Soma Oil and Gas Holdings Limited released information that it has obtained an equity investment from a private investment company. The investment is a total US$50 million that will allow the company to see through the initial stages of an oil exploration program. The investment would also enable the business to satisfy its obligations, under the Seismic Option Agreement, to the Somali government.
At the same time, three individuals from Winter Sky joined the board of Soma Oil and Gas Holdings Limited to act as Non-Executive Directors. Soma Oil and Gas is now well positioned to finalize a contract with a seismic operator for a planned 2D exploration program located offshore Somalia. The contract is in advanced negotiations. A further announcement would be made duly.
The company further announced Mohamad Ajami's appointment as a Non-Executive Director. Mohamad is also a founder of the Levant Group and has over 35 years of experience investing in oil and gas, mineral resources sectors and petrochemicals.
Levant group is a firm that focuses on oil and gas investments, recyclable energy and minerals mainly in Africa, the CIS (Commonwealth of Independent States) and also in Russia.
Mohamad Ajami previously worked at a civil engineering and construction business, known as Morrison Knudsen Corporation that is now part of URS Corporation. A statement from the Chairman of Soma Oil and Gas Holdings, Lord Howard, indicated that he was pleased to welcome Winter Sky as a shareholder of the company and the new members who would undoubtedly prove to be invaluable to the business. The CEO of Soma Oil and Gas Holdings, Robert Sheppard, stated that securing the equity investment would allow the business make a meaningful step forward. He said that the funding would enable the company to finalize a contract for the seismic survey program. He further explained that negotiations with a contractor were in advanced stages, and an additional announcement would be made later on in this regard.
At the same time, three individuals from Winter Sky joined the board of Soma Oil and Gas Holdings Limited to act as Non-Executive Directors. Soma Oil and Gas is now well positioned to finalize a contract with a seismic operator for a planned 2D exploration program located offshore Somalia. The contract is in advanced negotiations. A further announcement would be made duly.
The company further announced Mohamad Ajami's appointment as a Non-Executive Director. Mohamad is also a founder of the Levant Group and has over 35 years of experience investing in oil and gas, mineral resources sectors and petrochemicals.
Levant group is a firm that focuses on oil and gas investments, recyclable energy and minerals mainly in Africa, the CIS (Commonwealth of Independent States) and also in Russia.
Mohamad Ajami previously worked at a civil engineering and construction business, known as Morrison Knudsen Corporation that is now part of URS Corporation. A statement from the Chairman of Soma Oil and Gas Holdings, Lord Howard, indicated that he was pleased to welcome Winter Sky as a shareholder of the company and the new members who would undoubtedly prove to be invaluable to the business. The CEO of Soma Oil and Gas Holdings, Robert Sheppard, stated that securing the equity investment would allow the business make a meaningful step forward. He said that the funding would enable the company to finalize a contract for the seismic survey program. He further explained that negotiations with a contractor were in advanced stages, and an additional announcement would be made later on in this regard.