Northern Somalia exploration effort planned

10/23/2006
Canmex Minerals Corp., Vancouver, BC, signed a nonbinding agreement to take a farmout from Range Resources Ltd., Perth, on two blocks in the nonproducing Nogal and Al Medo/Darin basins onshore between the Gulf of Aden and Indian Ocean in northern Somalia.Completion is expected by yearend.The basins lie across the Gulf of Aden from Yemen, which had a 23% success rate and average discovery size of 96 million boe recoverable in 1994-2006, Range noted. The Somali record is 11 oil and gas discoveries, none producing, out of 60 wildcats drilled in 580,000 sq km of sedimentary basins.The basins with the acreage covered under the agreement are identical to Yemen’s productive basins, Range s...
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