Petroleum Africa
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Wednesday, July 1, 2015
Africa Energy Corp., formerly Horn Petroleum Corp., is withdrawing from its assets in Puntland. The company provided notice to the government of its intent to withdraw from the Nugaal Block and Dharoor Block PSAs, effective immediately.
In its notice to the Puntland Petroleum and Minerals Agency, the company cited the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the government of Somalia and the regional government of Puntland, Somalia over the legitimacy of the PSAs, and potential territorial claims on the Nugaal Block, as the principal reasons for its decisions.
Africa Energy will continue to focus on its new corporate strategy of aggressively pursuing other upstream oil opportunities in Africa.
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