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Africa Oil Corp. T.AOI

Alternate Symbol(s):  AOIFF

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime); Impact Oil and Gas Limited (Impact); Africa Energy Corp. (Africa Energy), and Eco (Atlantic) Oil & Gas Limited (Eco). The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Block 3B/4B covers an area of approximately 17,581 square kilometers (km2) within the Orange Basin offshore of the Republic of South Africa. The Company has approximately 17% interest in Block 3B/4B.


TSX:AOI - Post by User

Bullboard Posts
Post by Rock881on Dec 16, 2011 1:03pm
510 Views
Post# 19329417

latest news on Somalia

latest news on Somalia
Press Release
Horn Petroleum Corporate and Operations Update
Vancouver, British Columbia, December 15, 2011 – Horn Petroleum Corporation (“Horn Petroleum” or the “Corporation”) reports that the 45,535,195 warrants of the Corporation (the “Warrants”) issued on September 20, 2011 have been accepted for listing by the TSX Venture Exchange (the “Exchange”) and will begin trading on or about December 16, 2011 under the symbol “HRN.WT”. 
On August 2, 2011, the Corporation completed a non-brokered private placement of an aggregate of 45,535,195 subscription receipts of the Corporation at a price of
.90 per Subscription Receipt for gross proceeds of $40,981,195.  On September 20, 2011, the subscription receipts converted into Common Shares  and Warrants of the Corporation.  Each Warrant is exercisable to purchase one fully paid and non-assessable common share in the capital of the Corporation at a price per share of $1.50 if exercised prior to 5:00 p.m. on September 20, 2013 (the “Warrant Expiry Time”).

If the closing price of the common shares on the Exchange is greater than $2.00 for a period of 30 consecutive trading days, then on the date that is the 30th consecutive trading date (the “Acceleration Trigger Date”) the Warrant Expiry Time shall be accelerated to that date that is 20 Business Days after the Acceleration Trigger Date.  The Company shall give written notice to the Warrantholder specifying the earlier time of expiry of the Warrants within three business days of the Acceleration Trigger Date.
In addition, the Company reports that drilling operations continue on the Dharoor Block in Puntland, Somalia and the well is expected to spud in January, 2012.
Horn Petroleum Corporation is a Canadian oil and gas company with assets in Puntland, Somalia.  The Corporation holds a 60% interest in the Dharoor and Nugaal blocks encompassing a Jurassic Rift Basin on trend and analogous to the large oil fields in Yemen. The Corporation’s shares are listed on the TSX Venture Exchange under the symbol “HRN”.
 
ON BEHALF OF THE BOARD
 
“David Grellman”
President and CEO


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