Joint venture partner Sterling Energy revealed on Thursday that the government had granted a two-year extension to the current work period of the PSC, until 2 November 2016.
The outstanding minimum work obligation for the current work period includes the gathering of 500 kilometres of 2D seismic.
The next work period, which will be the fourth period of the PSC, will see Genel need to acquire an additional 1000 kilometres of 2D seismic and drill one exploration well.
Sterling also revealed the Somaliland government had decided to establish a trained and equipped oilfield protection unit (OPU) that could provide the security needed by operators to carry out future seismic and drilling operations safely.
It said the OPU was expected to be operational by the end of the year and the extension to the PSC reflected the delay incurred while the unit was being established.
The Odewayne PSC covers block SL6 and part of blocks SL7 and SL10, comprising an area of 22,840 square kilometres.
Genel holds a 50% operated stake in the PSC, with Sterling holding a 40% interest and Petrosoma holding the remaining 10% interest.