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Old May 10th, 2012, 11:47 AM   #361
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Somaliland: Oil Exploration Initiated
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By: Yusuf M Hasan

OODWEYNE (Somalilandsun) – Oil digging in Oodweyne is set to begin soon following a site visit by the two companies undertaking the venture.

Representatives of Petrosom and Jack resources companies are currently in Oodweyne district surveying block 26 where they say they will soon start oil digging. The two teams supplemented by officials from the government and local officials arrived in the area yesterday as a prelude to official start of activities

Leading the survey teams is Lawyer Mohamed Yusuf Ali Gurey of Petrosom and Justin Wood from the Australian based Jack resources. The two revealed that dredging activities will begin soon after their survey mission which is entirely geared towards establishing type of desired machinery.

They also revealed that Mr. Kith Gubbin who is in company will lead the forthcoming survey mission to establish final approval for dredging. -- Source
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Old May 14th, 2012, 05:40 PM   #362
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Only 400m to go!

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Shabeel-1, Dharoor Valley

Range Resources rallies on Puntland report, retains 'buy' rating at Fox-Davies

Quote:

10:15 am by Sergei Balashov

Shares in Range Resources rallied 5.5pct on the Puntland update, while broker Fox-Davies repeated its 'buy' recommendation on the stock

Range Resources (LON:RRL) surged in early trade on a positive update from its drilling campaign in Puntland, Somalia, while broker Fox-Davies Capital advised investors to buy the stock.

Range and partner Red Emperor Resources (LON:RMP) told investors that the Shabeel-1 well is now down to 3,425 metres and has confirmed the existence of a 150 metre gross section of oil and possible net pay of 12 to 20 metres.

The update also revealed that oil shows had been found in deeper lying sandstone which are currently being drilled.

“A testing programme including the zones discovered to date and any deeper potential pay zones encountered will be agreed with the operator upon total depth being reached,” Range said in a release to the market this morning.

Shares in the AIM quoted oil explorer climbed 5.5 percent to reach 9.84 pence by 10 AM, giving it a market cap of £223.5 million.

Fox-Davies cheered the update, repeating its ‘buy’ recommendation on Range with a target price of 27 pence per share in a note titled “Puntland looking like a better Punt”.

Firstly it raises the potential that we may have a commercial discovery, and secondly, it increases the prospectivity of the remaining targets in the exploration portfolio,” Fox-Davies said in the note.

Drilling will continue down to 3,800 metres. The primary and secondary targets are believed to be in Lower Cretaceous and Jurassic intervals that are equivalent to the main productive section seen in similar fields in Yemen.

Once the well is complete it is planned that the rig will move onto the Shabeel North location, where construction is nearing completion for the second well, it added. -- Source
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Old May 15th, 2012, 01:50 AM   #363
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Oil can be a boon for Somalia
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Old May 15th, 2012, 11:33 AM   #364
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More Oil at Somali Well

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by Jon Mainwaring

Monday, May 14, 2012

Horn Petroleum has encountered further oil at its Shabeel-1 well that it is currently drilling in Puntland, Somalia, according to stock exchange announcements made in London on Monday from Horn's partners Range Resources and Red Emperor Resources.

The firms previously reported that a gross section of 490 feet (150 meters) of oil, with possible net pay of between 39 and 66 feet, had been found. But now that the well has been drilled to a depth of 11,235 feet (3,425 meters) further oil shows have been encountered in the deeper sandstones.

On Monday oil analysts at Fox-Davies Capital commented that the news raised the potential that Shabeel-1 may have a commercial discovery, while also increasing the prospectivity of the remaining targets in the firms' exploration portfolio in Puntland.

Horn, the operator, holds a 60-percent interest in two Puntland licenses covering an area of 13,900 square miles in what the companies describe as the "highly prospective" Dharoor and Nugaal valleys. Red Emperor and Range Resources each hold a 20-percent interest. -- Source
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Old June 6th, 2012, 12:53 AM   #365
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Africa Oil Announces Spud of Shabeel North Well in Puntland, Somalia

VANCOUVER, BRITISH COLUMBIA, Jun 05, 2012 (MARKETWIRE via COMTEX) -- Africa Oil Corp. ("Africa Oil" or the "Company") CA:AOI -0.71% (omx:AOI) is pleased to announce the commencement of drilling operations on the Shabeel North well in Puntland, Somalia, the second well in the current drilling campaign. The well is being operated by Horn Petroleum Corp. ("Horn") in which Africa Oil holds an interest of approximately 51%. Horn holds a 60% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements ("PSA's") along with working interest partners Range Resources (20%) and Red Emperor (20%).

The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel well 3.5 kilometers to the south. Petrophysical analysis of downhole electrical logs in the Shabeel well indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an average porosity of 18 to 20%. It is planned to bring the rig back to the Shabeel location to test these sands to confirm their ability to flow oil once the drilling of the Shabeel North well is completed. The planned TD of the Shabeel North well is 2400 meters and drilling is expected to take 45 to 60 days to complete.

Horn President and CEO David Grellman stated, "The Shabeel North well will test the same reservoirs that appear to be oil bearing in the nearby Shabeel well. We would expect similar or better reservoir thickness and quality as we move deeper into the basin. The results of this well should help us confirm the extent of the petroleum system in the basin and, if successful, would be another step towards proving the economic potential of the basin."

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its 51% equity interest in Horn Petroleum Corporation. Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighbouring Uganda. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

ON BEHALF OF THE BOARD

Keith C. Hill, President and CEO

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities, ultimate recovery of reserves or resources and dates by which certain areas will be explored, developed or reach expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

Africa Oil's Certified Advisor on NASDAQ OMX First North is Pareto Ohman AB.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Source

Last edited by Khadar; June 6th, 2012 at 01:00 AM.
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Old June 6th, 2012, 01:01 AM   #366
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Sorry, I couldn't quote that post.
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Old June 6th, 2012, 01:29 AM   #367
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I heard they (or one of the other companies) want to spin off their Puntland operations. They obviously know that there is lots of money to be made.
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Old June 13th, 2012, 10:41 AM   #368
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Salaam alaikum
I found this video, please watch and spread.

" Oil & Gas in Somalia.wmv"
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Old June 18th, 2012, 12:36 AM   #369
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Quote:
Originally Posted by Lu'lu View Post
Salaam alaikum
I found this video, please watch and spread.

" Oil & Gas in Somalia.wmv"
Interesting video. I have also seen this video of Range Resources' Executive Director Peter Landau saying that Puntland alone in its early stage has the potential of 250 million (barrels). That is an amazing figure.

Imagine off shore drilling then. I hope to hear more accurate figures soon.
The logistics are also easier as he states. Also because Somalia has an immense coastline, which is great for export of many things.
Be it cattle, camels, oil, banana, myrrh etc.

http://www.youtube.com/watch?v=6p4gz...feature=relmfu

http://www.youtube.com/watch?v=GPxLKTwAuV0
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Old July 21st, 2012, 03:13 PM   #370
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Second drill site, Shabeel North:



Quote:
Range Resources rallies on Shabeel North update

by Sergei Balashov

Range Resources (LON:RRL) surged late in today’s session after reporting that the Shabeel North well in Puntland, Somalia has intersected a 50 meter gross section with oil shows. An open hole drill stem test is currently underway to determine if this zone is oil or water bearing and should be concluded within the next 24 to 48 hours.

The company added that regardless of this test, the well will continue to drill to the base of the Jesomma sands to evaluate any additional lower Jesomma potential pay zones. Shares in range surged 11 percent to close at 6.9 pence, valuing the group at £162.7 million.

Shabeel North is being drilled by joint venture operator Horn Petroleum (CVE:HRN). The well’s primary target are the upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel–1 well 3.5 kilometers to the south.

Petrophysical analysis of downhole electrical logs in the Shabeel–1 well indicated a potential pay zone in the Jesomma of 12 to 20 meters with an average porosity of 18 to 20 percent. Upon completion and testing of the Shabeel North well, the rig will move back to Shabeel-1 to flow test the identified Jesomma sands. -- Source
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Old July 23rd, 2012, 11:22 PM   #371
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http://www.proactiveinvestors.co.uk/...ell-45874.html
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Old July 23rd, 2012, 11:26 PM   #372
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http://somalispot.com/index.php?topic=386.0
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Old July 23rd, 2012, 11:27 PM   #373
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UPDATE: Broker backs Range Resources despite disappointing Puntland well
2:45 pm by Jamie Ashcroft In Puntland, Horn will now move on to drill the remainder of the Shabeel North well down to the planned depth of 2,400 metres.
---Adds broker comment and background---
Panmure Gordon has repeated its ‘buy’ recommendation on Range Resources (LON:RRL, ASX:RRS) despite today’s disappointing well result in Puntland, Somalia.
It was revealed this morning that Horn Petroleum, the operator of the Shabel North well, tested a 50 metre gross reservoir interval but the test recovered fresh water without any traces of oil.
This disappointing result has hit the share prices of AIM quoted Red Emperor (LON:RMP) and Range, each owning a 20 per cent stake in the Puntland venture. Both firm’s had initially been buoyed when the testing plans were flagged last week.
Red Emperor shares have shed almost half their face value this morning, dropping 10.25p or 47.7 per cent, to trade at 11.25p each. Meanwhile Range shares dipped 1.5p, or 22 per cent, to trade at 5.13p.
Setting aside today’s Puntland disappointment Panmure analyst Leila Reddy told clients, in a note, that Range is still worth at least 10p a share.
“Exploration in Puntland has proven to be challenging and we expect the shares to come under pressure on these results,” Reddy said.
“That said, we believe that there is more to Range than Puntland’s exploration risk/reward.”
The analyst says the group’s assets in Trinidad, where it is currently growing production to near 1,000 barrels a day, is core to the group. And Reddy says the assets underpin a 10p a share valuation regardless of the disappointing exploration result.
In Puntland, Horn will now move on to drill the remainder of the Shabeel North well down to the planned depth of 2,400 metres. The aim is to penetrate and evaluate the remaining Jesomma sands, and then it will be decided whether further testing is required.
After that it is possible that the partners will go back and test further the Shabeel-1 well – which was suspended in May after finding 12 to 20 metres of net hydrocarbon pay in Jesomma sands.
It is thought that a successful flow test could result in 70 to 130mm barrels of recoverable oil from the well. Of that, 14 to 26mm bbls would be attributable to Range.
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Old July 27th, 2012, 02:25 PM   #374
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Range Resources Limited provides update on the Shabeel North well

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Friday, July 27, 2012

Range Resources Limited provides the following update on the Shabeel North well currently being drilled in Puntland, Somalia by the Company's Joint Venture Operator, Horn Petroleum Corp. (TSXV: HRN).

Further to the recent announcement on the testing of the upper Jesomma sand reservoir which yielded fresh water, the well continued drilling through the entire Jesomma reservoir section and had reached a depth of 2,200 meters. The section contained several additional sands with oil and gas shows and a full set of electrical logs was run to determine if these sands contained potential oil zones which would warrant further testing. The analysis of these logs indicate that the most prospective looking zone in the well was the upper Jesomma sand interval that had already been confirmed by testing to contain fresh water and thus no further testing could be justified.

Based on the positive evidence of oil shows and the presence of good quality reservoir in the Jesomma, the partnership has decided to deepen the well in order to evaluate the potential of the Lower Cretaceous and Jurassic sections. The current revised total depth will be approximately 3,400 meters and is expected to take an additional 15 to 20 days to reach that depth. The Jurassic section in the nearby Shabeel well had thin reservoir sands with oil and gas shows, but this section was determined to be not thick enough to warrant testing. These sands are expected to thicken basinward towards Shabeel North. There was also evidence that there may have been faulting in the Shabeel well which could have cut out a significant portion of the basal reservoir section, which is not expected in Shabeel North.

Horn Petroleum President and CEO David Grellman stated "While we are obviously disappointed that the Jesomma sands tested wet, the overall results of the two wells drilled during this campaign are quite encouraging in the long term prospects for oil potential of the basin. We have confirmed a working petroleum system, good quality reservoirs and thick impermeable sealing rocks. The two Jesomma structures drilled to date appear, subject to final petrophysical analysis, to have issues with the integrity of the trapping mechanism. We are still hopeful that the lower zones in the Shabeel North well may have favourable trapping geometries against the deeper thick carbonate and anhydrite sections seen in the original Shabeel well."

Source
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Old August 7th, 2012, 07:27 PM   #375
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Somalia has about 40b-80b barrels of oil -Geophysicists

http://intelligencebriefs.com/?p=2820
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Old August 11th, 2012, 09:03 AM   #376
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Wait, what what I don't understand is, how much of the profit does the companies get and how much does puntland/Somalia get?
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Old August 12th, 2012, 08:23 AM   #377
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Quote:
Originally Posted by ModernNomad01 View Post
Wait, what what I don't understand is, how much of the profit does the companies get and how much does puntland/Somalia get?
There is no set agreement, and if they finally do find Oil I think they will wait until there is a central government before exporting. They’ll wait until there is an agreement between central government, the states and resources companies regarding tax and state royalties.
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Old August 12th, 2012, 07:43 PM   #378
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Quote:
Originally Posted by The Nomadic Warrior View Post
There is no set agreement, and if they finally do find Oil I think they will wait until there is a central government before exporting. They’ll wait until there is an agreement between central government, the states and resources companies regarding tax and state royalties.
I heard they dealt with the Puntland state directly and all exporting and everything related was arranged with Puntland.
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Old September 17th, 2012, 10:00 PM   #379
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Somali Group to Secure Oil Exploration in Somalia
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Monday, September 17, 2012

The comprehensive revision of all current oil and gas concessions in Somalia is underway according to the East African Energy Forum. The influential Somali group hinted today that the new central Somali government would revise all previous oil deals conducted in the post 1990 era.

The group also mentioned plans are underway to implement a new draft of the Somali National Oil Law that would honor contracts held by companies before the collapse of the state in 1990.

“Somalia intends to honor its previous contracts with regards to companies who were forced out due to instability pre-1990. It would be up to them if they wish to resume exploration activities in their respective concessions, though a revision of the terms and a timeline would likely be placed on their return.” says Abdillahi Mohamud, head of the Somali-based group.

He continues on saying that any hydrocarbon exploration deals in the country will likely be reassessed to ensure that they are in the national interest of Somalia and in line with the new Somali National Oil Law.

“It is not in Somalia’s interest for oil and gas exploration to continue in the country without a robust national oil law passed by parliament in the new central government. Our main concern is putting into place regulations that protect the environment, sovereignty and resource assets of the country.”

Asked if this casts doubt on the legality of oil exploration currently being conducted in the Puntland region, He indicates those agreements should be reviewed and a decision made by parliament.

“These companies have taken a massive risk by immersing themselves in an uncertain political climate, if these contracts are determined to be against the interest of Somalia and the local people of Puntland, they will need to be renegotiated. The days of Somalia being taken advantage of have come to an end.” he added

The groups lawyers also suggest some of the current blocks being explored in the Puntland region may fall into the force majeure category of the pre 1990 era.

“If these blocks are indeed located in concessions held through force majeure by previous companies, the rightful owners of these concessions will have precedence and we intend to honor our previous agreements. Somalia is the rightful owner of its energy resources and will begin to act as such.” says K.R. Abdirahman, Interim Director of the group’s legal department.

“We will not allow Somalia to be plunged into an oil curse; we will protect, monitor and develop this resource at our own pace, after we have secured the country’s onshore and offshore borders. I can assure you this is not the Somalia of old; this process will be transparent, effective and heavily nationalistic ensuring that the local people are the true winners in this.” says Abdillahi Mohamud.

The East African Energy Forum is an international lobby group that works to protect Somalia’s energy resources. -- Source
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Old September 18th, 2012, 01:14 AM   #380
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I don't agree with honoring contracts made by the previous regime, it's better IMO to make the companies that signed on try to negotiate and go in line. I understand that they want to honor the agreements since they were made by more visible companies (Conoco) instead of the relative unknown companies that are doing the exploring now, but still a spade is a spade. Still appreciate this organization's efforts though.
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