For Immediate Release Prime Resources Limited Petrosoma Limited
Prime Resources and its affiliate company, Petrosoma is pleased to
announce a joint ven ture between Petrosoma and Jacka Resources, an
Australian oil exploration company qu oted on the Australian Stock
Exchange. To facilitate the joint venture, Prime assigned it rights
in the production sharing agreement with the government of
Somaliland for the oil block formally known as Block 26, to Petrosoma and the joint venture holders will each hold a 50% share
in the block.
As part of its legal obligation to disclose price sensitive
information, within 48hours, Jack a issued an announcement to the
Australian Stock Exchange regarding the transaction. Although the
Jacka announcement referred to the block using a historical
reference, the block is now formally known as block SL6 and parts of
SL7 and SL10.
Mohammed Yusuf Ali, Chairman & CEO of both Prime and Petrosoma,
said,“this is a great day for all Somalilander. We are delighted to
be in business with Scott Spencer and Just yn Wood of Jacka
Resources. These two gentlemen were key figures in the multi-
billion barrel Ugandan discovery in Lake Albert and they are very
excited about the potential of the joint venture block in
Somaliland.” Mohammed Yusuf Ali added “all Somalilanders will
benefit if we discover oil in this block”.
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