gentlemen were key figures in the multi- billion barrel Ugandan discovery in Lake Albert and they are very excited about the potential of the joint venture block in Somaliland.” Mohammed Yusuf Ali added “all Somalilanders will benefit if we discover oil in this block”.

[Xaaji Xunjuf]

[Xaaji Xunjuf]

Mohammed Yusuf Ali, Chairman & CEO of both Prime and Petrosoma, said,“this is a great day for all Somalilander. We are delighted to be in business with Scott Spencer and Justyn Wood of Jacka Resources. These two gentlemen were key figures in the multi- billion barrel Ugandan discovery in Lake Albert and they are very excited about the potential of the joint venture block in Somaliland.” Mohammed Yusuf Ali added “all Somalilanders will benefit if we discover oil in this block”.

[NGONGE]

Mohammed Yusuf Ali is fronting a company that is working in partnership with the Australians? It says the join venture is split down the middle (50-50) but who takes one half here? SL having one half and the others having a half between them or does SL not come into it?

 

It all sounds dodgy to me, Xaaji. Maxa war?

[Carafaat]

It's dodgy. same scheme as they did in Puntland. sign an exploration contract with the goverment, then go to the stockmarket, issue an IPO, propagate oil discovery, and collect the money of rising stock prices due to speculation for years to come. Is what Range Resources has ben doing the past years.

 

some folks really dont understand that these little companies will not and can not produce oil. And there wont be any production anyway in the decade to come. Only some speculants who want to earn some in the mean time

[NGONGE]

^^ Range Resources has a good reputation in the field, adeer. Don't listen to know-nothing Somalis who neither did the research nor know anything about oil exploration.

 

As for this one, the setup sounds dodgy (and I have never heard of any of these companies but I supposed I could always check them out on Streamonline).

[Carafaat]

NGONGE;814393 wrote:

^^

Range Resources has a good reputation in the field

, adeer. Don't listen to know-nothing Somalis who neither did the research nor know anything about oil exploration.

 

As for this one, the setup sounds dodgy (and I have never heard of any of these companies but I supposed I could always check them out on Streamonline).

http://www.rangeresources.com.au/overview/company-profile/

 

Range’s main focus is in Puntland, Somalia where it holds a 20% working interest in two Production Sharing Agreements (PSAs) for the Nugaal and Dharoor Blocks.

 

Reputation earned where? in Somalia. Sure, If you say so.

 

Adeer ma laaluush ayaa qadatay.

[NGONGE]

Carafaat;814404 wrote:

http://www.rangeresources.com.au/overview/company-profile/

 

Range’s main focus is in Puntland, Somalia where it holds a 20% working interest in two Production Sharing Agreements (PSAs) for the Nugaal and Dharoor Blocks.

 

Reputation earned where? in Somalia. Sure, If you say so.

 

Adeer ma laaluush ayaa qadatay.

No reputation in the oil sector. Wax fahan.