Horn Petroleum to Spud Puntland Well in Dec.

In Puntland, Horn Petroleum is currently in final preparations to commence a two well drilling campaign in the Dharoor Valley Block, with the first well (Shabeel-1) planned to spud in December 2011. Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal operator estimates.

Horn has completed sourcing drilling related materials and the majority of these materials are on site or on route to the drilling site. Preparation works including the drill site, air strip and ingress route construction have been completed. Water wells are currently being drilled to provide source water for drilling operations.