africa oil- drilling updat -,puntland

Somalia Report: PL oil drilling to begin soon
Tue Sep 13, 2011 3:20 pm
http://somaliareport.com/index.php/post/1560/Puntland_Oil_Drilling_to_Begin_Soon


Africa Oil Corp. is expected to begin drilling its first oil well in Puntland, where there are believed to be billions of barrels of recoverable oil, either this month or in October, senior Puntland government officials told Somalia Report.

Insiders say the plan was to spud the first well in July, but the deadline was pushed back.

?The Puntland government and Africa Oil have reached a comprehensive agreement to start oil extraction activity soon,? a source close to the president, who requested anonymity, told Somalia Report. ?The terms of the contract imply work will likely start in September or October.?

He said that oil workers from the company were awaiting the delivery of the final batch of equipment that would allow drilling to commence.
(courtesy-SpikeyDT)