Jacka Resources finds promising structures in Somaliland petroleum block

[Siciid1986]

Jacka Resources finds promising structures in Somaliland petroleum block

Wednesday, March 06, 2013 by Bevis Yeo

 

 

Jacka Resources (ASX: JKA) has confirmed the presence of large rift-basin structures, which typically form structural petroleum prospects, within the Odewayne block in Somaliland.

 

These structures were interpreted from the preliminary gravity map from the 22,000 square kilometre airborne geophysics survey that was completed in February by operator Genel Energy (LON: GENL).

 

Two additional basins have also been identified within the licence area.

 

The presence of numerous verified oil/condensate seeps, potentially attractive structures, and the genetic relationship to the multi-billion barrel basins of Yemen results in a highly prospective play in this emerging petroleum province.

 

Genel, a £2 billion market cap, is funding 100% of the exploration program in the Odewayne block until May 2015.

 

Besides the airborne survey, which covered the entire block, Genel is also funding at least 1,500 kilometres of 2D seismic and an exploration well.

 

Mobilisation for the seismic survey is scheduled for April this year, with acquisition expected to commence in May and to be completed by end October 2013.

 

Genel recently indicated that the block has the potential to contain in excess of 1 billion barrels of prospective resources, on which they place a 15% probability of success at this early stage of exploration.

 

 

http://www.proactiveinvestors.com.au/companies/news/40446/jacka-resources-finds-promising-structures-in-somaliland-petroleum-block-40446.html

 

 

 

Odewayne surrounded by blocks with multi-billion barrel potential.

 

 

The JV is preparing for the next phase of the exploration program, acquisition of approximately

1,500km of high quality 2D seismic data in what will be the first seismic survey within the Odewayne basin.

Mobilisation for the seismic survey is scheduled for April this year, with acquisition expected to commence in May and to be completed by end October 2013. The seismic survey may be extended beyond 1,500km if necessary, to ensure multiple prospect grids are acquired. With the benefit of a dedicated seismic processing centre currently being established in-country, seismic processing can be accelerated to allow for early definition of prospects and identification of areas requiring additional acquisition while the recording crew is still in-country.

The current work program is aiming towards the first exploration well commencing in 2H 2014. Genel recently indicated that the block has the potential to contain in excess of 1 billion barrels of prospective resources, on which they place a 15% probability of success (POS) at this early stage of exploration (pre seismic), and that they would be drilling up to 4 wells in Somaliland from mid-2014, across the Odewayne and adjacent block.

 

http://www.4-traders.com/JACKA-RESOURCES-LTD-10357352/news/Jacka-Resources-Ltd-Odewayne-Update-6-March-2013-16505916/

 

 

[N.O.R.F]

I'm always suspicious about such news.Are they trying to push the share price up? Why not take a risk, consolidate and reap the rewards later?

 

I'm sure the Swedes did seismic surveys 3 or 4 years ago. Where is that data?

 

Otherwise carry on....

[Tallaabo]

^ Probably another wild misleading speculation. I will not believe anything in the media until I see oil gushing out of the ground.

[Mintid Farayar]

N.O.R.F;924417 wrote:

I'm always suspicious about such news.Are they trying to push the share price up? Why not take a risk, consolidate and reap the rewards later?

 

I'm sure the Swedes did seismic surveys 3 or 4 years ago. Where is that data?

 

Otherwise carry on....

Good point. Plus the 2 Billion Sterling valuation of Genel seems over the top. As of 4 months ago, Genel's valuation was only a fraction of that. Maybe they've had a large capital infusion since that time.

 

BTW, it was the Norwegians, not the Swedes in the earlier SL survey.

 

P.S. Ngonge, what happened with your boosterism(hype) for Range and African Oil? Any profit on that speculation before the 'water well' find?

[NGONGE]

^^ As far as I know, that one is not finished dee. Setbacks and problems were always expected but the investors were confident of a find. And, no, those advising me were not profiteers but world leading long term investors in such areas. Wax fahma.

[Carafaat]

Mintid Farayar;924422 wrote:

Good point. Plus the 2 Billion Sterling valuation of Genel seems over the top. As of 4 months ago, Genel's valuation was only a fraction of that. Maybe they've had a large capital infusion since that time.

 

BTW, it was the Norwegians, not the Swedes in the earlier SL survey.

 

P.S.

Ngonge, what happened with your boosterism(hype) for Range and African Oil? Any profit on that speculation before the 'water well' find?

Mintid, Afcourse they sold it before the stock price crashed. Expect them to buy themselves again this year against the lowest price and repeat the whole circus again.

[Mintid Farayar]

NGONGE;924431 wrote:

^^ As far as I know, that one is not finished dee. Setbacks and problems were always expected but the investors were confident of a find. And, no, those advising me were not profiteers but world leading long term investors in such areas. Wax fahma.

Markaa share the info, xaasidyahow

[NGONGE]

^^ Dee I did.

 

An Oil analyst at a world renowned fund strongly advised me to buy shares in Range/Africa Oil because he believes it's a real deal (unlike those stories Somalis post on here about them). His firm does not do short term investments, they always go with the long term view and, of course, they wouldn't go for something like this unless they believed it will eventually work.

[Mintid Farayar]

NGONGE;924450 wrote:

^^ Dee I did.

 

An Oil analyst at a world renowned fund strongly advised me to buy shares in Range/Africa Oil because he believes it's a real deal (unlike those stories Somalis post on here about them). His firm does not do short term investments, they always go with the long term view and, of course, they wouldn't go for something like this unless they believed it will eventually work.

 

Sxb, naga daa, dee! Hunguriga ha ka soo ridin 'our Puntlander brothers'

 

That's classified as 'cruel and unusual punishment'.

 

As they say in your neck of the woods: 'Are you having a laugh?'

[NGONGE]

^^ I am not.

[Mintid Farayar]

Ngonge,

 

Sxb, lugooyadu ma wanaagsana ee jooji, xaasidyahow

 

African Oil does't even mention the Puntland acreage in its recent press releases.

 

As Ahmed Madobe proclaimed (while he was still in Af Madow, before the Kenyans parachuted him into Kismayo):

"the future is in LOBSTER!!!"

[NGONGE]

^^ :D

[Jacaylbaro]

I'm always skeptical about the Oil business ,,,,, too risky for such fragile country

[N.O.R.F]

^The govnt needs to have a plan in place. I doubt they do or will.

[Jacaylbaro]

Even if they have a plan, it is still to risky for the nation