Coastline Exploration Limited
PR94588
HOUSTON, Feb. 19, 2022, /PRNewswire=KYODO JBN/--
Coastline Exploration signs seven Production Sharing Agreements in the Federal
Republic of Somalia
Coastline Exploration Limited (“Coastline”), the upstream oil and gas company
focused on East Africa, announces that it has signed seven Production Sharing
Agreements (“PSAs”) covering offshore, deep-water blocks of the Federal
Republic of Somalia. These PSAs enable Coastline to proceed with plans to
explore for oil and gas on the many prospects and leads identified in these
offshore blocks.
W. Richard Anderson, Chief Executive of Coastline, commented, “Somalia contains
the largest remaining unexplored set of basins situated in warm waters in the
world. We are honoured and excited to be part of its future development. The
Government of Somalia and the Ministry of Petroleum have spent a great deal of
time and effort to ensure the country has the proper legal and administrative
infrastructure to support oil and gas exploration with the passing of the
Petroleum Law, adoption of the Revenue Sharing Agreement among the Federal
Government and its Members States and the establishment of the Somali Petroleum
Authority to provide continuing support for the anticipated growth in the
sector.”
Jake UIrich, Coastline’s Chairman, continued “After a rigorous negotiating
process, we are delighted to have signed these inaugural PSAs with the Somali
Government. This marks a defining moment for the country. The way is now open
for other oil and gas companies to join us in our quest for commercial
discoveries through the current licensing round and, also through direct
negotiations with the Somali oil and gas authorities. Revenues from the
discovery of commercial quantities of hydrocarbons could be a major positive
for Somalia from which the government could finance investments in education,
infrastructure, healthcare and other vital services, which will benefit all of
the people of Somalia, including women and minorities, by helping provide for
continued economic growth and improving the standard of living.”
The signing ceremony was witnessed, amongst others, by the Chairman & CEO and
Vice-Chair of the Somali Petroleum Authority who highlighted their desire for
the expected economic and social benefits for the Somali people.
Ends
About Coastline Exploration
Founded in 2018, Coastline Exploration was established to help develop the
hydrocarbon industry within East Africa. Following the discovery of commercial
quantities of oil in Kenya and Uganda, coupled with world-class offshore gas
reserves in Tanzania and Mozambique, Coastline Exploration believes there is
huge potential for further significant oil and gas discoveries across the
region.
www.coastlineexploration.com
Enquiries:
Hudson Sandler
Dan de Belder/Francis Kerrigan
+44-(0)207-796-4133
Email: coastlineexploration@hudsonsandler.com
SOURCE: Coastline Exploration Limited
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