Horn Petroleum will resume oil exploration activities in Puntland, some time in the first quarter of 2014.

[Libaax-Sankataabte]

 

Somalia Online - According to a report released by Range Resources, Horn Petroleum will resume oil exploration activities in Puntland some time in the first quarter of 2014.

 

As stated in the exploration update report, the work in Puntland “will include field research and reconnaissance across both sites, face-to-face liaison with key stakeholders and updated security assessments of both blocks (and potential

drilling sites).”

 

Horn Petroleum which had previously enjoyed unfettered access to large swaths of land for exploration during Farole’s administration, is making effort to build rapport with the new administration as is evidenced by Horn Petroleum COO, Mark Dingley’s attendance of President Abdiweli’s inauguration ceremony in Garowe.

 

Horn Petroleum Corporation is a Canadian oil and gas company which holds a 60% interest in Puntland's Dharoor and Nugaal exploration blocks.

 

News Snippet

 

http://www.somaliaonline.com/horn-petroleum-will-resume-oil-exploration-activities-in-puntland-some-time-in-the-first-quarter-of-2014/

[Hassan1508736697]

hu haada naga daaya nimanyahoow! It'l be decades from now that a mentally balanced company would invest in an unstable part and parts of Somalia whether it is Puntland or even Somaliland

[Holac]

It is a test for Cabdi Weli whether he is pro-business and development or not.

 

 

[burahadeer]

Let us all have big belly & independent of each otha.No more concentration of wealth & power in one city or region.May we all get rich and at peace.

[Burn Notice]

Somali play set for revival

By Barry Morgan - Upstream Oil & Gas

 

17 January 2014 00:00 GMT

 

FINANCIAL moves are under way that could see exploration return to a Somali play that has not seen the drillbit since the 1960s but is now operated by Australian energy consultant Amsas Consulting.

 

Anticipated capital expenditure on the Amsas Coriole-­Afgoye (ACA) block during 2014 and 2015 is estimated at $20 million for geochemical analysis, 1000 kilometres of 2D line seismic and an additional 600 square kilometres of 3D seismic.

 

That figure should include the cost of drilling and completion on the first Coriole well later this year, with limited production scheduled for 2015, according to an ACA project evaluation report by Calgary-based consultant Chapman Petroleum Engineering.

 

The real challenge lies in what the report, which was prepared for Amsas partner Kilimanjaro Capital, sees as a $545 million commitment from 2024 to drill and tie in producers to a dedicated pipeline.

 

Even a lower cost development estimate is pegged at $280 million.

 

Resource volumes are pegged as at least 23 million barrels of total prospective recoverable oil.

 

Belize-registered Kilimanjaro is scheduled to fund 100% of developing the Coriole-­Afgoye block in return for an assigned 49% participating interest and share of production profits on a sliding scale from 45% to 90% for oil and 60% to 90% for gas.

 

Kilimanjaro will earn an additional 5% non-operating stake in exchange for sourcing finance, further reducing Amsas’ existing 44% working interest, originally assigned under a Somali government farm-out deal.

 

The initial exploration period of the 11-year licence expires at the end of 2014, before which Amsas hopes to negotiate a three-year extension.

 

Regarding the Afgoye gas prospect, Chapman said the most likely total prospective recoverable resource estimate is 157 billion cubic feet.

 

http://kcap.biz/dl/712362-Kilimanjaro_Somalia_51101.pdf

[Mooge]

BN, do you know when oil will be drilled again for sure?

[Burn Notice]

Hi Mooge, give the president time to settle in as he has a lot on his plate. Horn are keen to get things moving again so hopefully we will hear some thing soon

[Burn Notice]

in the mean time...the more the merrier

 

http://www.thesundaytimes.co.uk/sto/bus ... 361815.ece

 

AN oil explorer headed by a former leader of the Conservative party has raised $50m (£30m) from a Russian oligarch to look for oil in pirate-infested waters off the coast of Somalia.

 

London-based Soma Oil & Gas will be the first company to look for crude in the country since it disintegrated into a failed state in 1991.

 

The company is chaired by Lord (Michael) Howard, who led the Tories for two years before making way for David Cameron in 2005. Basil Shiblaq, a former investment banker turned oil tycoon, founded the business last year.

 

Soma’s new $50m investment is believed to have come from a vehicle controlled by Alexander Djaparidze, the billionaire founder of London-listed Eurasia Drilling.

 

Soma will use the cash for an ambitious three-month programme to collect geological data over 122,000km2 of seabed.

[Burn Notice]

 

Kilimanjaro Announces Somalia Exploration Program

 

BELIZE CITY, BELIZE--(Marketwired - May 27, 2014) - The directors and management of Kilimanjaro Capital (GXG:KCAP)(OTC PINK:KIMJF) are pleased to announce its exploration program for the Company's interest in Somalia where Kilimanjaro Capital currently has a 5% interest in the Amsas-Coriole-Afgoi (ACA) Block of 1,161,400 acres with a prospective oil resource of 21 million barrels and 130 billion standard cubic feet of sales gas (Bscf) according to an independent NI 51-101 Evaluation of Prospective Resources. The 112 page report is available in its entirety online and conservative estimates that the value for Kilimanjaro Capital's share is approximately $187.5 million USD with an overall contractor group net present value of $3.75 billion USD for the entire ACA Block.

 

Kilimanjaro has obtained partners to provide security and logistic solutions for the exploration block. The company has progressed into deep discussions with partners to carry out the drilling operations and is excited about the plans to drill the first test well in 2014. "This is an exciting time in Somalia with majors such as Shell, Conoco-Phillips, Chevron and others are entering one of the last untapped frontier regions. For Kilimanjaro to be a part of the rebuilding effort that is going on in Somalia through the exploration of natural resources is a wonderful opportunity for the company to cement its position in Africa as natural resource leader," says CEO Zulfikar Rashid about the exploration program.

 

The block sits only 30-50 kilometers from Mogadishu in a strategic region in which African Union peacekeepers are operating. Kilimanjaro has recently proposed to the World Bank that a joint development project in the ACA Block along with the Somalia Government which owns 51% of the block could ensure peace and stability in that region.

 

The ACA Block was original drilled by Somal Sinclair Oil in the 1960s and found to be extremely promising. The block was nationalized by the Somali government in the 1970s and drilled in the 1980s with World Bank financing. The Somalia civil war intervened and in the Transitional Somalia government assigned the ACA Block to Amsas Pty. in 2008. Kilimanjaro signed a farm out agreement with Amsas in 2013.

 

In other news the company intends to withdraw its listing from the GXG Markets effective June 11, 2014. The company will continue to trade on the OTC Markets.

 

FORWARD-LOOKING INFORMATION

 

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

 

Kilimanjaro Capital Limited

 

35 New Road, P.O. Box 198

 

Belize City, Belize

 

+44 (0) 20 3239 1362

 

info@kcap.biz

 

www.kcap.biz

 

 

[Samatar Rooble]

and still nothing