Update from RMP and RRL Shabeel-1 well currently being drilled in Puntland by the Joint Venture
partner and operator, Horn Petroleum Corp. (TSXV: HRN) is drilling ahead at a
current depth of 3,425m (as at 13 May 2012).
A gross section of 150m of oil (possible net pay between 12-20m) has been
encountered in the Cretaceous Sandstones (previously announced) whilst further oil
shows have been encountered in the deeper sandstones which are currently being drilled.
A testing program including the zones discovered to date and any deeper
potential payzones encountered will be agreed with the Operator upon total depth being
reached.