$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

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