Namibia is like Somalia Like Somalia, Like Namibia.
No evidence of any onshore oil in Namibia. No Flow Tests, No JV's, No Uplisting.
In 2012, Horn Petroleum (since renamed Africa Energy) was a spin-off from Africa Oil (AOI) exploring for oil in Somalia/Puntland. They drilled the Shabeel-1 well and found a working petroleum system with good quality light oil. They then proceeded to drill a second well and subsequently disclosed that both wells were non-commercial that turned into water wells due to the lack of traps. No onshore oil wells have ever been discovered in the Somalia's arid desert. Horn Petroleum initially shot up like a rocket and subsequently plummeted to earth on the news of the two duster wells.
However, like Namibia, there is high expectations in the offshore oil potential in Somalia. estimated at 30 billions barrels.
"...Recent seismic data suggests the Somali coastline could be cradling significant offshore oil reserves. Norwegian-based seismic data survey company TGS predicts reserves could be as high as 30 billion barrels spread across 15 shallow and deepwater blocks. While Somalia doesn't have the infrastructure to launch exploration and extraction projects, the joint venture with Shell and Exxon will empower the country with the scope to harness potential resources."
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