Soma Oil & Gas on Wednesday, announced that it has completed all its obligations under the Seismic Option Agreement (SOA), by delivering the Exploration Programme data to the Ministry of Petroleum and Mineral Resources of the Federal Government of Somalia (FGS).

The company declared this at a public ceremony in Mogadishu, which marked the opening of the new office of the Ministry. Infact, the office has a Data Room capable of storing & displaying the Exploration Programme data. The Ministry has also chosen Spectrum to market the Exploration Programme data.

Study of the acquired and processed 2D seismic data performed by Soma, has pointed out specific prospects which merit additional exploration. Targeting these prospects, the company, submitted a Notice of Application for Production Sharing Agreements (PSAs) to the ministry in line with the SOA.

The transformation of the Notice of Application into a PSAs award is subject to the following; finalizing of a Model PSA by the Ministry, negotiation of specific PSAs between the Ministry and Soma, a profit sharing agreement between Federal Member States and the Federal Government of Somalia and the final approval of PSA awards by the full Federal Government, Energy-pedia reports.