Welcome to
A Journey Through Legacy and Innovation
Thank you for your interest in Soma Oil and Gas. You've already seen our website, and now we invite you to dive deeper. In this pre-NDA presentation, you'll explore the rich culture, core values, and valuable assets of Soma Oil and Gas. Discover how our dedication to both tradition and forward-thinking innovation shapes our vision for the future.

Disclaimer

This document and any related oral presentations are confidential and have been prepared by SOMA Oil Gas Ltd. (BVI) (the “Company”) solely for use in this presentation and may not be taken away, reproduced, or redistributed to any other person. This document has not been reviewed by or registered with any public authority or stock exchange and does not constitute a prospectus. Only the Company is entitled to provide information in respect of matters described in this document. Information obtained from other sources is not relevant to the content of this document and should not be relied upon. By attending or receiving this document, you are agreeing to be bound by these restrictions. Any failure to comply with these restrictions may constitute a violation of applicable laws. The information contained in this document has been provided by the Company or obtained from publicly available sources or third-party consultant reports and has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of the information or any opinions contained herein. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This document speaks as of [date]. The information and any opinions in this document are provided as of the date of this document and are subject to change without notice. Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. None of the Company or any of its respective affiliates, financial or other advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of these materials or its contents or otherwise arising in connection with this document. This document and any related oral presentation do not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. The distribution of this document and any related oral presentation in other jurisdictions may be restricted by law and persons into whose possession this document or any related oral presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. The information contained herein does not constitute investment, legal, accounting, regulatory, taxation, or other advice. Forward-Looking Statements Certain statements in this document are forward-looking. These statements may relate to our future prospects, developments, and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding volume growth, increases in market share, synergies, costs, capital expenditures, EBITA, our liquidity, long-term funding and credit ratings, and our business performance outlook. Words such as “believe,” “anticipate,” “expect,” “intend,” “seek,” “will,” “plan,” “could,” “may,” “target,” “forecast,” “guidance,” and “project” and similar expressions are intended to identify such forward-looking statements but are not the exclusive means of identifying such statements. Such forward-looking statements are only predictions and are not guarantees of future performance. By their nature, forward-looking statements involve several risks, uncertainties, and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business, or other market conditions, changing political conditions, and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.

A Timeline of Progression

1980-1991:
  • Leading oil companies, including ExxonMobil, Chevron, BP, Conoco, Shell, and Eni, secured exploration rights in Somalia

1991-2008
  • 1991: Outbreak of Civil War leading to significant upheaval until 2008.
  • 1991-2008: Loss of all historical regional oil and gas geological & geophysical data due to the civil war.

2008 - 2014
  • 2008: Establishment of a transitional government which remained until 2012.
  • 2012: In September, the Federal Parliament elected Hassan Sheikh Mohamud as the President, initiating the opening of the oil and gas sector.
  • 2014: Comprehensive exploration with the 20,552 km 2D seismic survey, leading to the discovery of unexplored deep-water resources. TGS (Spectrum) completed an additional 20,583 km of 2D offshore seismic surveys.
  • 2014: Efforts by the US, UK, and EU to reduce piracy resulted in no piracy attacks on merchant vessels off Somalia since 2017.

2017-2020
  • 2017: Mohamed Abdullahi Mohamed (Farmaajo) elected President.
  • 2018: Soma Exploration established, acquiring rights to a 20,552 km 2D seismic data set from 2014.
  • 2020: On February 8, the Petroleum Law and Revenue Sharing Agreement were approved and ratified by the President.
  • 2020: The Somali Petroleum Authority was established in July, with appointments from both the Federal Government and each member state. This period also saw negotiations with Soma over PSA terms.

2020 - 2022
  • 2022: From February to October, Soma signed several PSAs and made significant progress with the government's full support.
  • 2022: In May, Hassan Sheikh Mohamud is re-elected as President, emphasizing the oil and gas sector as crucial for Somalia's growth and encouraging foreign investment.

2023 - 2024
  • 2023: Soma Oil & Gas BVI, a founding shareholder of Coastline Exploration, acquired PSA 129 & 130 and PSA 192 and all underlying data, consolidating its stake in the exploration projects.
  • 2024: The Federal Republic of Somalia ratified the deal, officially recognizing Soma Oil & Gas Ltd (BVI) as the new sole 100% operator. Subsequently the Subsidiaries were transferred and formally acknowledged by the Federal Government of Somalia (FGS).
Our Culture & Heritage
Soma OG is strategically positioned for growth and success with a clear and robust ownership structure:
100% Ownership
Soma OG owns 100% of its two subsidiaries, ensuring complete control over operations and decision-making processes
Debt-Free
The company and its subsidiaries are entirely free from any debts, providing a strong and stable financial foundation
No Warrants
There are no outstanding warrants, simplifying the equity structure and eliminating potential dilution of shares.
Single Class of Shares
Soma OG operates with a single class of common shares, ensuring transparency and equal voting rights for all shareholders.

Our Corporate Structure

Soma Oil & Gas Ltd.

BVI

Soma Oil & Gas Ltd.

BVI

PSA 129 & 130 Ltd.

KY

PSA 192 Ltd.

KY

This streamlined and solid ownership structure underscores Soma OG's commitment to maintaining financial integrity and delivering value to its shareholders. The company is well-positioned to capitalize on opportunities within the oil and gas sector, driving growth and fostering long-term stability.

Equity Distribution
45%
Legacy
Held by a private family office, representing the legacy and founder's stake.
45%
Investment
Managed by a professional investment firm, providing strategic oversight and funding.
10%
Diversity
Owned by another private family office, adding diversity to the ownership base.

FAQ

Where we come from?

The legacy investor of Soma OG has been deeply involved in the exploration of offshore Somalia for over a decade, marking significant milestones along the way. In 2014, a comprehensive regional 2D survey was commissioned by the same, covering over 20,000 line kilometers and was conducted by Seabird, funded by Soma Oil & Gas UK, a predecessor to Soma OG BVI. Between 2015 and 2017, Soma financed a major study by RPS Energy, utilizing the queried 2D seismic data and incorporating insights from various other studies, including Robertson Research's Somali Wells analysis and others. In 2020, the principals of Soma Oil & Gas UK formed Coastline Exploration and commenced negotiations for several PSA contracts, leveraging the technical understanding gained from the 2D and RPS studies. From 2022 to 2023, Coastline Exploration Soma UKs' predecessor commissioned a further study with Houston-based consultancy U3Explore (Actus Veritas) to analyze existing data and develop a robust marketing strategy for the PSAs. In 2024, Soma OG acquired PSA blocks 129/130 and 192, two of the most highly-rated blocks identified in previous studies. The Federal Government of Somalia and Somali Petroleum Authority welcomed and ratified the agreement.

Why is Somalia safe?

Under the leadership of President Hassan Sheikh Mohamud, Somalia is building a transparent government committed to fostering a stable and investor-friendly environment. This effort is backed by strong international support, enhancing the sovereign country's credibility and decision-making. Soma OG's deep-rooted presence and extensive experience in the region position it as a reliable partner, ensuring seamless operations and robust security measures. The company leverages its comprehensive understanding of the local landscape and strategic alliances with global experts to mitigate risks and streamline logistics. With a transparent government framework and international community backing, Soma OG is dedicated to providing a secure, efficient, and conducive environment for oil and gas exploration and development. This commitment not only enhances investor confidence but also paves the way for sustainable growth and economic prosperity in Somalia. Further Soma OG is ready to offer future partners and new market entrants unparalleled logistics and security support.

What are the PSA Terms?

For Oil exploration, the terms include an exploration period of 5+2+2 years with a commitment of drilling one exploratory well per PSA. The royalty rate is fixed at 5.0%. Cost recovery is set at 75.0%, with an uplift of 6.0%. The profit share between the government and the contractor varies: for a ratio less than 1, it is 15% for the government and 85% for the contractor; for a ratio greater than 2.0, it is evenly split at 50% each. Additionally, the corporate income tax rate is 30.0%, and state participation can be up to 10% five years after first production. For Gas exploration, the terms also include an exploration period of 5+2+2 years with a commitment of drilling one exploratory well per PSA. The royalty rate ranges from 0.5% to 4.0%. Cost recovery is set at 80.0%, with an uplift of 6.0%. The profit share between the government and the contractor varies: for a ratio less than 1, it is 15% for the government and 85% for the contractor; for a ratio greater than 5.0, it is 55% for the government and 45% for the contractor. The corporate income tax rate is also 30.0%, and state participation can be up to 8% five years after first production.

How does the Petroleum Law protect the Investor?

The Somali Petroleum Law provides substantial protections and benefits to investors, creating a favorable environment for international petroleum companies. It establishes a comprehensive legal and regulatory framework ensuring transparency and stability, crucial for long-term investments. The law includes Most Favored Nation (MFN) and National Treatment clauses, guaranteeing non-discriminatory and fair treatment for foreign investors, equivalent to domestic ones. Financial security is a key feature, allowing free transfer of funds and repatriation of investments. In cases of expropriation, the law mandates fair compensation, safeguarding investor assets against arbitrary government actions. Dispute resolution mechanisms, including arbitration, provide structured processes to address and resolve conflicts, enhancing legal security. Operationally, the law supports the establishment of the Somali Petroleum Authority (SPA) and the Somali National Oil Company (SONOC), which oversee regulatory compliance and operational efficiency. This support fosters a stable investment environment, encouraging the development of Somalia’s petroleum resources and contributing to economic growth. The law promotes cooperation between International Oil Companies (IOCs) and consortiums, facilitating partnerships and technical expertise sharing. Revenue management provisions ensure fair distribution of profits, including state participation, aiding Somalia’s socio-economic development. Overall, the Somali Petroleum Law aims to attract and retain international investors by protecting their interests and offering numerous operational and economic benefits, crucial for advancing Somalia's oil and gas sector

Ready to learn about our Acreage
Continue reading about the technical parameters and studies of PSA 129 & 130 and PSA 192.