Genel Energy plc announces that it has agreed to farm in for 50% of Jacka Resources Limited's licence interests to explore for and produce oil and gas in the Odewayne Block, Somaliland. As part of the transaction, Genel Energy will assume operatorship. Under the transaction, Genel Energy will acquire 50% of the company's participating interest in the Odewayne Production Sharing Agreement (PSA). The company will retain a 30% interest and the remaining 20% interest is held by Petrosoma. The consideration comprises an initial payment of $0.67 million to the comapnpy in recognition of past costs plus a 100% carry of the company and Petrosoma for the exploration work programme required under phases III and IV of the PSA. This programme includes a minimum of 1,500 kms 2D seismic and the drilling of one exploration well. The Odewayne Block covers block SL6 and part of blocks SL7 and SL10, onshore Somaliland. It comprises an area of 22,000 square kilometres enclosing a Jurassic/Cretaceous rift basin.