$7,000,000
Somalia Block 221
Coastline Exploration Limited is seeking a aprtner to help fund 3D seismic acquisition over prosepcts mapped on 2D.
The company holds PSAs for 7 offshore Blocks in 2022 with agreements in place with the Federal Government (FGS). The blocks held by Coastline Exploration Limited are 129-130, 141, 143, 191, 192, 205 & 221 and each block is 5000 sq,km
Coastline have mapped a number of Jurassic Carbonate plays on multiclient 2D seismic and these plays have been high-graded as the primary drilling target.
Cretaceous Deepwater Fan plays provide secondary drilling target.
There is substantial running room in open acreage, Coastline plan to fast-track exploration drilling to get to production stage.
Details
Asset Name
: Somalia Block 221
Ref
: AF-SOM-221
Continent
: Africa
Country
: Somalia
Location
: Offshore
Project Phase
: Exploration
Latitude
: -1.1
Longitude
: 43.8
License Start
: 2022
License Expiry
: 2030
Operator
: Coastline Exploration Limited
Other partners
: None
Farmout company
: Coastline Exploration Limited
Mandated Agent
: none
Work Programmes
: Seismic, Drilling
Back Costs
: $1m - $10m
Equity Offered
: 40 - 60%
Deal Status
: Open
FarmoutAngel confidence
: High
Consideration Sought
: $7,000,000