REUTERS: Birth of "Horn Petroleum Corporation"

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Monk-of-Mogadishu
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REUTERS: Birth of "Horn Petroleum Corporation"

Post by Monk-of-Mogadishu »

http://af.reuters.com/article/investing ... EC20110921
NAIROBI (Reuters) - Canada's Africa Oil Corp has agreed with Denovo Capital Corp to create an oil explorer focused on the semi-autonomous Puntland region in Somalia, the Vancouver-based company said.

They have formed Horn Petroleum Corp after the acquisition of all issued and outstanding shares of Canmex Holdings by Denovo. Horn Petroleum shares are due to start trading in Vancouver on September 23.

Canmex, formerly a subsidiary of Africa Oil, holds a 60 per cent interest in production-sharing agreements for the Dharoor Valley exploration area and the Nugaal Valley exploration area in Puntland.

Africa Oil said it has a 51 percent stake in Horn Petroleum.

In August, Africa Oil said it had signed a contract for a drilling rig for two exploration wells it plans to sink in Puntland with its partners, adding it had awarded a contract to Sakson Drilling and Oil Services for a 1,500 horsepower rig.

This year, Africa Oil said it planned to drill up to eight exploratory wells in blocks it holds interests in across east Africa, two of which will be in Puntland.

The two wells will be drilled in the Dharoor Valley block, in which it has a partnership with Range Resources and Red Emperor to drill areas targeting gross best estimated prospective resources of some 300 million barrels each, Africa Oil said.

Gas discoveries in nearby Tanzania, and significant proven oil reserves along the border between Uganda and Congo, have encouraged interest in the region.
Trading starts in a few days, meaning drilling will begin a few weeks afterward. Hallelujah! :up:
original dervish
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Re: REUTERS: Birth of "Horn Petroleum Corporation"

Post by original dervish »

^^^ poor guy...he knows very little about how these scams work.

I`ve explained in previous posts how the "flipping" of concessions and the "discovery" 0f oil reserves only serve to strengthen the share prices of the companies involved.

Two simple questions for you to consider;
1) how many times has the puntland concession been sold (pimped would be a more accurate term)?
2)why are all the folks who have expertise in the resources field excluded from any discussion and negotiations with the foreign companies.
e.g cade muse, a man whom could barely write his own name, was leading the negotiations with range resources that resulted in them gaining not just the oil concession, but the gas,iron ore,gemstones,gold,silver and any other mineral present in the entire state for a one off payment.

sweet justice that his nest egg was swindled out of him by a warsangeli bloke in Dubai :lol:
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Monk-of-Mogadishu
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Re: REUTERS: Birth of "Horn Petroleum Corporation"

Post by Monk-of-Mogadishu »

Your obsession with Puntland is disgusting. Go and hide your insecurity and shame.
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Re: REUTERS: Birth of "Horn Petroleum Corporation"

Post by quark »

Monk-of-Mogadishu wrote:http://af.reuters.com/article/investing ... EC20110921
NAIROBI (Reuters) - Canada's Africa Oil Corp has agreed with Denovo Capital Corp to create an oil explorer focused on the semi-autonomous Puntland region in Somalia, the Vancouver-based company said.

They have formed Horn Petroleum Corp after the acquisition of all issued and outstanding shares of Canmex Holdings by Denovo. Horn Petroleum shares are due to start trading in Vancouver on September 23.

Canmex, formerly a subsidiary of Africa Oil, holds a 60 per cent interest in production-sharing agreements for the Dharoor Valley exploration area and the Nugaal Valley exploration area in Puntland.

Africa Oil said it has a 51 percent stake in Horn Petroleum.

In August, Africa Oil said it had signed a contract for a drilling rig for two exploration wells it plans to sink in Puntland with its partners, adding it had awarded a contract to Sakson Drilling and Oil Services for a 1,500 horsepower rig.

This year, Africa Oil said it planned to drill up to eight exploratory wells in blocks it holds interests in across east Africa, two of which will be in Puntland.


The two wells will be drilled in the Dharoor Valley block, in which it has a partnership with Range Resources and Red Emperor to drill areas targeting gross best estimated prospective resources of some 300 million barrels each, Africa Oil said.

Gas discoveries in nearby Tanzania, and significant proven oil reserves along the border between Uganda and Congo, have encouraged interest in the region.
Trading starts in a few days, meaning drilling will begin a few weeks afterward. Hallelujah! :up:
:up:
AhmedBoqor
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Re: REUTERS: Birth of "Horn Petroleum Corporation"

Post by AhmedBoqor »

Dude this company is very near where I reside, I think its time for a career change 8-) :up:
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Cinque Mtume
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Re: REUTERS: Birth of "Horn Petroleum Corporation"

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Re: REUTERS: Birth of "Horn Petroleum Corporation"

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