Petroleum Africa
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Monday, February 16, 2015
Horn Petroleum Corp. issued an update on its activities in Puntland, Somalia on the Dharoor and Nugaal PSCs. According to the company is has informed the Puntland government that it will be significantly reducing its presence in Bosaso, Puntland and will refrain from any operational activity and associated expenditures until the political situation between the regional government of Puntland and the Somali government regarding the legitimacy of oil concession contracts is resolved.
Horn said that given its considerable efforts to date in Puntland it has requested a two-year extension to the current exploration period from the government of Puntland to allow time for these political challenges to be resolved. Accordingly, the company elected during Q4 2014 to record a non-cash impairment charge related to its assets in Puntland.
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