9 billion reasons to buy range

The Yemeni basins, after 20 years of exploration and development drilling, are known to contain in excess of nine billion barrels of oil equivalent reserves with current production of over 400,000 barrels of oil per day. Most production has been from Lower Cretaceous Qishn sandstone reservoirs sourced by Upper Jurassic Madbi Shales. In Yemen, between 1994 and 2006, there was an average discovery size of 96 MMBOE recoverable reserves with a discovery success rate of 23%.

Somalia , part of the same land mass as Yemen prior to rifting in the Gulf of Aden, is a virtually unexplored territory, with only 60 wildcats in some 580,000 km² of sedimentary basins, 11 oil and gas discoveries, and a wildcat success rate that is comparable with the best oil provinces in the world. Mature, oil-prone source-rocks combined with multiple reservoir rocks and structures occur in a variety of geological settings. The sedimentary basins within the acreage covered under the MOU are identical to the productive oil basins of Yemen.