Gen Duke's Puntland Oil exploration update

[General Duke]

 

Range Resources and Africa Oil extend exploration periods of Somalia oil projects in which Lion Energy holds 15%

 

Range Resources Limited (AIM: RRL) and Africa Oil Corp (TSX-V: AOI) have modified the terms of the existing production sharing agreement (PSA) with Somalia's Puntland State over the Dharoor and Nugaal valley exploration areas, where Vancouver-based exploration company Lion Energy (TSX-V: LEO) holds a 15% interest.

 

The amended agreements now provide for initial exploration periods in respect of both blocks that have been extended from 36 months to 48 months with a revised expiry of 17 January 2011. The terms of the exploration programmes have also been altered so that Africa Oil can opt to drill one exploratory well in each of the Nugaal and Dharoor exploration areas, or two exploratory wells in the Dharoor valley during the initial exploration period.

 

The parties agreed to relinquish 25% of the original agreement area on or before 17 January 2010.

 

Africa Oil will commence operations immediately after the amended deal is ratified by the Parliament of the Puntland State of Somalia, intending to spud the first exploration well by mid-2010.

 

Range has a 20% interest in the PSA with Africa Oil holding another 65%.

 

Lion Energy is focused on acquiring, exploring and developing oil and gas reserves in Central & East Africa. Lion Energy initially partnered with Africa Oil, with which it has agreements for entry into the production sharing agreements (PSAs) on blocks in Republic of Kenya and the State of Puntland, Somalia. The company also holds a 14.76% interest in junior potash exploration company Encanto Potash Corp and a 20% stake in fertilizer company Sulphur Solutions.

 

Lion Energy has recently acquired Southern Star Energy (OTCBB: SSEY) and Gold Star Resources (TSX-V: GXX) to set up a mid-sized company with domestic and international exploration operations after its planned acquisition of Lion petroleum Corp was called off. The combined entity will focus on the acquisition of additional assets in North America as well as expand the company’s exploration programs in Africa.

 

Range Resources has also provided an operational update from its projects in the Republic of Georgia, saying it has commenced the 350 kilometre seismic survey on blocks VIa and VIb jointly with Strait Oil & Gas following the arrival, testing and commissioning of the equipment over the last 2 weeks.

 

Initial reports are said to be encouraging and the expected geological structures are being identified and outlines to a depth of 5,000m (metres).

 

“With the positive news regarding the company's Puntland interests, the seismic program commencing in Georgia and the Smith 1 commercial test results expected later this week, The Board of Range is excited by the company's prospects over the coming months,” said Executive Director of Range Resources Peter Landau.

 

Lion Energy closed with a 5.4% gain on the Toronto Stock Exchange on Friday.

[General Duke]

Range Resources confirms oil and gas discovery in Texas, Puntland PSA changes now ratified

 

Range Resources Ltd (ASX: RRS; AIM: RRL) said testing has confirmed a commercial discovery for its Smith #1 well in the North Chapman Ranch area in Texas and that the government of Somalia's Puntland State has now ratified the previously announced changes to the production sharing agreement (PSA) over the Dharoor and Nugaal valley exploration areas.

 

The 25-percent-controlled Smith #1 well was drilled and logged to a depth of 4,260 metres, and during a short test, achieved a rate of 2.4 million cubic feet of gas and 191 barrels of oil per day with no water, Range said.

 

The well remains shut in, awaiting production facilities and pipeline connection. Current plans are to perform additional testing of the well into the sales line and finish the completion at that time. Further test data including reservoir size and reserve figures will be released once completion operations are finalized, with first production and sales expected to occur in January 2010.

 

Regarding the Puntland PSA, Range said the ratification of the changes have now paved the way for Africa Oil to commence operations and drilling of the first exploration well in the region for 16 years, planned to occur by mid-2010.

 

Last week, Range said it and Africa Oil have modified the terms of the existing PSA over the Dharoor and Nugaal valley exploration areas, where they hold 20 percent and 65 percent, respectively, with Vancouver-based exploration company Lion Energy (TSX-V: LEO) holding the remaining 15 percnet interest.

 

The amended agreements now provide for initial exploration periods in respect of both blocks that have been extended from 36 months to 48 months with a revised expiry of 17 January 2011. The terms of the exploration programmes have also been altered so that Africa Oil can opt to drill one exploratory well in each of the Nugaal and Dharoor exploration areas, or two exploratory wells in the Dharoor valley during the initial exploration period.

[GAAROODI]

nice picture, did you google it.

 

looooooooooooooooooool, ahhh these guys make me laugh.

 

falsehood, instead of reality, lies instead of facts, these are the same tactics they used to get into power in the 1960, these are the tools they attempted to keep onto power until they were removed by force.

 

lies will no longer be accepted, wether political or google images.

 

The future is your nightmare, mark my words.

 

range resources is a company that flactuates on the stock market as a gimmick, they hold a press confrence there shares go up, they remain quiet for a period of time and there share drop. I will tell you why i am so confident that you will never reach oil.

 

1 - oil contracts require governments, recognised governments to sign former contracts, then companies. This is the only obstacle in somalilands way of getting its oil, puntland does not have a government, nor does it even have the support of the TFG.

 

2. range resource does not have the capcitity to invest the required amount into pipe lines, rigs etc. its to small its overall yearly profit is around 10-15 million, one requires around 100 million minimum investment to get started forget about functional costs.

 

3. even if all of this was to happen, what or who would gurentee the security of the staff, the equipment or the oil, from pirates, islamic militants, criminals and oppertunists of which somalia and puntland have plenty.

 

4. insurance, one can not get insurance for somalia, this is why somaliland can not get it until it is recognised. nor can puntland ever.

 

so, i am not a dreamer, i am what they call in the international relations realm a realist.

[AfricaOwn]

^^Its one of your own dukey..Don't feel threaten by Garoodi. Much success to puntiland. Hopefully you guys will focus more on developing your region rather than worrying about what everyone else is up to.

[General Duke]

^^^No this man is one of the secessionist elders of SOL hiding behind a false name I belive, not one of our own.

 

Also we dont care what anyone else does, just dont come to our lands thats all.

[GAAROODI]

mate, ive been there i have been to bosaso no jokes, for real and all i can say is your people need help. I have never seen so much poverty and inhuman treatment in all my life.

 

peace, out !

 

keep praying for rain, forget the oil !

[General Duke]

Africa Oil and Puntland State of Somalia Amend Production Sharing Agreements

 

Press Release Source: Africa Oil Corp. On Wednesday December 23, 2009, 12:36 pm

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2009) - Africa Oil Corp. (TSX VENTURE:AOI - News; "Africa Oil" or "the Company") and the Puntland State of Somalia are pleased to announce that they have entered into amending agreements modifying the terms of the existing January 17, 2007 Production Sharing Agreements made in respect of the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area. The revised agreements were signed by the parties in Garowe on December 8, 2009 and the amending agreements were ratified by the parliament of the Puntland State of Somalia on December 23, 2009.

 

With the conclusion of the negotiations and the execution of the amending agreements, the Production Sharing Agreements, as amended, now provide for initial exploration periods in respect of both blocks that have been extended from 36 months to 48 months with a revised expiry of January 17, 2011. In addition, the terms of the exploration programs have been amended so that Africa Oil can, at its option, drill one exploratory well in each of the Nugaal and Dharoor Valley Exploration Areas, or two exploratory wells in the Dharoor Valley.

 

In consideration of the extension of the exploration period, Africa Oil agreed to voluntarily relinquish twenty-five percent of the original agreement area on or before January 17, 2010 and has agreed to pay a US$1 million bonus within 30 days of a commercial discovery in each of the production blocks. Africa Oil also agreed to certain enhanced abandonment and environmental safety measures and to make a one time US$ 1,050,000 payment to the Puntland government for development of infrastructure.

 

Africa Oil President and CEO, Keith Hill, commented, "We are very pleased that we have been able to come to a mutually beneficial agreement which will allow us to recommence operations in our Puntland, Somalia blocks. Our plan is to immediately commence operations with an intent to spud the first exploration well by mid-2010. We consider these blocks to have world class exploration potential and to be a continuation of the prolific Yemen rift system."

 

Africa Oil is an exploration focused company based in Canada with ongoing operations in Kenya, Ethiopia and Somalia. The Company is currently drilling an exploration well in Block 9 in Kenya and has recently completed a seismic acquisition program in the Adigala Block in Ethiopia. The rift basins of East Africa on which the company has acquired over 200,000 square kilometers of gross acreage are highly under-explored and analogous to recent major discoveries in the Albert Graben in Uganda. The Company plans an aggressive exploration seismic and drilling program to evaluate this potential in the next two years.

 

ON BEHALF OF THE BOARD

 

Keith Hill, President and CEO

[Xaaji Xunjuf]

Originally posted by General Duke:

^^^No this man is one of the secessionist elders of SOL hiding behind a false name I belive, not one of our own.

 

Also we dont care what anyone else does, just dont come to our lands thats all.

i agree thats why you have to support the secessionist Somaliland.

waxba isu ma keen jiran

Anigu i support your idea

[General Duke]

^^^You sound a bit confused adeer, I am not interested in your lands, but stay away from SSC, then we shall be in agreement for ever.

[General Duke]

Lion Energy provides update on Puntland

 

Press Release Source: Lion Energy Corp. On Wednesday December 23, 2009, 1:17 pm

 

TSX.V - LEO

VANCOUVER, Dec. 23 /CNW/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) announced today that its partner Africa Oil Corp. ("Africa Oil") and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing January 17, 2007 Production Sharing Agreements made in respect of the Dharoor Valley Exploration Area and the Nogal Valley Exploration Area. The amended agreements were signed by the parties on December 8, 2009 and ratified by the parliament of the Puntland State of Somalia on December 21, 2009.

 

With the conclusion of the negotiations and the execution of the amending agreements, the Production Sharing Agreements now provide for initial exploration periods that have been extended from 36 months to 48 months, with a revised expiry of January 17, 2011. The terms of the exploration programs have also been amended allowing Africa Oil the option to drill one exploratory well in each of the Nogal and Dharoor Valley Exploration Areas, or two exploratory wells in the Dharoor Valley.

 

In consideration of the extension of the exploration period, Africa Oil agreed to relinquish twenty-five percent of the original agreement area on or before January 17, 2010 and to pay a US$1,000,000 bonus within 30 days of a commercial discovery in each of the production blocks. Africa Oil also agreed to certain enhanced abandonment and environmental safety measures and to make a one time US$1,050,000 payment to the Puntland government for development of infrastructure.

 

The Company is also pleased to announce the addition of John R. Nelson, as Vice-President, Exploration and Catherine Vail as Corporate Secretary.

 

Mr. Nelson has resided in Canada for 16 years and has been involved with a number of private and public company start-ups in the resource sector. Mr. Nelson was recently Vice President, Exploration of Petrovista Energy Corp., assisting in developing the company's oil and gas asset base in Brazil and Columbia. He is the former President and director of Winslow Resources Inc, a micro-junior publicly traded oil and gas exploration company in Calgary, which subsequently completed a Plan of Arrangement with Dualex Energy International Ltd. He is currently a director of Liuyang Fireworks Ltd., Resource Hunter Capital, DualEx Energy and was a co-founder of Ceres Capital Corp, now Reliable Energy Inc. Mr. Nelson has over twenty-five years of resource industry experience in geology and geophysics. He served as an exploration geologist and project manager in numerous worldwide frontier areas, including the Central and East African rift basins for Mobil Oil Corp., before moving to Canada in 1993, where he started out as a consulting geologist. Prior to entering the public sector, Mr. Nelson founded three private companies providing various geophysical services and technology to Canadian based oil and mining companies. He holds B.Sc. and M.Sc. Degree's in geology from Michigan State University and is a member of APEGGA, AAPG and CSPG.

 

Ms. Vail has over thirty years experience in the securities industry; and her expertise extends to continuous disclosure and corporate governance-related matters, as well as the coordination of all matters necessary to successfully conclude a variety of corporate and securities-related transactions. For the last several years, Ms. Vail has provided office management, administrative and corporate secretarial services to both private and public companies and to the legal community. Previously, Ms. Vail was engaged as a corporate/securities paralegal to provide a diverse range of services to private companies, and to public companies reporting in both Canada and the United States.

 

The Company has also granted incentive stock options to officers of the Company to purchase up to an aggregate of 350,000 common shares at a price of $0.30 each until December 18, 2014.

 

About the Company:

[Xaaji Xunjuf]

You sound a bit confused adeer, I am not interested in your lands, but stay away from SSC, then we shall be in agreement for ever.

Since when does ssc belong to you last time I checked ssc was part of Somaliland

And even if you claim the land where do you draw the line in sool And even in sanaag Ceerigabo?

[Che -Guevara]

Neither one of you actually live in Somlia right?

[Xaaji Xunjuf]

Somalia where is that, ooh that failed state

No thanks i would never want to live there.

[General Duke]

Che, adeer are you now pretending to be from SOOL, oh dear.

 

Xaji, the line is Ceerigabo to the West and Cayn in Toghdeer. Every single village, town and dwelling of the unionist population.