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Soma Oil & Gas issues response to accusations of fraudulent payments


Published Aug 5, 2015
Soma Oil & Gas Exploration Limited

Soma Oil & Gas confirms that it has been informed by the Serious Fraud Office that it is investigating an allegation that has been made against the Company. Soma Oil & Gas is confident that there is no basis to the allegation and it is co-operating fully with the SFO to answer it's queries. Soma Oil & Gas has always conducted its activities in a completely lawful and ethical manner and expects this matter to be resolved in the near future.

In a recently issued statement, the Company said, 'The United Nations Somalia and Eritrea Monitoring Group has fundamentally misunderstood the nature, purpose and destination of the payments made under the terms of the Capacity Building Agreement signed by Soma Oil & Gas and the Federal Government of the Republic of Somalia.

The CBA was entered into at the request of the Somali Government to provide the much needed resources, technical capacity and infrastructure to support the Seismic Option Agreement. The broad terms of the CBA were published by Soma in 2014 and have been published in full by the Somali Government on its website. The SOA also provides for the creation of a Data Room in Mogadishu, which has been funded by Soma at the request of the Somali Government.

Tags: Soma Oil & Gas Exploration Limited




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