Africa Oil Corp., Vancouver, BC, and Denovo Capital Corp. have formed Horn Petroleum Corp. and raised $41 million for the drilling of two exploratory wells on the Dharoor Valley Block in Puntland, Somalia.
Africa Oil Corp., Vancouver, BC, and Denovo Capital Corp. have formed Horn Petroleum Corp. and raised $41 million for the drilling of two exploratory wells on the Dharoor Valley Block in Puntland, Somalia.
Africa Oil subscribed for $10 million of the $41 million private placement and will have an approximate 50% interest in Horn Petroleum when the transaction completes. The first well is to spud in the fourth quarter of 2011.
Partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved. The Puntland government has approved the formation of Horn Petroleum and the impending transaction with the Africa Oil.
About the Author
Alan Petzet
Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
