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