After two disappointing wells back to back, Horn Petroleum is focused on preparations for a seismic acquisition in Somalia. The campaign, targeting the Dharoor PSA , will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin.
Efforts are now focused on identifying a drilling location in the western portion of the basin where an active petroleum system was confirmed by the recent drilling of Shabeel-1 and Shabeel North-1. This seismic programme is expected to commence in the first half of 2013.
The company continues to pursue efforts to drill an exploration well in the Nugaal PSA and is working with the Puntland government authorities to move this project forward.
Horn is in active discussions with potential joint venture partners and also is reviewing new venture opportunities in the region. “We remain very encouraged by the exploration potential of these Jurassic rift basins in Puntland”, Horn President and CEO, David Grellman, commented. “We have committed to the next exploration phase in both PSAs and plan to aggressively explore both areas to confirm this potential. We are also optimistic that the political progress in Somalia will continue and allow oil and gas exploration in the region to expand.”