.

hi dc - yep tangiers pet was an excellent move from day 1 - well done pl

hrn - i'm not gonna add that to my pf - looks pretty good though - but i prefer my rmp / rrl status as is - and adding on weakness - rrl hit 10 range tomorrow will have another swoop - bumpy ride next week which is good imo especially at these bargain sps right now.....nerves of steel required....


& - a week or 2 old but worth keeping in mind...

Denovo Provides Update on Proposed Qualifying Transaction and Independent Assessment of Prospective Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Denovo Capital Corp. ("Denovo" or the "Company") (TSX VENTURE:DVO.P) is pleased to provide an update to its previously announced acquisition of all the issued and outstanding shares of Canmex Holdings (Bermuda) I Ltd. ("Canmex I") from Africa Oil Corp. ("Africa Oil"), which transaction (the "Transaction") is intended to constitute the Corporation's "qualifying transaction" under the applicable policies of the TSX Venture Exchange (the "Exchange"). The Exchange approved the filing of the Company's filing statement dated August 29, 2011 (the "Filing Statement") relating to the Transaction and the Filing Statement was filed on SEDAR on September 1, 2011. The Company has made its initial submission to the Exchange but has not received conditional approval of the Transaction. The Company expects to be in a position to close the Transaction in the next few weeks. Shareholders of the Company and Africa Oil are encouraged to review the Filing Statement which is filed under the Company's SEDAR profile at www.sedar.com.

Following the completion of the Transaction, the Company, among other things, will have consolidated its issued and outstanding common shares on the basis of one post-consolidation common share for every 0.65 pre-consolidation common shares, continued into the Province of British Columbia under the Business Corporations Act (British Columbia) and changed its name to "Horn Petroleum Corporation". For further information regarding the Transaction, please see the Company's press release dated August 11, 2011.

In connection with the transaction, Denovo is pleased to announce that it has received an independent evaluation of the prospective resources in the Dharoor Valley and Nugaal Valley Blocks in Puntland (Somalia) ("Resource Report"). The Resource Report, effective June 30, 2011, was prepared by Petrotech Engineering Ltd. ("Petrotech") and in accordance with the current guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. A copy of the Resource Report may also be found under the Company's profile on SEDAR.

The Resource Report indicates that gross best estimate prospective resource in the Dharoor Valley and Nugaal Valley Blocks, including both prospects and leads, are in excess of 5.2 billion barrels of oil. A summary of the Company's gross and net share of the unrisked prospective resources (prospects) and the net present values from the profit oil revenue less the un-recoverable amount of funds from the production operation; discounted at 0, 5, 10, 15 and 20% before and after income tax are presented in the table below. The net cash flow is calculated at forecast prices and escalated costs on the prospective resources, to all future time and after deduction of the capital costs, royalties and before and after deduction of income tax. All cash flow data is in U. S. dollars.

Unrisked LM Oil Resources Before and After Tax NPV discounted @
Prospective
Resources (Prospects) 100% Co.'s
Gross
Share Co.'s
Share
of
Profit
Oil 0% 5% 10% 15% 20%
(Mbbl) (Mbbl) (Mbbl) (MM$) (MM$) (MM$) (MM$) (MM$)
Low Estimate
Dharoor 19,774 11,864 2,790 258 160 98 56 28
Nugaal 82,109 49,265 10,108 894 470 233 96 16
Total Low Estimate 101,882 61,129 12,898 1,152 631 331 152 43
Best Estimate
Dharoor 401,041 240,624 86,455 8,549 6,025 4,465 3,433 2,712
Nugaal 1,689,983 1,013,990 309,668 31,552 19,126 12,181 8,044 5,450
Total Best Estimate 2,091,024 1,254,614 396,123 40,101 25,152 16,646 11,477 8,162
High Estimate
Dharoor 3,459,660 2,075,796 755,041 75,450 52,679 38,905 29,930 23,725
Nugaal 12,208,497 7,325,098 2,314,341 241,402 140,508 86,866 56,089 37,353
Total High Estimate 15,668,157 9,400,894 3,069,382 316,852 193,186 125,771 86,020 61,078

Prospective resources (leads) are identified in both blocks and the unrisked resources at 100% and are as follows:

Total Unrisked Prospective Resources (Leads) - Dharoor Valley and Nugaal Valley

Estimates Low Best High
Petroleum Originally in Place (Mbbl) 1,044,887 16,012,157 66,301,497
Prospective Resources on Leads (Mbbl) @ 100% WI 156,733 3,202,431 16,575,374

The Company's Share of the Cost Oil and Profit Oil cannot be determined at this time until the leads can be upgraded to prospects together with the evaluation of production and economic forecasts.

Definitions and Cautionary Statements

Prospective Resources: those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates, assuming their discovery and development, and may be sub-classified based on project maturity.

Uncertainty Categories

Estimates of resources always involve uncertainty, and the degree of uncertainty can vary widely between accumulations/projects and over the life of a project. Consequently, estimates of resources should generally be quoted as a range according to the level of confidence associated with the estimates. An understanding of statistical concepts and terminology is essential to understanding the confidence associated with resources definitions and categories. The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or by a probability distribution. Resource should be provided as low, best and high estimates as follows:

Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.
Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.
High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
This approach to describing uncertainty may be applied to reserves, contingent resources and prospective resources. There may be significant risk that sub-commercial and undiscovered accumulations will not achieve commercial production. However, it is useful to consider and identify the range of potentially recoverable quantities independently of such risk.

Significant Positive and Negative Factors Relevant to the Resources Estimates

This news release contains forward looking information including, but not limited to, estimated resources. The forward looking information is based on current expectations and is subject to a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to the following:

Risks associated with ever making a discovery

The estimation of prospective resource volumes for high-risk and poorly calibrated basins can be subject to large variation from the introduction of new information. The estimates presented herein are based on all of the information available; however, new data or information is likely to have a material effect on the resource assessment values. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will be commercially viable to produce any portion of the resources. Given that a significant portion of the resources in the portfolio are in leads that require additional data to fully define their potential it is likely that significant changes to the resource estimates will occur with the incorporation of additional data and information.

Risk Associated with the Estimates

In the event of a discovery, basic reservoir parameters, such as porosity, net hydrocarbon pay thickness, fluid composition and water saturation, may vary from those assumed, affecting the volume of hydrocarbon estimated to be present. Other factors such as the reservoir pressure, density and viscosity of the oil and solution gas/oil ratio will affect the volume of oil that can be recovered. Additional reservoir parameters such as permeability, the presence or absence of water drive and the specific mineralogy of the reservoir rock may affect the efficiency of the recovery process. Recovery of the resources may also be affected by well performance, reliability of production and process facilities, the availability and quality of source water for enhanced recovery processes and availability of fuel gas. There is no certainty that certain mineral interests are not affected by ownership considerations that have not yet come to light.

Substantial Capital Requirements

The Company expects to make substantial capital expenditures for exploration, development and production of oil and gas reserves in the future. The Company's ability to access the equity or debt markets in the future may be affected by any prolonged market instability. The inability to access the equity or debt markets for sufficient capital, at acceptable terms and within required time frames, could have a material adverse effect on the Company's financial condition, results of operations and prospects.

Ability to Execute Exploration and Development Program

It may not always be possible for the Company to execute its exploration and development strategies in the manner in which the Company considers optimal. Execution of exploration and development strategies is dependent upon the political and security climate in the host countries where the Company operates. The Company's exploration and development programs may involve the need to obtain approvals from relevant authorities who may require conditions to be satisfied or the exercise of discretion by the relevant authorities. It may not be possible for such conditions to be satisfied.

Access to Infrastructure

The Company's ability to produce and market hydrocarbons from any potential discoveries will depend on its ability to access suitable infrastructure. The Company may also be affected by deliverability uncertainties related to the proximity of its potential production to pipelines and processing facilities and operational problems affecting such pipelines and facilities as well as potential government regulation relating to price and the export of oil and gas. Currently there is limited local infrastructure and markets for oil, natural gas and condensate and export infrastructure to enable other markets to be accessed. The Company will work with its partners and government authorities to evaluate the commercial potential and technical feasibility of any discovery made.

Additional Risks

Additional risks associated with the estimate of the prospective resources include risks associated with the oil and gas industry generally (i.e. financing; operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections related to production; costs and expenses; health, safety, security and environmental risks; and the uncertainty of resource estimates), drilling equipment availability and efficiency, the ability to attract and retain key personnel, the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with dealing with governments and obtaining regulatory approvals, and the risk associated with international activity.

Other Information and Updates

Denovo and Africa Oil will continue to provide further details in respect of the Transaction, in due course, by way of press releases.

Completion of the Transaction remains subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the Transaction will be completed as proposed or at all.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Forward-looking information included in this press release includes statements with respect to closing of the Transaction. This press release also contains forward-looking information relating to the intention of the parties to, among other things, complete the Transaction. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The material factors and assumptions include the parties to the agreements underlying the Transaction being able to obtain the necessary director, shareholder and regulatory approvals; TSX-V policies not changing; and completion of satisfactory due diligence. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: conditions imposed by the TSX-V, the failure to obtain the required directors' and shareholders' approvals in respect of the Transaction and related matters; changes in tax laws, general economic and business conditions; and changes in the regulatory environment. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Hi gibby, good post, Hope for a not to bumpy week next week as we should be due news on the drill and loads more. Be good to start seeing the sp rise. Gl

cheers dc & agreed - one of the reasons i am looking to snap up some more - it is very hard to calculate bottom here right now - should not go below 10 - how high is as difficult to say right now - need some data tomorrow to calculate - gl

The bounce will come with the cra- interest rates being paid to savers. Just need this bad european news to go away. I think it is round about christmas which will be crunch time for greece, with more capital loans needed. Big question will they get the loan or be left .

Mid week some important figs come out, for the usa etc. Cannot see us going sub 10p
with the on going news from now on. You never know though. If they hit 9p I will be there too.lol You will soon be a top 10 shareholder. lol

indeed it will - i actually see the euro situ as a bonus - sorry to anyone who has lost of course but to anyone able to buy now - sky really is the limit - greece - hopefully will be left to sink - eyeties (italy) not far behind and one or 2 others - best thing to do is hit this mess head on then look forward - in the meantime the likes of you, me and others can buy cheap - fundamentals of these companies are no different then before this - in fact they are better as time and work has moved on nearer to the ultimate company goals - i feel a.............. kerrrrrrrrrchinnnnnnnnnggggggggggggggggg moment!! lol

Italy have said they will survive??????????????????????????????????????????????????

Merkel worries me -


20:48, Sunday 25 September 2011

BERLIN (Reuters) - Allowing Greece to default on its debt now would destroy investor confidence in the euro zone and might spark contagion like that experienced after the bankruptcy of Lehman Brothers in 2008, German Chancellor Angela Merkel said on Sunday.

"We need to take steps we can control," Merkel said, drawing a parallel between the Greek situation and that of Lehman, whose bankruptcy helped trigger the global financial crisis.

"What we can't do is destroy the confidence of all investors mid-course and get a situation where they say that if we've done it for Greece, we will also do it for Spain, for Belgium, or any other country. Then not a single person would put their money in Europe (Chicago Options: ^REURTRUSD - news) anymore."

In a one-hour interview on the euro zone crisis with the popular German talk show host Guenther Jauch, Merkel said she relied on the view of the International Monetary Fund (IMF (Berlin: MXG1.BE - news) ) when assessing how to handle Greece.

As long as the IMF was convinced Greece's debt was sustainable, then she supported that position, she said.

Merkel also made clear that she did not view a parliamentary vote in Germany on Thursday on the euro zone's rescue mechanism as "make-or-brake" for her government.

Because opposition parties support giving new powers to the so-called European Financial Stability Facility (EFSF), passage is not in question.

But some German politicians have suggested that if Merkel fails to win a majority with the conservative parties in her coalition -- known in Germany as a "chancellor majority" -- she should dissolve parliament and call new elections.

"We are talking about a law here, a completely normal law. The government needs a majority. The chancellor majority is what you need when you are voted in as chancellor, or in other special personnel cases," she said. "I want my own majority and I will fight for this."

She (SNP: ^SHEY - news) also said she was "appalled" at a lack of progress from the Group of 20 countries in forging a consensus on regulating banks and dealing with the "too big to fail" problem.

i am afraid that merkel is out of her depth as will be demonstrated quite soon and in fact those in the know well aware of what is going to happen - she needs to wake up and smell the coffee quick

German courts did they not stop her dishing out dosh.

There is even talk in the papers of us putting another 1bln into Greece.

there's much i can say about her - she's straight jacket material! - gotta go now have a good evening

another 1B to greece - you might as well soak it in petrol and light a match - will last longer that way than giving it to greece! yeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaa!

Or buy some rrl shares .lol

RRL held on the ASX

Horn Petroleum Corp. Heads into 2nd Day of Trade Following 186% Moon Shot on Friday
9/26/2011 8:05 AM by MidnightTrader.com Staff from Midnight Trader in Investing, Horn Petroleum Corp. (HRN.V) starts this morning at $1.00 a share following a 186% rocket shot for the oil and gas exploration company during in its first day of TSX Venture Exchange trading on Friday.

Horn, formerly Denovo Capital Corp., earlier last week completed its qualifying transaction by acquiring all of the outstanding shares of Canmex Holdings I Ltd., a one-time subsidiary of Africa Oil Corp (AOI.V) with assets in Puntland, Somalia, in exchange for just over 18 million shares of Horn stock.

As part of the deal, Africa Oil also bought another 11.1 million Horn equity units in a private placement priced at 90 cents per unit and now owns a 51.4% stake in Horn.


Read more: http://community.nasdaq.com/News/2011-09/horn-petroleum-corp-heads-into-2nd-day-of-trade-following-186-moon-shot-on-friday.aspx?storyid=95785#ixzz1Z65oJhQl

good stuff - glad i waited for rrl yesterday
it will bounce back gl

on Tuesday Sept 27

By Tricia Wright

LONDON, Sept 27 | Tue Sep 27, 2011 6:21am BST

LONDON, Sept 27 (Reuters) - Britain's FTSE 100 index was seen opening sharply higher on Tuesday, tracking strong gains overnight on Wall Street and in Asia, as investors become increasingly hopeful euro zone officials will find a way to stem Greece's debt crisis and stop it wreaking havoc on the financial system.

The blue-chip index looked set to gain 94-110 points, or as much as 2.2 percent, having ended up 22.56 points, or 0.5 percent, at 5,089.37 on Monday

Tangiers Petroleum: Two company-making assets in one investment
10:26 am by Ian Lyall

http://bit.ly/qVi7Ek

The coastal waters of Morocco are under-explored. That may not be the case for much longer with a very favourable fiscal regime and a stable economy.
Peter Landau knows a thing or two about the oil and gas sector as followers of his company, the AIM phenomenon Range Resources (ASX:RRS, LON:RRL), are very well aware.
So, when Range took a 5 per cent stake in little-known Aussie firm Tangiers Petroleum (ASX:TPT) earlier this month, investors on this side of the world sat up and took notice.
Ranges $2 million investment bought a 5.7 percent stake in Tangiers at 40 cents, which provided Landau and his team with an instant payback when it hit 88 cents earlier this month. Since then it is subsided to 60 cents.
However, if Tangiers fulfils a fraction of its potential, then the recent record valuation of the stock could be made to look ludicrously conservative.
For Tangiers, which will list on AIM in the fourth quarter, has what it believes are two world-class assets.
The first is the Tarfaya oil area off the coast of Morocco, which has an un-risked prospective resource of 867 million barrels, with a high-end estimate of almost 5 billion barrels.
The other is a potentially mega gas prospect in Australias Southern Bonaparte Sea, some 250 kilometres south-west of Darwin.
Each has the potential to be a company maker, and farm-out deals to be unveiled by the year-end will reveal whether the oil and gas industry agrees.
The listing across in the UK gives Tangiers exposure to a market more au fait with African offshore oil, and of course access to the deeper pockets of the London institutions when it comes time to invest.
The immediate plan, however, is to find partners willing to carry out the initial drilling campaigns on the two projects as well as some 3D seismic work.
Morocco is one of the worlds few under-explored oil nations, though give it five more years and the country will be inundated by the industrys great and good attracted by the very favourable fiscal regime.
Companies such as Tangiers enjoy a 10-year tax holiday on each and every discovery they make, while the royalty on oil is 10 per cent.
Morocco is a good place to do business, says Tangiers chairman Mark Ceglinski.
It has been untainted by the Jasmine Revolution, has a progressive king and a parliamentary democracy. They are eager for investment and have developed fiscal terms that are encouraging foreign investment.
Tangiers owns 75 per cent of the Tarfaya Block, with the remainder held on a free carried basis by the Moroccan government. The company has eight permits covering a total 15,000 square kilometres.
An independent evaluation by Netherland, Sewell & Associates came up with the 867 million to 5 billion barrel recoverable resources resource estimated cited earlier.
It looked at four Lower-Middle Jurassic prospects in the block La Dam, Assaka, TMA and Trident.
Meanwhile, interpretation of the latest 2D seismic data on Zeus and Little Zeus prospects suggest they are significantly larger than first thought.
Zeus and Little Zeus are big closures, Ceglinski says. Zeus on its own is 1,000 square kilometres plus a very thick unit as well.
We have done some preliminary internal volumetrics and it appears to be quite large large.
We have asked Netherland, Sewell review the prospects and we look forward to seeing their conclusions.
So far the company has identified four prospects in the upper and middle Jurassic and another eight in the top Jurassic intervals.
Early indications suggest there are multiple leads in the Lower Cretaceous, while the Tertiary and Triassic have yet to be evaluated.
The Zeus prospects were found in the Upper Jurassic, which the same oil-bearing horizon drilled by Shell in the late 1960s for the Cap Juby Oilfield nearby.
However it is only recently that interest in the area has taken off. Last year 12 wells were drilled, with eight successes, and in 2009 there were nine wells.
Tangiers wont develop the block on its own. It will farm out a share of the asset in return for up to three wells at a cost of US$25 million each and US$10 million-worth of 3D seismic.
We are opening the data room and we plan to farm it out imminently for three wells and 3D, Ceglinski confirms.
It would be fair to expect a two-for-one farm out, where we would retain half of all of this and get free carried through all the spend.
In Australia, the company has discovered what it believes to be two huge gas finds Nova and Super Nova - sitting below already existing oil fields.
The oil bearing parts are the Turtle and Barnett structures that have the potential to be near-term cash generators for the company and are part of a wider area covered by exploration permits WA-422-P and NT/P81.
Based on work carried out by Schumberger, Tangiers cites what it calls a probabilistic estimate of un-risked gas in place of 71 trillion cubic feet to 148 Tcf which makes the pair potentially huge on anyones register.
The geology points to a major find, as does the nearology. Nearby are the Petrel, Tern and Blacktip gas fields. The latter has a direct pipeline to shore, which cuts straight through Tangiers licence area.
We have allowed several parties intothe data room while we were finalising our technical work, Ceglinski reveals.
We are about to open that more broadly and invite potential farm in partners to review the data. Wed like two wells and some 3D all completed next year.
The cost of this is likely to be around US$100 million for anyone who farms in
We are looking to be carried on that, the Tangiers chairman adds.
And we have 90pc of that project. If we farm out we would still have 45 per cent of something that could be rather large.
The reason for Ceglinskis visit to the UK was to ink in the details of the companys AIM listing. The NOMAD, lawyers and IR consultants have all been chosen. The broker will be named soon.
The only other decision is whether to raise cash as part of the junior market float. With in excess of A$2 million in the bank the company has enough cash in to fund its near-term working capital requirements.
After that the farm-out deals should rake in additional funds.Diluting the investors at these prices is seems unwarranted.
However, a small free float in London may help initially with liquidity while also setting a valuation benchmark.
At the same time, Tangiers is keenly scanning the horizon for acquisitions while developing its current assets.
We are looking at other projects in Australasia, Asia, Africa and North and South America, says Ceglinski.
Well take a look at almost anything, even Puntland!, he adds, referring to the formerly war ravaged part of Somalia where Landaus Range Resources is invested. Although, Peters a little braver than I am.

http://www.biyokulule.com/view_content.php?articleid=3831