More oil found in Dharoor (oil update)

[CismanMaxamud1]

Just now, the joint drilling partners Red Emperor Resources and Range Resources released a statement on the Shabeel-1 Well in the Dharoor Valley Basin in Somalia’s Puntland State.The drilling rig is now at a depth of 3,425 Meters and will drill further down to the 3,800-Meter ‘touchdown’ zone. According to the statement, more oil shows have been encountered in deeper zones past the 150-Meter section of oil recorded in the Cretaceous Sandstones. A testing program for the zones discovered to date is being agreed upon. A third drilling partner in Puntland, Africa Oil, discovered oil in the Turkana region of Kenya several weeks ago.

Just now, the joint drilling partners Red Emperor Resources and Range Resources released a statement on the Shabeel-1 Well in the Dharoor Valley Basin in Somalia’s Puntland State.

The drilling rig is now at a depth of 3,425 Meters and will drill further down to the 3,800-Meter ‘touchdown’ zone.

According to the statement, more oil shows have been encountered in deeper zones past the 150-Meter section of oil recorded in the Cretaceous Sandstones.

A testing program for the zones discovered to date is being agreed upon. A third drilling partner in Puntland, Africa Oil, discovered oil in the Turkana region of Kenya several weeks ago.

[VanAlden]

Hmm, lamborghini or ferrari....nevermind i just buy both

[Adali]

There was a post a read here about the Oil shows in the Cretaceous Sandstones, I took it as positive surprise and believed it, but my theory"just a theory btw" still stand, anyway I decided to do some background check on this and apparently the post I read wasn't the full story, because they tested the oil just to be sure and the results were unconvincing. Now I do not remember reading that in the post here on Somalinet, but I could be wrong, can't be bothered checking.

I believe puntland has a lot of oil but there is something not right about the current operations, for example the company involved is stealing the exploration right from Conoco. however that has happened before and is not at all unusual in the oil industry. At the moment there are no facts to prove this is a hoax, but it is extremely ambiguous operation I tell ya.

[nomadicwarlord]

^^ You should present your findings to "Dateline", "20/20", "60 minutes" and do an exposé or are you an independent journalist?

[Adali]

I'm not into propaganda so no I don't like to post articles on news websites, not that I am not capable, it just isn't my style, in the real world I am not political/tribal at all, more business minded, I haven't got any agenda here I am just intrigued by this Oil saga that is all.

I actually stumbled on these findings whiles researching something else entirely different, there are actually many things I could say about the company operating in Puntland, but as I said I rather not over do a simple theory, I am not a conspiracy theorist after all, although I am into all that stuff too.

[nomadicwarlord]

You never know Bro, you can make a career out of this as long as you have your own unique investigative style. It doesn’t have to be conspiracy theory just an exposé.

[CismanMaxamud1]

Inshallah it will be a blessing for us.

[maryandagan]

allah kheyr noga dhigo amin

[FBISOMALIA]

allah kheyr noga dhigo amin

ameen

[Advo]

I don't believe it.


I am waiting on Mujaahid Paidmonk revelation in 5 more days.

[FBISOMALIA]

I don't believe it.


I am waiting on Mujaahid Paidmonk revelation in 5 more days.

your friend now in vacation by Puntland section elders , it will take a while before coming back

[xiimaaya]

I dont believe what i read. seeing is believing..

[CismanMaxamud1]

allah kheyr noga dhigo amin

Amiin

[tightrope]

INTERESTING NEWS

[sheekh-Farax-zero]

Range Resources rallies on Puntland report, retains 'buy' rating at Fox-Davies - UPDATE
10:15 am by Sergei Balashov

Shares in Range Resources rallied 5.5pct on the Puntland update, while broker Fox-Davies repeated its 'buy' recommendation on the stock

Range Resources (LON:RRL) surged in early trade on a positive update from its drilling campaign in Puntland, Somalia, while broker Fox-Davies Capital advised investors to buy the stock.

Range and partner Red Emperor Resources (LON:RMP) told investors that the Shabeel-1 well is now down to 3,425 metres and has confirmed the existence of a 150 metre gross section of oil and possible net pay of 12 to 20 metres.

The update also revealed that oil shows had been found in deeper lying sandstone which are currently being drilled.

“A testing programme including the zones discovered to date and any deeper potential pay zones encountered will be agreed with the operator upon total depth being reached,” Range said in a release to the market this morning.

Shares in the AIM quoted oil explorer climbed 5.5 percent to reach 9.84 pence by 10 AM, giving it a market cap of £223.5 million.

Fox-Davies cheered the update, repeating its ‘buy’ recommendation on Range with a target price of 27 pence per share in a note titled “Puntland looking like a better Punt”.

“Firstly it raises the potential that we may have a commercial discovery, and secondly, it increases the prospectivity of the remaining targets in the exploration portfolio,” Fox-Davies said in the note.

Drilling will continue down to 3,800 metres. The primary and secondary targets are believed to be in Lower Cretaceous and Jurassic intervals that are equivalent to the main productive section seen in similar fields in Yemen.

Once the well is complete it is planned that the rig will move onto the Shabeel North location, where construction is nearing completion for the second well, it added.