Africa Oil has provided the following update on the Company's 2008 operations and anticipated 2009 operations.
In 2008, Africa Oil became the first operator to record seismic data in Somalia for 20 years. The data is now in the final stages of processing and it is anticipated that interpretation will begin within the next two weeks. The Company's technical staff are extremely encouraged by the data so far. As previously announced, the survey was completed on December 3, 2008 and the seismic contractor, IMC/TESLA of the UK and Canada, demobilized their equipment from the field to a holding area in the port city of Boosaasso. A vessel was subsequently chartered by IMC/TESLA to transport the equipment to their next area of operations. The vessel arrived in Boosaasso on January 9th and loading was completed on January 13th. The vessel departed port this morning, January 14th.
The Company's focus will now switch to implementation of an exploration drilling program. It is anticipated that a drilling rig will be mobilized to the Dharoor Valley to begin drilling during 2009. These operations will establish yet another milestone, no drilling having taken place in Somalia since 1992. The Company is proud of its achievements to date in Puntland and is eager to embark on the next stage of its ambitious program.
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