Jacka Resources (ASX: JKA) has acquired a highly prospective oil exploration block in Somaliland, East Africa, that is on trend with the prolific producing basins of Yemen that hold 9.8 billion barrels of oil equivalent.
The company will hold a 50% operating stake in the 22,000 square kilometre Habra Garhajis block , where a working petroleum system appears to be demonstrated by 9 independently verified oil seeps.
Geochemical analyses of these seeps indicate a light oil or condensate that is consistent with the oils produced in Yemen.
Jacka’s partner Petrosoma has an established in-country office and team that will provide immediate operational capability.
The joint venture has scheduled an aggressive work program starting with the acquisition of a comprehensive gravity and magnetics dataset in the second quarter of 2012.
Jacka will also be required to shoot at least 500 kilometres of 2D seismic.
Habra Garhajis is 1 of 3 Jurassic rift basins in the Horn of Africa that are continuations of the Jurassic rift basins of Yemen, and its geology is expected to be very similar.
The entire East African region is the subject of an increasingly strong and competitive industry focus with companies such as BG, Ophir, ENI, Africa Oil, Anadarko, Total, CNOOC and others taking positions.
Recent finds such as Anadarko’s giant 30 trillion cubic feet gas discovery in the Rovuma Offshore Area 1 in Mozambique, large gas discoveries by BG and Eni as well as an oil find by African specialist Tullow Oil have all served to fuel interest in the region.