Africa Oil plans Puntland transfer

Africa_Oil_PuntlandCanada-listed Africa Oil will transfer its stake in two production sharing agreements in the Somali territory of Puntland to Denovo Capital, to own 50 per cent

Canada-listed Africa Oil will transfer its stake in two production sharing agreements in the Somali territory of Puntland to Denovo Capital, to own 50 per cent

Africa Oil will transfer the 60 per cent stakes in the Dharoor Valley and Nugaal Valley agreements to Denovo in exchange for 27.8mn shares in the company.

Following the transaction, Denovo plans to change its name to Horn Petroleum and undertake a share consolidation on a 1 for 0.65 basis.

The consolidation will follow a $40.98mn private share placement to fund Denovo’s Dharoor Valley drilling expenses, for which Africa Oil subscribed $10mn.

Drilling campaign

The two well exploratory drilling campaign was underway, Africa Oil said, with drilling locations, with the company entering into contracts with drilling and drilling related subcontractors, as well as ground drilling and logistical operations.

The Puntland Government has given its approval for the formation of Horn Petroleum and the pending transaction.

READ MORE...

Horn gets second Puntland well operation underway

Range Resources announce Puntland drilling update

Horn Petroleum spuds oil well in Somalia

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?