Range Resources and Red Emperor Report Progress On Their Second Potentially High Impact Well In Puntland, Somalia.
It might take a couple of months before we know the results but the Shabeel North-1 well being sunk in Puntland, Somalia is still a bit of a nail biter. The well is currently being drilled by Joint Venturer and operator Horn Petroleum, which is majority owned by Africa Oil Corp and trades on the TSX Venture Exchange. Horn has a 60 per cent interest in the well. The other partners in the two blocks under licence, Nugaal and Daroor, are AIM and ASX listed minnows, Red Emperor Resources and Range Resources, which both have a 20 per cent stake respectively.
The consortium has already drilled the Shabeel -1 well on the Dharoor Block. This reached a total depth of 3,470 metres and has been suspended for future testing. The well identified a 12 to 20 metre zone of “significant hydrocarbon pay” in the Upper Cretaceous Jesomma Formation plus additional potential net pay sands in the Jurassic Adigrat Formation at a depth of 3,246 to 3,430 metres with oil and gas shows. Restricted Area
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