HORN PETROLEUM RAISES $15 MILLION FOR PUNTLAND EXPLORATION

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World, — May 22, 2012 20:17 — 0 Comments

Horn Petroleum Raises $15 Million for Puntland Exploration

Canada-based Horn Petroleum, a spin-off of Africa Oil, has announced just hours ago in a regulatory news service, or RNS to its shareholders that is raising $15 Million through the sale of just under 19 Million shares priced at roughly 80 cents each.

Several months ago, Horn Petroleum, Range Resources, and several other firms acquired rights to offshore drilling in Puntland’s Nugaal Block. In exchange they agreed on two points; that a $5 Million runway would be built in the location of the Puntland government’s choosing, and that the companies would raise necessary funds to begin surveying by July.

Though the funds may be targeted towards offshore exploration, it is yet unclear which of the current Somalia programs the money is aimed at. Red Emperor Resources was given an opportunity by fellow Canadian explorer Range Resources to be a part of the Nugaal offshore exploration program after raising funds for a second well in the Dharoor onshore block.

DissidentNation.com

http://dissidentnation.com/horn-petrole ... ploration/