Horn Petroleum (HRN.V) is now the second most actively traded on
the TSXV, with more than 2 million shares being traded.
Horn Petroleum is nnow down 70 cents, to 84 cents. The company
announced earlier this morning that an open hole Drill Stem Test (
) was conducted over a 50 metre gross interval which contained
several sands in the upper portion of the primary Jesomma Formation
which had oil shows. The test recovered fresh water (1200 ppm Cl-)
without any traces of oil. The current plan is to drill ahead to
the originally planned depth of approximately 2400 metres which
will penetrate the remaining section of Jesomma sands at which
point the entire section will be evaluated by electrical logging to
determine if further testing is warranted.
The well is being operated by Horn Petroleum which holds a 60%
working interest in the Dharoor and Nugaal Valley Production
Sharing Agreements ("PSA's") along with working interest partners
Range Resources (20%) and Red Emperor (20%). Africa Oil Corp. holds
an equity interest in Horn Petroleum of approximately 45%.
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