Africa Oil hatches Somalia deal
Friday, May 13, 2011
Canadian independent Africa Oil has penned a letter of intent with a mystery drilling outfit in advanced of a planned exploration well in Somalia.
The company has also set up a new company focused on exploration in the war-torn Horn of Africa country’s semi-autonomous Puntland region.
Africa Oil’s joint venture partner, Australian independent Range Resources, announced today that the former has signed the contract with the unidentified drilling subcontractor, “paving the way for the milestone exploration well in Puntland to be drilled in [the third quarter this year]”.
Range and Africa Oil together already have holdings in two prospects in Puntland with drilling set to start this year.
Africa Oil wrote in a Thursday announcement that it has teamed up with capital pool outfit Denovo Capital Corp to form a new company, Puntland Petroleum Corp.
Puntland has achieved notoriety as the region from which Somali pirates operate in hijacking merchant vessels in the Gulf of Aden and Indian Ocean