Soma Oil and Gas receives $50 million investment

Tuesday,January 14, 2014

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Private investment firm Winter Sky has made a $50 million equity investment in the UK-based Soma Oil and Gas Holdings Limited, which signed an agreement with the Somali government in August to conduct onshore and offshore surveys, the company announced Monday (January 13th).

"Securing this funding agreement is a significant step forward for Soma Oil and Gas as it will enable us to finalise a contract for the seismic survey programme," said the company's chief executive officer Robert Sheppard. "We are in advanced negotiations with a contractor and expect to be able to make a further announcement in this regard shortly."

Soma Oil and Gas Holdings Limited said the equity investment will also enable the company to meet its commitment to the Somali government under its exploration agreement.

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