.

The rns PL has promised will have to be put together with Horn, the drill operator.
So could be any time after2.30pm/ or the morning.

Looking really good

This is hot, hot, hot !....oil but not sure how much as just over half way there....200m till the first target.....they'll never be able to keep it quiet if they hit crude ....

http://www.moneyam.com/action/news/showArticle?id=4324294

from ii - RNS Keys points:

• Currently at a depth of 2002 meters.
• The well is currently drilling a 400 meter section composed of interbedded sandstones and shales
• Most of the sandstone intervals in this section have exhibited oil and gas shows confirming the existence of a working petroleum system.
• Determination of the quality of the reservoir and prospectivity of any potential oil bearing intervals cannot be determined until down hole electric logs and formation tests are concluded.
• Planned total depth of 3800 meters
• Yet to penetrate the main reservoir targets
• Next electrical logging run will be coincident with the running of the 9 5/8" casing at approximately 2400 - 2700 meters.
• Operations continue to run smoothly with no reported security or operational incidents.


RNS Key words:

• exhibited oil and gas shows
• A working petroleum system.
• Yet to penetrate the main reservoir targets

A Working System....Yes a Working system...

May start to this this rise now, derisked with no security issues.

dreamcatcher - you can get the AUS:RRL over the road.

Cheers skinny

Just wonder how long now before Petrotrin sign off TT. Would think that the US news is out of the way and todays update, Looking forward to this news. Perhaps it has shifted to the top of the intray now. :-))

http://presstv.com/detail/230431.html

I just wonder if this drill is a lot further on then we have been told in todays rns.
In the above posts we have Europes MPS doing secret oil deals. Pipe lines are in place,
oil storage tanks etc, etc,. Just wonder again is the news being drip fed. You have to ask how are all these talks and deals going on ( I dont seem to think the talks and infrustructure in place are a lets say a gamble for if oil is found). Only my view.

Brilliant company video. :-))


http://www.youtube.com/watch?v=YQ7uSuS3Mj8&feature=youtu.be

http://www.asx.com.au/asxpdf/20120308/pdf/424wl7bwtxpkq8.pdf

Following us up just over 8% on the ASX

Should be entering first target about now......oh.....for another Shaikan......hoping for a bit too much there......how's our man on the rig doing ?...

from ii

The Figures – from HORN Website – E&OEE…….


http://www.hornpetroleum.com/s/Dharoor_Nugaal_Block.asp?ReportID=499459&_Type=Dharoor-and-Nuggal-Blocks&_Title=Block-Summaries


The NET Best Estimate and Values for the THREE Puntland Onshore Partners given by Horn Petroleum are :-…….

Block…….Partners………………....Gross Area….Gross Best Estimate …Net Best Estimate
……………………………………………[sq.km.]…………[MMBbls]……………..[MMBbls]
Dharoor…………………………............14,384…………..1,210…………………………………..

…………... Horn (Operator) 60%..............................................……………………..726
…………... Range Resources 20%.............................................…………………...242
…………... Red Emperor 20%....................................................…………………...242
……………………………………………………….....Gross Best Estimate Total...1,210

Nugaal……………………………...........21,784…………..4,083………………………………….
…………... Horn (Operator) 60%.......................................................................2,450
…………... Range Resources 20%..........................................…………………...816.6
…………... Red Emperor 20%.................................................…………………….816.6
…………………………………………………….......Gross Best Estimate Total...4,083

Net Asset Value - to Each of the Partners @ $3/bbl

Dharoor

Horn (Operator) 60%..........726,000,000 x $3 = $ 2,178,000,000 / 120* = $ 18.15 per share
Range Resources 20%.......242,000,000 x $3 = $ 726,000,000 / 2,122^ = $ 0.34 per share
Red Emperor 20%...............242,000,000 x $3 = $ 726,000,000 / 205** = $ 3.54 per share

Nugaal

Horn (Operator) 60%........2,450,000,000 x $3 = $7,350,000,000 / 120* = $ 61.25 per share
Range Resources 20%........816,600,000 x $3 = $2,450,000,000 / 2,122 ^ = $ 1.15 per share
Red Emperor 20%................816,600,000 x $3 = $2,450,000,000 / 228** = $ 10.74 per share

For Shares in Issue at the time of the Dharoor and Nugaal Explorations –
[I would expect these to be Higher by the 2013/14 exploration season]

* for Horn - shares in issue raised from 75 Million to 120 Million by the “compulsory” excercise of 45 Million Warrants at an excercise price of $1.50 - by August 2013 - to provide an additional $ 67.5 Million in working capital for the development and Drilling of the Puntland Blocks.


http://www.hornpetroleum.com/s/Share_Structure.asp *

** for RMP – Shares in Issue following the current 2 x Tranches - announced this week.
^for Range – I have used Current Shares in Issue – to be kind - although I would expect RRL Shares in Issue to be Much Higher by 2013/14 – unless there is some sale or buy back.

Values per share for ........................Dharoor + Nugaal combined

Horn (Operator) 60%.......$ 18.15 per share + $ 61.25 per share = $ 79.40 = £49.79

Range Resources 20%.....$ 0.34 per share + $ 1.15 per share = $ 1.49 = £ 0.93p

Red Emperor 20%............$ 3.54 per share + $10.74 per share = $ 14.28 = £ 8.95

Conversion Factor $ : £ = 1.5947

Put RMP / RRL / HRN in an ISA – they are ALL ISAable !!..….

DYOR......

breathing sand.

http://www.somaliaonline.com/community/showthread.php/62965-Puntland-Finance-Minister-quot-We-Will-Manage-Our-Oil-With-Good-Governance-quot

http://www.irinnews.org/Report/95031/SOMALIA-Benefits-and-risks-of-Puntland-oil

http://www.proactiveinvestors.co.uk/companies/news/39978/range-resources-puntland-chances-look-much-better-after-drill-update-says-broker-39978.html