Marauder Resources is set to explore Puntland's offshore

[kingofkings]

 

Marauder Resources East Coast Inc., a Canada-based oil and gas exploration company, has made public today that it is amending a previously-announced memorandum of understanding with the Somali state of Puntland. Marauder is looking to gain rights to explore an offshore block covering 10,000km2 in the Gulf of Aden north of Somalia’s Bari Province.

 

 

Under the MOU, Marauder and Puntland State authorities are working towards amending a production-sharing agreement before a July 15, 2012 deadline. If successful in the PSA amendment, Marauder would have full rights to explore the Gulf of Aden block for three years, with the opportunity to sign a second three-year contract after that period.

 

The offshore Puntland block in the Gulf of Aden is an extension of the Dharoor Valley basin currently being explored by Range Resources, Horn Petroleum, and Red Emperor Resources, and is analogous to basins in Somalia’s maritime neighbor Yemen. Marauder is due to receive $15 Million from private contributors towards its goals in Puntland. This financing would allow Marauder to enter into its planned PSA with Puntland State and begin operations.

 

Marauder holds territory off the coast of Canada’s Novia Scotia region, and has been involved in offshore drilling in the area in 2005-06. The team was unable to find success in the region, eventually selling some of their Nova Scotia shares and looking towards Africa.

 

If amended, Marauder will be the latest player in the exciting resource hunt playing out in Somalia’s federal state of Puntland.

 

DissidentNation

[Che -Guevara]

Off shore?

[General Duke]

The Indian Ocean coast is where the game is it.