Africa Energy Corp (HPMCF)

[dat_51or]

As most of you know, Horn is partly owned by AOI, who is partnered with Tullow in Kenya.

Here's a translated article mostly on TW and AOI in Kenya, but note the references to Norn's second, Shabeel North at the end of the article.

Sounds like we may be getting sort of regular drilling updates?

dat

AFRICA OIL: UNAFFECTED by 20%-agreement in KENYA-IR (direct)
2012-06-27 11:23



STOCKHOLM (direct) To Kenyan Turkanas municipality councils according to media information has agreed with the Kenyan central Government about a 20% royalty distribution on any future oil revenues affects not Africa Oils or operator, Tullow oil's share payment to the Kenyan Government.
It says Africa Oil spokesman Robert Eriksson to news agency directly.

"The majority of revenues stay with the Kenyan Government, how it chooses to distribute their income is up to it. But we welcome the fact that a settlement seems to have been reached with the region of Turkana district. However, does not affect us because we have our binding legal agreement on how much we are paying to the Kenyan Government, "says the spokesperson.

Robert Eriksson says further media information that a member of Parliament from Turkana region would call into question how the selling process of licence 10BB, where the well Ngamia-1 is located, went to Africa in 2010 when the Oil would have bought the license for 10 million dollars.

"It may refer to the honourable Member, but we have a very solid legally binding agreements which we feel very secure with," says Robert Eriksson.

A final update on the drilling of the well Ngamia-1, in which case the depth is 2.700 metres, is expected within a week.

"That information is expected within a week," says Robert Eriksson.
Later in July is expected to even a reserve judgement about the Kenyan deposit from third parties according to the spokesperson.

As regards the ongoing drilling in brunnen Shabeel North, in Puntland, Somalia, it is quite possible that the operator Horn Petroleum where Africa Oil is the majority owner, along with other partners, will continue with regular updates on how well the progress of, discloses Robert Eriksson.
Last week came an update about the Somali drilling had reached just under 1,000 meters on its way to the target depth of 2.400 meters.


Henrik Svensson + 46 8 5191 7924
The News Agency Of Direct

https://www.avanza.se/aza/press/news.jsp?fromPage=newsModule&newsArticleId=N1912341