Horn Petroleum Corporation a subsidiary of Africa Oil has said it will significantly reduce its activities in its Dharoor and Nugaal PSC areas 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 that holds a 60% interest and operatorship in the Dharoor and Nugaal blocks has been unable to carry out exploration activity since early last year as both of its licensed areas fall in contested land with the Nugaal block in the center of dispute between Somalia, Puntland and Somaliland.
In the last update the company had announced it would consider a seismic acquisition campaign in the Dharoor Valley area which will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin as well as prospect specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the most recent drilling at the Shabeel-1 and Shabeel North-1 locations.
At the same time Horn Petroleum has requested a two year extension to the current exploration period from the Government of Puntland to allow time for these political challenges to be resolved.
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