LONDON (HAN) August 24.2016. Public Diplomacy & Regional Security News. Maritime resources investment and development. By. , Jillian Ambrose, telegraph.
Soma Oil is facing a funding black hole which threatens to drag the Somali explorer into insolvency within months as it continues to battle a bribery and corruption scandal.
The UK oil company, chaired by former Conservative Party leader Michael Howard, is unlikely to sign key development contracts with the Somali government due this week after failing to secure a project partner for its East African oil project as the corruption probe rumbles on.
City sources say the latest blow to the development of its nascent oil project will make it very difficult for the company to extract further ca…
Read the full article at: http://www.geeskaafrika.com/23537/somalia-soma-oil-faces-real-risk-insolvency/