Coastline Exploration Signs 7 PSAs with Somali Government
Posted on 02/19/2022
Ridden with internal conflict and pirates, Somalia contains the largest remaining unexplored set of basins situated in warm waters in the world. Formed in 2018, Coastline Exploration Limited is an upstream oil and gas company focused on East Africa Coastline Exploration signed seven Production Sharing Agreements (PSAs) covering offshore, deep-water blocks of the Federal Republic of Somalia. These PSAs enable Coastline to proceed with plans to explore for oil and gas on the many prospects and leads identified in these offshore blocks. The signing ceremony was witnessed, amongst others, by the Chairman & CEO and Vice-Chair of the Somali Petroleum Authority.
William Richard Anderson is Coastline’s CEO. Previously, Anderson was a member of the Board of Directors of Eurasia Drilling Company Limited (LSE) from July 2008 until July 2019. He was Chief Financial Officer of EDC from July 2008 to March 2015. Anderson is currently a non-executive director of Alussa Energy (NYSE). Alexander Djaparidze is one of the founders of Eurasia Drilling Company in 2002 and its current Chief Executive Officer and a member of its Board since 2002. Djaparidze is a board member of Coastline. Eurasia Drilling Company Limited is an offshore & onshore oil drilling services company. In December 2004, Eurasia Drilling was formed after acquisition of onshore drilling business of LUKOIL. In 2006, Eurasia Drilling entered into offshore drilling business as well acquiring the offshore drilling business of LUKOIL.
