He said even by the East Africa's under explored standards, Somaliland was a frontier with only 21 wells drilled. But he noted that the geology of Somaliland was similar to oil-rich areas across the Gulf of Aden.
East Africa have yet to produce a commercially viable oil source but gas discoveries off Mozambique and Tanzania have prompted lots of interest though the region remains largely unexplored.
Oil discoveries would be a cash boon to Somaliland though hydrocarbons have often proven to be a curse to African nations as the opaque nature of the industry often breeds corruption.
Somaliland declared its independence from Somalia in 1991 but has not been formally recognised internationally.