An Update about our Future
To discover Soma OG's strategic 5-year exploration plan and innovative approaches in offshore oil and gas development, explore our detailed Gantt chart. Gain insights into key milestones, including seismic acquisition, well planning, and drilling schedules. Learn how our future outlook is designed to drive sustainable growth in Somalia's energy sector. Complete the form below to stay updated and connect with our team for more information.
2024: Pivotal Year in Soma OG's 5-Year Exploration Plan
As we enter 2024, Soma OG's 5-year exploration plan is well underway, demonstrating significant progress and strategic foresight. With PSAs signed in October 2022, the company has laid a solid foundation for its ambitious exploration and development activities.
What does the future hold?
The above tentative time table is not final. Subject to market conditions and changes.
Early 2024 is focused on marketing and sponsoring events to promote Soma OG's initiatives, supported by the launch of a dataroom. This year marks a crucial phase in exploration work, including seismic acquisition planning, vessel mobilization, and comprehensive environmental assessments.
The seismic program, spanning multiple seasons of acquisition and processing, continues through 2026. Interpretation and prospect mapping are key activities throughout 2024 and beyond, ensuring accurate and insightful analysis of the seismic data. Although there is a likelihood of missing the 3D seismic window, Soma OG is committed to doing its best to comply with all requirements and timelines.
Prospect portfolio development remains robust, with ongoing efforts in securing seismic contracts, obtaining necessary permits, and implementing rigorous security and environmental assessments. Health, Safety, and Environmental (HSE) governance is a top priority, integrating compliance and sustainability into all operations.
In terms of well drilling, 2024 sees the beginning of pre-well exercises, detailed well planning, modeling, and budgeting. Rig negotiations and procurement are in full swing, preparing for the mobilization and drilling phases. The first well is slated for spudding in 2025, with subsequent wells following a well-coordinated timeline.
Overall, 2024 is a pivotal year in Soma OG's exploration plan, setting the stage for successful drilling operations and future production. The plan's flexibility allows for adjustments based on market conditions and permitting schedules, ensuring that Soma OG remains adaptable and prepared for any challenges ahead.