Oil exploration in Puntland, Somalia

[General Duke]

Beautiful.

[Dr_Osman]

General Duke;781154 wrote:

Beautiful.

All we need is a night shot. I suspect it would light up similar to this

[Somalia]

[Timur]

We are due for an update this week, boys, are you ready?

[xiinfaniin]

VANCOUVER, BRITISH COLUMBIA, Apr 11, 2012 (MARKETWIRE via COMTEX) -- Africa Oil Corp. is pleased to update the market on the drilling operations on the Shabeel well in Puntland, Somalia which is being drilled by the Company's 51% owned subsidiary, Horn Petroleum Corporation ("Horn"). Horn is the Operator and 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 well is currently at a depth of 2703 meters and had just completed the setting of the 9 5/8" casing. The well drilled through primarily tight limestones and shales of Lower Tertiary to Upper Cretaceous age and encountered a 355 meter section of Upper Cretaceous sands and shales of the Tisje / Jesomma Formations at a depth of approximately 1660 meters. The sands in this interval exhibited both oil and gas shows and petrophysical analysis of downhole electrical logs indicates a potential pay zone of between 12 and 20 meters in the section. Attempts to sample formation fluids using a wireline formation tester were not successful and thus the zone will require cased hole testing to confirm whether they are oil bearing. At a depth of 2015 meters a thick section of tight limestones and shales was encountered extending to the present depth of 2703 meters which is believed to correspond to the Upper Cretaceous Gumburo Formation.

 

The forward plan on the well will be to drill ahead to the originally planned depth of 3800 meters to evaluate the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen. A testing program including the zones of interest seen to date and any deeper potential pay zones identified will be agreed with partners at that time. Upon completion of this well, the Company plans to move the rig to the Shabeel North location on which construction is nearing completion.

 

Horn President and CEO, David Grellman, stated, "We are encouraged by the results to date and pleased that we have confirmed the presence of an active petroleum system in the Dharoor Valley. We look forward to drilling ahead into the primary objectives of the well and hope to confirm the shallow prospective zones by testing in the near future."

 

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".

 

Read the complete story at http://www.marketwatch.com/story/africa-oil-corp-drilling-operations-update-on-shabeel-well-in-puntland-somalia-2012-04-11-171190?reflink=MW_news_stmp

[AfricaOwn]

Stock watching as well huh? Good luck

[xiinfaniin]

^^Still angry, AfricaOwn eh?

[AfricaOwn]

^^Over what? don't be silly. I wish you and your people much success, just stay away from us.

[Mukulaalow]

Masha'allah. This is our ticket to good life inshallah. Any Somali who is not happy with this must be sick person.

[Somalia]

[Peacedoon]

Good news for alqeada.

[Che -Guevara]

AfricaOwn;817880 wrote:

just stay away from us.

That's not gonna happen!

[Gabbal]

It is not oil "found" per se, rather a confirmation of the existence of hydrocarbon sediments. "Found" will depend on the extent as well as the recoverable viability of such sediments for commercial basis. Once such an analysis is undertaken, the use of "found" can be used which will lead to process of extraction.

 

It will take years and years to get to that stage it seems. Kenya, although confirming the presence of hydrocarbon sediments in the 70's, took three decades to "find" petroleum.

[Carafaat]

That there is oil and many other natural resources is not in question. And this article proves that.

 

What will be difficult is to have the right public institution in place that can deal with Foreign Investors so the country profits maximum. and ensure the stability, legal security and guarantee allocation of resources to public and private investment, taxation.

 

Without these public institutions one will fail to guarantee sustainable profit for the people. And we risk becoming Congo, where there is resource extraction but barely strong institution that can deal with foreign companies and to let people really profit from their countries wealth. And pricate companies rarely pay taxes and even don't want a strong goverment and to everthing possible to undermine it.

 

Nontheless this is good news. And we should work harder towards establishing public institutions and stability.

[xiinfaniin]

Waa markay Congo iyo irrelevant pseudo analysis ciirsan jirtay ...

 

War ilaahay barya, inaad si nabada Bari ugu guurtaan, ama gabdhaha reer bariga guursada intaan laydinka dhammaysan, ama aysan dabaqad kale gelin