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Monday, July 23, 2012

Africa Oil says Puntland Shabeel North well fails to find oil

Platts Commodity News
July 23, 2012

Africa Oil Monday said the Shabeel North well in PuntlandSomalia, which is being drilled by operator Horn Petroleum, has failed to strike oil.

Testing of the well in the Dharoor valley recovered fresh water without any traces of oil, the company said in a statement.

Horn Petroleum will drill to the originally planned depth of approximately 2,400 meters to determine if further testing is warranted.

Africa Oil holds an approximate 45% equity interest in Horn, which holds a 60% stake in the Dharoor and Nugaal blocks in Puntland, a semi-autonomous region in the northeast of Somalia. Other partners are Australia`s Range Resources and Red Emperor.

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