Africa Energy Corp (HPMCF)

[dat_51or]

Some news from James Philops, AOI Business Mgr on Horn - Somolia drilling was "spot on"????

Go to the bold section at the bottom of the article. I don't know what spot on means regarding the two dusters, but it sounded good? Confusing.

Note: the acquisition talk I think is refering to AOI's moves, not Horn's, IMO.

Best,
dat






AFRICA OIL WELLS DRILLING 3-4 ETHIOPIA THIS YEAR - BUSINESS MANAGER (Direct) Print
2013-02-18 08:52


ADDIS ABABA (Reuters) Africa Oil plans to drill three to four wells in Ethiopia this year, including the current Sabisa well drilled in the southern part of the country, neighboring Kenya, South Omo.

It says oil exploration company's business development manager James Phillips in an interview with the News Agency Direkt in the Ethiopian capital Addis Ababa.

"We drill Sabisa now and then, we are in discussion with the operator Tullow whether to drill one to two wells in the South Omo block where Sabisa located. Since it is a well in Block 8, in the Ogaden area, with operator New Age which we believe will begin by June. Possibly there could be as early as May, but my assessment is that there still lingers into June, "says business development manager.

He continues:

"My best estimate is still that the total of three wells this year, although it could possibly be four."

In the Ethiopian Adigala block, near the border with Somalia and Djibouti, the company does not socialize with any plans to drill.

"No, we have no intentions to drill and we have not committed ourselves to carry out seismic survey either. This block is not a priority for us, we do not like it enough and hope we can bring down our share. Shall we not a partners as part we are probably not in the seismic campaign, "said James Phillips.

As for the ongoing drill again Sabisa is Africa Oil near target depth.

"We are close to the target but Tullow does not like that we accurately commenting on where we are," he concludes.

A final tax, known as a Product Sharing Agreement, the Rift Valley block north of South Omo is near.

"Yes, it's close, it's just formalities left now. Overall, the agreement is very beneficial for us even if the Ethiopian government's share is marginally higher than the previous agreement., It took time to get it together, but it finds probably partly explained in the Prime Minister passed away last year, which meant that it took a long time. "

What is concerned Ogaden license in eastern Ethiopia, blocks 7 and 8, allows James Phillips understand that the company is willing to halve its current 30 percent.

"I can imagine that we could go down to 15 percent," he says.

Generally considered business development manager of the Ethiopian areas where Africa Oil operates in the very secure.

"Security risk is very, very low. Bandit gangs in our area in the country exist more or less not at all. Not even in Somalia, we had some security incidents," he notes.

For Africa Oil's associated companies Horn Petroleum now operates only in Somalia, or more specifically, Puntland, waiting somewhat different times.

"We've drilled a couple of wells in Somalia that was spot on. So we want to have a partner in the Horn while we want to acquire new licenses are likely to be outside the three countries where we operate. Mainly we look, however, other countries in East Africa. But it may also be that we end up in other African countries and even outside Africa. We look at three different approaches to Horn., we can negotiate with governments, pharmaceutical ourselves in others' licenses or we purchase smaller companies sitting on attractive assets but who have difficulty financing their operations, "said James Phillips.

Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32194918&l=0&r=0&s=AOI&t=LIST#aRehIsDCgrFzj3cU.99