HORN PETROLEUM DISCOVERS OIL IN SOMALIA | WebTV

Oil and gas company,  Horn Petroleum Corp has announced the discovery of the oil traces at its Shabeel well in the Dharoor Valley basin of Somalia’s Puntland. According to Horn Petroleum’s CEO David Grellman, the company is “highly encouraged” with the...

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HORN PETROLEUM DISCOVERS OIL IN SOMALIA

Published by: WebTV
31/05/2019 20:48:17

Oil and gas company,  Horn Petroleum Corp has announced the discovery of the oil traces at its Shabeel well in the Dharoor Valley basin of Somalia’s Puntland.

According to Horn Petroleum’s CEO David Grellman, the company is “highly encouraged” with the early results which indicate oil bearing sands in possibly two zones.

Horn Petroleum holds a 60 percent working interest in the Dharoor and Nugaal blocks in the Puntland region in Somalia. It also has operations in the Shabeel well.

Puntland is a semi-autonomous region in the northeast part of Somalia. Booming oil exploration in waters off East Africa has led to speculation about the potential for finding oil offshore Somalia in the Horn of Africa.

Reuters reports indicate that the well encountered additional potential net pay sands — which indicate the presence of oil or gas in commercial quantity — in the Jurassic Adigrat formation.

Shares of the company, which has a market value of about C$123 million ($121 million), closed at C$1.62 ($1.6) on Wednesday on the

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