Prime Resources affiliate Petrosoma has entered a 50:50 joint venture (JV) deal with Australian oil exploration company Jacka Resources to facilitate oil exploration in Block 26 located in Somaliland.
Prime assigned it rights to Petrosoma in the production sharing agreement with the government of Somaliland for the oil block.
Prime and Petrosoma chairman & CEO Mohammed Yusuf Ali said "All Somalilanders will benefit if we discover oil in this block".
The block is now formally known as block SL6 and parts of SL7 and SL10.