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Red Emperor confirms Puntland region oil shows

July 19, 2012 · 323578 Comments2012-07-19+13%3A54%3A12Qalinle+Hussein

Range Resources its partner Red Emperor Resources (RMP) begin drilling in the Dharoor Valley basin in Somalia's Puntland region, 16 January 2012

NAIROBI — Red Emperor Resources has confirmed. that the Shabeel North well in Puntland, Somalia, has penetrated a 50-metre gross section of upper Jesomma sands with oil shows.

The well – which is being drilled by Red Emperor’s joint venture partner Horn Petroleum – is at a current depth of 1,967 metres.

Red Emperor says an open hole drill stem test is currently under way to determine if this zone is oil or water bearing and should be concluded within the next 24 to 48 hours.

Regardless of the result of this test, the well will continue to drill to the base of the Jesomma sands to evaluate any additional lower Jesomma potential pay zones.

Red Emperor holds a 20% working interest in two licences in Puntland.

Stock Market Wire

July 19, 2012

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By Qalinle Hussein

Tags: Nugaal, Oil, Puntland region, Red Emperor, Somalia

khaatumo citizen says:

it's for sure there's oil in Bari region, but Puntland should've waited until the whole country was at peace but well who cares I'm going to get my share lol

8:59 am on July 19, 2012

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farxaan says:

This artical will attract a lot of traffic negative and positive comments.

9:04 am on July 19, 2012

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cabudwaq says:

it is widely known there is oil in puntland. it needs drilling of many wells as was the case in Saudi Arabia (seven wells before oil find in Saudi) i congratulate the hardwork and determination of puntland people.
i have been coming bosaso for the last 17 years for trade. i have many connections there and if the oil is brought my business will change. they need to forget mogadishu and build their cities.

9:30 am on July 19, 2012

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kaboon says:

all of somalia has oil. south somalia has oil as well as puntland and somaliland. lets just hope that we get the benefits and not just few niman

3:47 pm on July 19, 2012

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real sanaaglander says:

I think getting oil in puntland will not only be good news for somalia but entire world. Congratulation to punland for taking such a positive step

8:22 pm on July 19, 2012

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mohamed cheers says:

Unless defaults Puntland is tied up to the roadmap treaty signatories jointly being taken care off
by the TFG/UN/IC key govts. The real power of Puntland and the other signatories are now
unionized and any oil or similar deals by Puntland is illegal and should not be allowed
by the central roadmap hq command. Therefore any such undertakings should be illegal and
the central hq roadmap command should bring Puntland to accountable justices.
Cheers.

9:21 pm on July 19, 2012

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Somali Lon says:

several saying puntland should wait till somalia constitution. I diagree. Only by having this oil prospect, will give huge hope to somalian and puntland and give them the flavour of having a stable and economically viable country, hence to stop all together (if possible) the instability and piracy.

hence, puntland is very wise to proceed with drilling oil.

smart move and god willing, there will be significant oil discovery and somalian wont have to be poor country anymore

Allah Akbar

2:52 am on July 20, 2012

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Gacaliye says:

Where is the oil. It is fresh water.

4:00 am on September 5, 2012

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