- Australian oil and gas explorer Jacka Resources Limited (“Jacka” or “The Company”) is pleased to announce that the farmin by Genel Energy plc (“Genel”) to the Odewayne block has been approved by the government of Somaliland and that the farmin transaction was subsequently completed on 26 November 2012.
The transaction, which was announced by Jacka on 12 November 2012, required formal approval from the Somaliland government for the change in participating interests and for Genel to become Operator for the joint venture. These approvals have been granted and, as they were the only conditions, the transaction was completed and is now in full force and effect. As previously announced, Genel will earn a 50% interest in the Block by:
1. carrying Jacka and Petrosoma through at least the minimum work program in phases III and IV of the PSA, including 1,500 kms 2D seismic and the drilling of an exploration well.