Horn Petroleum Provides Shabeel North Well Update; Shares Drop 45%, Nearing Yr Lows

By MidnightTrader.com Staff,

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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 ( DST ) 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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This article appears in: Investing Commodities
Referenced Stocks: DST

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