Horn Petroleum to reduce Puntland exploration program

Feb. 13, 2015
Horn Petroleum Corp., Vancouver, BC, will reduce its presence in Bosaso, Puntland (Somalia), and will “refrain from any operational activity and associated expenditures pending a resolution of the political situation between the regional government of Puntland and the federal government of Somalia regarding the legitimacy of oil concession contracts,” the company said.

Horn Petroleum Corp., Vancouver, BC, will reduce its presence in Bosaso, Puntland (Somalia), and will “refrain from any operational activity and associated expenditures pending a resolution of the political situation between the regional government of Puntland and the federal government of Somalia regarding the legitimacy of oil concession contracts,” the company said.

Given the considerable efforts taken by the company to date in Puntland, the company has requested a 2-year extension to the current exploration period from the Puntland government to allow time for these political challenges to be resolved, it said.

Horn holds 60% interest and operatorship in the Dharoor and Nugaal blocks encompassing a Jurassic Rift basin on trend and analogous to the large oil fields in Yemen.