Interesting reading here.......... Outlook
The company has recently announced the discovery of over 100 metres of net oil pay in the Ngamia-1 exploration well, located in block 10BB (Kenya). It is anticipated that drilling of the Ngamia well will be completed and test results announced early in the third quarter of 2012. Upon completion of the Ngamia well, it is anticipated that the rig will commence drilling the Twiga-1 exploration well, located on block 13T (Kenya). The Twiga-1 well is on trend with the Ngamia well, focusing on a geologic structure similar to Ngamia.
In addition, the company has recently announced that the Shabeel-1 well, located in the Dharoor block (Puntland (Somalia)), has encountered a significant zone (12 to 20 metres) of potential hydrocarbon pay in the Upper Cretaceous Jesomma formation. The Shabeel-1 well has been suspended for future testing. The drilling rig is currently being mobilized to the Shabeel-North location. It is anticipated that the Shabeel-North well will be drilled and potentially tested during the third quarter of 2012.
The company and its joint venture partner Tullow aim to increase the pace of exploration in east Africa by sourcing an additional two drilling rigs before the end of 2012. One rig is intended to be mobilized to block 10A (Kenya) and to commence drilling the Pai-Pai prospect, and an additional rig is intended to be mobilized to the South Omo block (Ethiopia) to commence drilling an oil exploration well. This will bring the total number of rigs operating on the company's east African acreage to four prior to the end of 2012. In addition, the company plans to continue aggressively acquiring 2-D seismic data focused on blocks 10BA, 10BB, 13T, South Omo and 12A.
We seek Safe Harbor.