Africa Oil Corp.: Horn Petroleum Provides Operational Update

[Che -Guevara]

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2012) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide the following update on exploration operations in Puntland (Somalia) operated by Horn Petroleum Corp. ("Horn"). Africa Oil holds an approximate 45% equity interest in Horn which in turn holds a 60% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements ("PSAs"). Horn's joint venture partners in these blocks are Range Resources (20%) and Red Emperor (20%).

 

Horn has demobilized the drilling rig and associated equipment and has completed restoration of both drilling locations. Efforts are now focused on making preparations for a seismic acquisition campaign in the Dharoor PSA which will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin as well as prospect specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the recent drilling at the Shabeel-1 and Shabeel North-1 locations. This seismic program is expected to commence in the first half of 2013. The Company continues to pursue efforts to drill an exploration well in the Nugaal PSA and is working with the Puntland government authorities to move this project forward.

 

Horn is in active discussions with potential joint venture partners and also is reviewing new venture opportunities in the region.

 

Horn President and CEO, David Grellman, commented, "We remain very encouraged by the exploration potential of these Jurassic rift basins in Puntland. We have committed to the next exploration phase in both PSAs and plan to aggressively explore both areas to confirm this potential. We are also optimistic that the political progress in Somalia will continue and allow oil and gas exploration in the region to expand."

[Che -Guevara]

http://www.thepressreleasewire.com/client/africa_oil/release.jsp?actionFor=1692730&releaseSeq=0&year=2012

[Che -Guevara]

Wejigii Koowaad ee Mashruuca Shidaal baarista Puntland oo lasoo gabagabeeyay

 

Jimco, November 16, 2012 (HOL) — Waxaa horraantii bishan aynu ku jirno ee Nov, 2012 si rasmi ah usoo gaba gaboobey hawlihii shidaal baarista ahaa ee ay shirkadda Africa Oil ka waddey ceelalka Shabeel-1 iyo Shabeel-2 ee dooxada Dharoor ee gobolka Bari.

 

 

Shirkaddii howsha qodaalka qandaraaska kaga qaadatay Africa Oil oo lagu magacaabo Sakson Drilling lagana leeyahay dalka Masar ayaa gebi ahaanba raratay qalabkii ka yaalley Puntland, iyadoo sidoo kale goobihii howshu ka socotey ay xiligan yihiin kuwo maran.

Inkasta oo uusan jirin wax war ah oo arintan ku saabsan oo kasoo baxay dhinaca dowladda Puntland iyo weliba shirkadda Africa Oil, waxaa hadana ilo wareedyo lagu kalsoonyahay ay Hiiraan Onine u xaqiijiyeen in uu soo idlaaday wejigii koowaad ee baaritaanka Shidaalka dooxada Dharoor.

 

Wararka ay HOL heshay oo ah kuwo laga soo xigtey qaar kamid ah shaqaalaha mashruucan, waxay intaas ku darayaan in natiijada la gaaray ay tahay mid aad uga yar rajadii la qabay kahor intii aan howsha la bilaabin 16 Jan, 2012.

 

Ceelka Shabeel-1 oo hoos u qodan in ka badan 3.5km, waxaa baaritaanno hordhac ah lagu ogaadey in Shidaal loogu tegi lahaa; haddii laga gudbo lakab adag oo dhagax ah (Dhadhaab), dhumucdiisuna ay dhowr boqol oo Miter tahay, kaasoo ay suurtagal noqon weydey in qalabkii markaas la adeegsanayey ay si fudud ku duleeliyaan.

 

“Wejigii koowaad wuu dhamaaday, waxaa iman doona shirkado kale oo howsha halkaas kasii wadi doona, shirkadda Sakson howsheedu intaas ayey ku ekeyd, shirkado kale oo Riigag waaweyn leh ayaa la filayaa in ay yimaadaan” mid kamid ah hawl-wadeenada mashruucan oo ka gaabsaday in magaciisa la baahiyo, ayaa yiri.

 

Wuxuuna intaas ku daray: “Shabeel-2 oo bilihii u danbeeyey qodaalkiisa lagu howlanaa, islamarkaana la qoday in ka badan dhererka Shabeel-1, waxaa qodaalkiisa la joojiyey kadib markii la waayey calaamad muujineysa in wax Shidaal ah loo tegi doono haddii intaas in ka badan hoos loo sii socdo”

 

Sanadka soo socda ee 2013 bartamihiisa ayaa lagu wadaa in mashruuca shidaal baarista Puntland loo wareejiyo dooxada Nugaal ee gobolka Nugaal. Dooxadaas oo sahan horay loogu sameeyey lagu ogaaday in keyd shidaal oo badni uu dhex ceegaago.

 

Mashruuca shidaal baarista Puntland oo in muddo ah soo socdey, dhowr marna hakad galay, kadib markii khilaaf soo kala dhex galay dowladda Federaalka ah iyo Puntland, wuxuu noqday kii ugu horeeyey ee guud ahaan dalka laga bilaabo, wixii ka danbeeyey burburkii dowladdii dhexe ee Soomaaliya.

 

Maxamed Salaad Xaaji Dirir, Hiiraan Online

xaajidirir@hiiraan.com

puntland, Soomaaliya

[Che -Guevara]

Horn Petroleum Third Quarter 2012 Results

Horn Petroleum Corporation HRN

Wednesday, November 21, 2012

By: David Grellman

 

 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2012) - Horn Petroleum Corporation (TSX VENTURE:HRN) ("Horn" or the "Company") is pleased to announce its results for the third quarter of 2012.

 

During the nine months ended September 30, 2012, Horn increased its investment in intangible exploration assets by $30.0 million. The majority of the costs incurred during 2012 related to drilling the Shabeel-1 and Shabeel North-1 exploration wells in the Dharoor Valley block. The remaining expenditures are PSA related expenditures and general and administrative costs. The Company and its Partners fulfilled the initial exploration period work commitments under the Dharoor Valley and Nugaal Valley PSAs with the drilling of the Shabeel wells.

 

While the Company was disappointed that the first two exploration wells in Puntland (Somalia) did not flow oil, the Company remains highly encouraged that all of the critical elements exist for oil accumulations. Horn recently completed demobilization of the drilling rig and associated equipment and both well sites have been restored to original condition.

 

Horn and its partners have entered into the next exploration period in both the Dharoor Valley and Nugaal Valley PSAs which each carry a commitment to drill one exploration well in each block by October 2015.

Efforts are now focused on making preparations for a seismic acquisition campaign in the Dharoor PSA which will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin as well as prospect specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the recent drilling at the Shabeel-1 and Shabeel North-1 locations.

 

Operating expenses of $0.5 million were recorded during the third quarter of 2012 ($1.6 million during the nine months ended September 30, 2012). These were offset by finance income of $23.0 million during the third quarter of 2012 ($9.0 million during the nine months ended September 30, 2012). Finance income primarily relates to fair market value adjustments of the Company's warrant liabilities. These fair market value adjustments are performed as the Company has an obligation to issue shares for a price (denominated in Canadian dollars) that is not fixed in the Company's functional currency (United States dollars).

 

As at September 30, 2012, the Company had cash of $16.1 million and working capital of $12.4 million as compared to cash of $27.6 million and working capital of $25.9 million at December 31, 2011. The Company's liquidity and capital resource position has been reduced during 2012 primarily due to expenditures incurred on the drilling of the Shabeel-1 and Shabeel North-1 exploration wells offset partially by the non-brokered private placement which raised CAD$15.0 million in June 2012.

 

Horn continues to investigate potential joint venture partnerships and also is reviewing new venture opportunities in the region.

 

The Board has approved granting 2,820,000 incentive stock options to certain directors, officers and other eligible persons of the Company. The options will have a three year term, vesting provisions consistent with the existing outstanding options, and will be priced at $0.32 per share (or the closing price on November 21, 2012 if higher).

 

Horn President and CEO, David Grellman, commented, "We remain very encouraged by the exploration potential of our Jurassic rift basins in Puntland. We have committed to the next exploration phase in both PSAs and plan to aggressively explore both areas to confirm this potential. We are also optimistic that the political progress in Somalia will continue and allow oil and gas exploration in the region to expand."

Horn holds a 60% working interest in the Dharoor and Nugaal Valley blocks and is the operator. The other partners in the blocks are Range Resources (20%) and Red Emperor (20%). Africa Oil Corporation holds an approximate 45% equity interest in Horn.

 

Horn Petroleum Corporation is a Canadian oil and gas company with assets in Puntland, Somalia. The Corporation holds a 60% interest and operatorship in the Dharoor and Nugaal blocks encompassing a Jurassic Rift Basin on trend and analogous to the large oil fields in Yemen. The Corporation's shares are listed on the TSX Venture Exchange under the symbol "HRN".

 

ON BEHALF OF THE BOARD

 

David Grellman, President and CEO

[Che -Guevara]

http://www.hiiraan.com/news4/2012/Nov/26956/horn_petroleum_third_quarter_2012_results.aspx

[Somalia]

Yes, Nugaal 2013, here we come, reer Bari are truly good for nothing, I heard you are reer Bari...