More Oil at Somali Well

by Jon Mainwaring

Rigzone Staff

Monday, May 14, 2012

Horn Petroleum has encountered further oil at its Shabeel-1 well that it is currently drilling in Puntland, Somalia, according to stock exchange announcements made in London on Monday from Horn's partners Range Resources and Red Emperor Resources.

The firms previously reported that a gross section of 490 feet (150 meters) of oil, with possible net pay of between 39 and 66 feet, had been found. But now that the well has been drilled to a depth of 11,235 feet (3,425 meters) further oil shows have been encountered in the deeper sandstones.

On Monday oil analysts at Fox-Davies Capital commented that the news raised the potential that Shabeel-1 may have a commercial discovery, while also increasing the prospectivity of the remaining targets in the firms' exploration portfolio in Puntland.

Horn, the operator, holds a 60-percent interest in two Puntland licenses covering an area of 13,900 square miles in what the companies describe as the "highly prospective" Dharoor and Nugaal valleys. Red Emperor and Range Resources each hold a 20-percent interest.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

WHAT DO YOU THINK?

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

nita daimond | May. 17, 2012

as i think these is very good work done, and new relationship all the world in soamalia special in puntland n i hope these oil will cover ends the somalian problems.. plz keep doing good work puntland 4 ever

C/rahman Suleimon | May. 15, 2012

i think this is the histrocal project for Puntland people and somalia in general and i hope somalia will joing OPEC group. well done job for puntld govt and the impementors of this project.

A.Bulhan | May. 14, 2012

Well, this is very good news for all Somalis in general and Puntlanders in particullar. I hope this new oil discovery ends the Somalia civil war and everyone gets their fair share of the pie. Pleese keep doing the good work and we look forward to a new day for Somalia.Thank yout

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