Jacka Resources (ASX: JKA) has confirmed the presence of
large rift-basin structures, which typically form structural petroleum
prospects, within the Odewayne block in Somaliland.
These structures were interpreted from the preliminary
gravity map from the 22,000 square kilometre airborne geophysics survey that
was completed in February by operator Genel Energy (LON: GENL).
Two additional basins have also been identified within
the licence area.
The presence of numerous verified oil/condensate seeps,
potentially attractive structures, and the genetic relationship to the multi-billion
barrel basins of Yemen results in a highly prospective play in this emerging
petroleum province.
Genel, a £2 billion market cap, is funding 100% of the
exploration program in the Odewayne block until May 2015.
Besides the airborne survey, which covered the entire
block, Genel is also funding at least 1,500 kilometres of 2D seismic and an
exploration well.
Mobilisation for the seismic survey is scheduled for
April this year, with acquisition expected to commence in May and to be
completed by end October 2013.
Genel recently indicated that the block has the potential
to contain in excess of 1 billion barrels of prospective resources, on which
they place a 15% probability of success at this early stage of exploration.
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