Somalia Posted March 27, 2012 Africa Oil Corp. announced Monday it has discovered oil in Kenya, sending its share price soaring 54% to reach $3.63 by 10:14 a.m. ET on the Toronto Stock Exchange. The Vancouver-based company said its joint venture with Tullow Oil Plc. had struck oil at more than 20 meters deep, encouraging the company to launch an “aggressive” drilling program in next 18 months to explore the potential of its other rift basin plays in Kenya, Ethiopia and Somalia. “The Ngamia structure is the first prospect to be tested as part of a multi-well drilling campaign in the Tertiary Rift Basin in Kenya and Ethiopia,” the company said in a statement. “Many similar leads and prospects to Ngamia have been identified and following this discovery the outlook for further success has been significantly improved.” The find was Kenya’s first major oil discovery. “This is the first time Kenya has made such a discovery and it is very good news,” President Mwai Kibaki said in a statement read on live television . “It is however the beginning of a long journey to make our country an oil producer, which typically takes in excess of 3 years.” Africa Oil Corp. has assets in Kenya, Ethiopia and Mali as well as Puntland (Somalia) through its 51% equity interest in Horn Petroleum Corporation. Read more: http://www.ottawacitizen.com/business/fp/Africa+shares+soar+first+Kenya+find/6359829/story.html#ixzz1qL0qxWXy Quote Share this post Link to post Share on other sites
NASSIR Posted March 27, 2012 I heard there's a big preparation under way for the public announcement of the discovery of oil in Puntland. Quote Share this post Link to post Share on other sites
Somalia Posted March 27, 2012 I'm not sure there's nothing yet, we have yet to hear anything concrete, only rumours at this point. There might be an announcement on the signing of the PL constitution. Quote Share this post Link to post Share on other sites
