Africa Oil Provides Update on Puntland Drilling


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Africa Oil Corp. (AOI.V) today provided an update on the drilling program in Puntland, Somalia.

The Shabeel well has reached a total depth of 3,470 meters and has encountered metamorphic basement at a depth of 3,430 meters and is currently being suspended for future testing. The well has encountered additional potential net pay sands in the Jurassic Adigrat Formation at a depth of 3,246 to 3,430 meters, several of which exhibited oil and gas shows. Petrophysical analysis of the well log data indicates up to 3 meters of potential hydrocarbon pay in several thin sand units, AOI said. They are not considered to warrant testing at this time, but do further confirm the existence of a working petroleum system.

The Shabeel well is operated by Horn Petroleum Corp. Africa Oil holds a 51% equity interest in Horn Petroleum which in turn holds a 60% working interest in the Dharoor and Nugaal permits in Somalia. The other partners in the blocks include Range Resources (20%) and Red Emperor (20%).

More than 381,000 shares have changed hands.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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