Somalia: Soma Oil & Gas Holdings Limited - Funding Agreement and Board Appointments

Soma Oil & Gas Holdings Limited ("Soma Oil & Gas" or "the Company") announces that it has secured an equity investment ofUS$50 million from a private investment company, Winter Sky. In conjunction with the funding agreement, three individuals connected to Winter Sky have joined the Soma Oil & Gas Holdings Limited board as Non Executive Directors.

This additional funding is sufficient to see the Company through the initial stages of the exploration programme and satisfy its obligations to the Government of the Federal Republic of Somalia under the Seismic Option Agreement.

Soma Oil & Gas is now in a position to finalise a contract with a seismic operator for the planned 2D exploration programme offshore Somalia and is in advanced negotiations. A further announcement will be made in due course.

In addition, the Company announces the appointment of Mohamad Ajami as a Non Executive Director. Mohamad has over 35 years of investing experience in the oil and gas, petrochemicals and mineral resources sectors and is a founder of the Levant Group, a firm focused on investments in oil & gas, mineral and recyclable energy mainly in Africa, Russia and the CIS. Mohamad was previously at Morrison Knudsen Corporation, a civil engineering and construction company (now part of URS Corporation).

Lord Howard, Chairman of Soma Oil & Gas, said:

"I welcome Winter Sky as a shareholder of Soma Oil & Gas and all of our new board members who I am sure will prove invaluable to the business."

Robert Sheppard, CEO of Soma Oil & Gas, said:

"Securing this funding agreement is a significant step forward for Soma Oil & Gas as it will enable us to finalise a contract for the seismic survey programme. We are in advanced negotiations with a contractor and expect to be able to make a further announcement in this regard shortly."

Ads by Google

Copyright © 2014 Shabelle Media Network. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.