Petroleum Africa
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Friday, May 16, 2014
Horn Petroleum reported that based on the encouragement provided by the Shabeel wells in the Puntland, the company and its partners entered the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which carry a commitment to drill one well in each block within an additional three year term ending October 2015.
The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland government regarding advancement of drill-ready prospects in the Nugaal Valley block. The focus of the Dharoor Valley block seismic program will be to delineate new structural prospects for the upcoming drilling campaign.
Horn has been in discussions with potential JV partners and is actively pursuing new venture opportunities. Somalia is going through an unprecedented period in its history with a real opportunity for all stakeholders to assist in the rebuilding of the country. The first internationally recognized federal government took power in 2012 following over 20 years of transitional or no government. In Puntland, a new president was voted into power in January 2014 and the transfer took place peacefully. Horn actively engages with a range of governments and organizations, domestic and international, around how Somalia can best develop a stable federal state including the institutions and systems it needs to properly manage its natural resources.
Horn holds a 60% working interest in the Dharoor and Nugaal Valley blocks and is the operator. The other partners in the blocks are Range Resources (20%) and Red Emperor (20%). Africa Oil Corp. holds an approximate 45% equity interest in Horn.
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