Horn Petroleum prepares for seismic acquisition in Somalia

Horn Petroleum which has working interest in the Dharoor Valley and Nugaal Valley exploration areas in Puntland has announced that it is now focused on making preparations for a seismic acquisition campaign in the Dharoor Valley area which will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin.

“The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland Government regarding advancement of drill ready prospects in the Nugaal Valley block. The focus of the Dharoor Valley block seismic program will be to delineate new structural prospects for the upcoming drilling campaign.”

Horn adds it will also prospect specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the most recent drilling at the Shabeel-1 and Shabeel North-1 locations.

All these plans are however subject to the security in these areas from the government to ensure the safety of employees working for the oil exploration companies.

“The Company continues to assess the operating environment in each of the Dharoor Valley and Nugaal Valley exploration areas from logistical, community and security perspectives. These assessments will provide critical information required to plan operations in the Company’s exploration areas. However, given operational and political issues, a decision to move ahead on this will not be taken until adequate resolution is achieved,” read a statement from the company.

Horn Petroleum added that it continues to investigate potential joint venture partnerships for its Dharoor Valley and Nugaal Valley exploration areas.

“We continue to actively pursue new venture opportunities and we are continuing to work with a range of governments to progress planned exploration activities in Puntland,” said Horn President and CEO, Jim Phillips.

The PSA signed by Horn Petroleum and its partners in both the Dharoor Valley and Nugaal Valley PSAs which carry a commitment to drill one well in each block within an additional three year term ending October 2015.

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