SOMPF investor board. No bashers, no pumpers, just solid DD.
> Geological Surveys indicate capacity in two areas of Somaliland of 282 million barrels
> Average oil price = say $50 per barrel.
> Gross Revenue Potential = $14.1 billion
> $1 million to be paid to the Government of Somaliland for acquisition of rights.
> Subject to negotiations with ICPC require additional loan finance or investment to cover
agreed share of exploration costs.
> Somapetroleum acquiring exclusive exploration rights from the Government of
Somaliland for $1 million.
> Commitment to minimum expenditure on exploration, over an agreed number of years.
> Partnering with ICPC with responsibility for exploration activities.
> Agreement to minimum number of wells to be drilled.
> Payment of additional fees when commercial production commences.
> Petroleum revenues to be shared on agreed basis between Somapetroleum and
> Mid-2004 - agreements signed, financing in place.
> Late-2004 - start of first stage exploration activity.
> 2005/2006 - progress in exploration activity
> 2007 - establishment of commercial extraction infrastructure.
> 2008 - first revenues from commercial operation.
Current Status of Exploration
> Major US companies were granted licenses in the 1980s, but have not followed through
due to political & military circumstances.
> Opportunity to pick up from where others have already invested vast amounts.
Mon, Nov 27, 2006
4:00 AM Soma Petroleum Limited (SOMA) has filed for listing on exchange and approval for SOMA dividend for Equitable Mining Corp. - PR Newswire
Tue, Nov 21, 2006
4:21 PM Equitable Mining Corp. (EQUITABLE) and SOMA Petroleum Limited (SOMA) creates dividend, warrants, and listing -