Somalia: Two-well exploratory program nears

By OGJ editors

Africa Oil Corp., Vancouver, BC, and Denovo Capital Corp. have formed Horn Petroleum Corp. and raised $41 million for the drilling of two exploratory wells on the Dharoor Valley Block in Puntland, Somalia.

Africa Oil subscribed for $10 million of the $41 million private placement and will have an approximate 50% interest in Horn Petroleum when the transaction completes. The first well is to spud in the fourth quarter of 2011.

Partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved.  The Puntland government has approved the formation of Horn Petroleum and the impending transaction with the Africa Oil.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...