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Somalia: Federal Government approves Coastline Exploration’s Production Sharing Agreements

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Coastline Exploration has announced receipt of final authorization to proceed with its exploration programme in Somalia after paying a $7m signature bonus to the Somali Central Bank. The oil & gas independent had announced last February that it had signed seven Production Sharing Agreements (PSAs) for deep-water blocks offshore Somalia.

“We want the first exploration well to start as soon as possible,” Somali President Hassan Sheikh Mohamud said in a statement.

Based out of Houston, Coastline Exploration says it has invested over $50m in Somalia and has been engaged since 2018 on negotiating its offshore PSAs.

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