Puntland Oil Gas update + learn about new players.

[General Duke]

Raytec Metals switches focus to oil and gas exploration and production.

 

Raytec Metals Corp. (TSX-V: RAY) is in need of a name change. Originally focused on potash exploration and more recently stating that it was eyeing up precious metals projects, the junior mining company stunned investors yesterday afternoon when it announced that it had signed a letter of intent with Africa Oil Corp (TSX-V: AOI) for entry into the production sharing contracts in the State of Puntland, Somalia and Kenya. Africa Oil is a member of the Lundin Group.

 

In Puntland, Somalia, Africa Oil will transfer a 25% license interest to Raytec Metals in the Nogal and Dharoor Petroleum Production Sharing Agreements. The Nogal and Dharoor blocks include two hydrocarbon basins and cover an area of 81,000 square kilometres. The Nogal and Dharoor basins are believed to host a petroleum system geologically similar to those in the Republic of Yemen.

 

The remaining 50% interest in the Nogal and Dharoor blocks are held by ASX listed Range Resources, which has been the subject of intense media and shareholder speculation ever since it originally announced that it had been awarded the rights to explore for all mineral and hydrocarbon prospects onshore and offshore Puntland. Puntland is located on the north-eastern tip of Somalia. Africa Oil and Range Resources have been hampered in their attempts to drill in Puntland due to the unpredictable security situation and pirate activity off the coast of Somalia.

 

In Kenya, Africa Oil will transfer a 10% interest in the Block 9 Production Sharing Agreement and a 25% license interest in its other interests in Kenya, which include over 10 million acres in the Anza Basin.

 

Brian Thurston, President of Raytec, commented, "I am pleased to announce this strategic transaction and welcome the opportunity to partner with one of the most respected names in the resource industry.

 

The Lundin Group has been directly involved in the discovery and development of several major oil fields which has resulted in the creation of enormous value for their shareholders. The Lundin Group of Companies currently operates in over thirty different countries worldwide in the oil and gas sector as well as the mining sector. The Group has been highly commended by local communities and governments over the years for their efforts in developing a set of protocols that ensure issues of environmental and cultural concern are addressed as well as economic benefits and employment opportunities."

 

Raytec further announced that it would raise up to C$3 million in a private placement of 10 million units at 30 cents per unit. Each unit will consist of one share and one two year warrant with 50 cent exercise price.

 

Source: proactiveinvestors.c om

[General Duke]

Africa Oil signs energy farmout deal with Raytec in eastern Africa

Module body

 

Thu May 28, 3:49 PM

 

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VANCOUVER, B.C. - Africa Oil Corp. (TSXV:AOI) has signed a deal to farm out some of its energy prospects in eastern Africa to Raytec Metals Corp. (TSXV:RAY), a Vancouver-based mining and resources company.

 

 

Raytec shares were halted on the TSX Venture Exchange pending news of the deal.

 

 

The two companies said Thursday the transaction gives Raytec a stake in Africa Oil's production sharing contracts in both the State of Puntland, Somalia and Kenya.

 

 

In Puntland, Somalia, Africa Oil will transfer 25 per cent of its licence interest to Raytec in the Nogal and Dharoor Petroleum production sharing deals.

 

 

In Kenya, Africa Oil will transfer 10 per cent stake in the Block 9 production agreement and 25 per cent of its stake in other Kenyan interests.

 

 

In return for the energy interests, Raytec will pay a disproportionate share of costs associated with the planned exploration and development programs to be carried out this year and next, the companies said.

 

 

Africa Oil is a member of the Lundin Group, which also includes Lundin Mining (TSX:LUN), a Vancouver-based international miner with operations mainly in Europe.

 

 

Raytec noted that Africa Oil's management also includes key executives from Tanganyika Oil Company Ltd. which successfully developed a major heavy oil deposit in Syria and recently sold the company to China's Sinopec for $2 billion.

 

 

Brian Thurston, president of Raytec, called the deals a "strategic transaction" for the Vancouver company.

 

 

"The Lundin Group has been directly involved in the discovery and development of several major oil fields which has resulted in the creation of enormous value for their shareholders," Thurston said.

 

 

"The Lundin Group of companies currently operates in over thirty different countries worldwide in the oil and gas sector as well as the mining sector. The Group has been highly commended by local communities and governments over the years for their efforts in developing a set of protocols that ensure issues of environmental and cultural concern are addressed as well as economic benefits and employment opportunities."

 

 

The farmout transaction is subject to government, exchange, board and partner approvals if required.

 

 

In a related move, Raytec said it plans to issue up to 10 million share and warrant units in a private placement to raise up to $3 million.

 

 

Africa Oil is a Canadian oil and gas company with assets in Kenya, Somalia and Ethiopia.

 

 

Raytec is an exploration company with more than 180,000 acres of potash permits in Saskatchewan. The company also holds 20 per cent of Sulphur Solutions Inc., an emerging fertilizer company, and has iron ore projects in Ontario, and uranium joint ventures in the Athabasca Basin of Saskatchewan.

[General Duke]

Raytec Signs Farm-in Letter of Intent With Africa Oil

 

Friday, 29 May 2009

May 29, 2009 (FOXBUSINESS)----Ray tec Metals Corp. (the "Company" or "Raytec") (TSX VENTURE: RAY) is pleased to announce the signing of a farm-in letter of intent with Africa Oil Corp. ("Africa Oil") for entry into the production sharing contracts in both the State of Puntland, Somalia and the Republic of Kenya.

 

 

Africa Oil is a member of the Lundin Group of Companies. Its management team is comprised of key personnel from Tanganyika Oil Company Ltd. which successfully developed a major heavy oil deposit in Syria and recently sold the company to Sinopec for $2 billion ($31.50 per share). In business for over three decades, the Lundins are leaders in identifying superior global investment opportunities in the natural resource sector. The Lundins recognize value and opportunity long before most others and their uninhibited pursuit of highly prospective properties has led to the development of several world-class ore deposits and oil and gas fields.

 

In Puntland, Somalia, Africa Oil will transfer a 25% (twenty-five percent) license interest to Raytec in the Nogal and Dharoor Petroleum Production Sharing Agreements. The Nogal and Dharoor blocks encompass two highly prospective hydrocarbon basins and cover an area of 81,000 square kilometres or more than 20 million acres. The Nogal and Dharoor basins are considered world-class exploration plays with a petroleum system geologically similar to and formerly contiguous with those in the prolific oil producing Republic of Yemen which has estimated reserves of over 6 billion barrels.

 

In Kenya, Africa Oil will transfer a 10% (ten percent) interest in the Block 9 Production Sharing Agreement and a 25% (twenty-five percent) license interest in its other interests in Kenya. In Kenya, Africa Oil holds a highly prospective land package including over 10 million acres in the Anza Basin. The Anza Basin is an extension of the major Sudan oil trend and a continuation of the Muglad Basin which has over 6 billion barrels of proven reserves and currently produces in excess of 450,000 barrels of oil per day.

 

The terms of the farm-in and the schedule of the work programs to be carried out in 2009 and 2010 will be made available once the Letter of Intent has been finalized into a Formal Agreement.

 

A finder's fee is payable on the transaction to Lockwood Financial Ltd. in consideration of introducing the parties to each other and facilitating the transaction.

 

Brian Thurston, President of Raytec, commented, "I am pleased to announce this strategic transaction and welcome the opportunity to partner with one of the most respected names in the resource industry. The Lundin Group has been directly involved in the discovery and development of several major oil fields which has resulted in the creation of enormous value for their shareholders. The Lundin Group of Companies currently operates in over thirty different countries worldwide in the oil and gas sector as well as the mining sector. The Group has been highly commended by local communities and governments over the years for their efforts in developing a set of protocols that ensure issues of environmental and cultural concern are addressed as well as economic benefits and employment opportunities."

 

Management and the directors of the Company would like to take this opportunity to thank Raytec shareholders for their continued support during the past several months while the Company focused on strategic partnering and acquisition opportunities. Management is currently dedicated to sourcing a strategic partner to advance its very prospective potash properties.

 

In conjunction with the Africa Oil transaction, Raytec Metals Corp. has arranged a private placement for a total of up to 10 million units at a price of $0.30 per unit for total gross proceeds of up to $3-million. Each unit will consist of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder to subscribe for one additional common share at a price of $0.50 for a period of two years from the date of closing.

 

In consideration of its efforts, the finder of the financing will be paid a finder's fee of 5 per cent of the total proceeds raised under the offering payable in cash upon closing. In addition, the finder will receive warrants equal to 5 per cent of the offering. Each warrant will be exercisable into one common share of the Company for a period of two years from the date of closing at $0.50 per share.

 

The funds raised from the issuance of the units will be used for the advancement of the Company's interest in the Africa Oil licenses and for general working capital purposes.

 

This farm-in transaction is subject to TSX Venture Exchange acceptance, as well as approvals of the appropriate regulatory authorities from the Republic of Kenya and the Government of Puntland, Somalia. The private placement is also subject to TSX Venture Exchange approval.

 

Raytec Metals Corp. is a well-financed, Canadian exploration company with over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company holds approximately a 20 per cent interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.

 

Africa Oil Corp. is an oil and gas company with assets in Kenya, Somalia and Ethiopia. Africa Oil's East African holdings are in what is considered a truly world-class exploration play fairway. Africa Oil's total gross land package in this prolific region is in excess of 200,000 square kilometers - an area roughly the size of Great Britain. 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 Heritage/Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. Africa Oil is listed on the TSX Venture Exchange under the symbol "AOI".

 

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Offering (including the anticipated closing date) and future exploration plans and expenditures.

 

Although, the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, market or business conditions.

 

These statements are based on a number of assumptions, including among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

 

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 news release

 

Last Updated ( Friday, 29 May 2009 )

[General Duke]

Africa Oil is art of the Lundin Group of Companies.

 

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[General Duke]

Raytec Metals Corp

. is a well-financed, Canadian exploration company with over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company holds approximately a 20 per cent interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.

[General Duke]

source

[Fiqikhayre]

Good development.

[General Duke]

^^^Indeed the quest for the oil continues, and once it arrives it will be the paradigm shift all Somali's have been waiting for.

 

Manifest destiny indeed.

[General Duke]

The executive director of Range Resources has insisted that the company will move ahead with an extensive

 

exploration program in the Puntland region of northern Somalia.

Speaking to Reuters, Range's Peter Landau said that while many vessels had been attacked offshore, the

majority had no security escorts to protect them.

'If you're going to do offshore seismic then you would only do it with the support of the Puntland government and

the seismic vessel will have an armed escort, preferably a government vessel,' he said.

Puntland has escaped much of the conflict brought about by a two-year Islamic insurgency that has spread

through the southern and central regions of the country.

However, Puntland is the main base of operations for pirates that have besieged waters in the Gulf of Aden.

Pirates have sparked a series of international security crises in recent months as they have boarded vessels

travelling through the passage, which is one of the busiest maritime trade routes in the world.

[General Duke]

In return for the energy interests, Raytec will pay a disproportionate share of costs associated with the planned exploration and development programs to be carried out this year and next, the companies said.

 

Africa Oil is a member of the Lundin Group, which also includes Lundin Mining (TSX: LUN.TO), a Vancouver-based international miner with operations mainly in Europe.

 

Raytec noted that Africa Oil's management also includes key executives from Tanganyika Oil Company Ltd. which successfully developed a major heavy oil deposit in Syria and recently sold the company to China's Sinopec for $2 billion.

 

source

[General Duke]

"The Lundin Group has been directly involved in the discovery and development of several major oil fields which has resulted in the creation of enormous value for their shareholders," Thurston said.

 

"The Lundin Group of companies currently operates in over thirty different countries worldwide in the oil and gas sector as well as the mining sector. The Group has been highly commended by local communities and governments over the years for their efforts in developing a set of protocols that ensure issues of environmental and cultural concern are addressed as well as economic benefits and employment opportunities."

[General Duke]

Brian Thurston, President of Raytec, commented, "I am pleased to announce this strategic transaction and welcome the opportunity to partner with one of the most respected names in the resource industry. The Lundin Group has been directly involved in the discovery and development of several major oil fields which has resulted in the creation of enormous value for their shareholders. The Lundin Group of Companies currently operates in over thirty different countries worldwide in the oil and gas sector as well as the mining sector. The Group has been highly commended by local communities and governments over the years for their efforts in developing a set of protocols that ensure issues of environmental and cultural concern are addressed as well as economic benefits and employment opportunities."

 

source

[kajdes]

Why has AOI decided on Raytek as a JV partner?

 

What is it about Raytek that AOI finds attractive?

 

Raytek is not in the oil and gas business.

[MoonLight1]

All this, is hot air from these dodgy companies.

I believe they are reliesing these useless information to boost their share prices. I think there is plenty of oil in Puntland, but to drill it out you need a stable central government to do deals with, and to cover all legal issues and gurantees, thats how big reliable companies work such as TOTAL, SHELL, BP, ELF, TEXACO and so on.