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Horn down 51.23%

UPDATE: Horn Petroleum Down 43% After Lackluster Somalia Report

The company, today provided an update on the drilling program in Puntland, Somalia.

The Shabeel well has reached a total depth of 3,470 meters and has encountered metamorphic basement at a depth of 3,430 meters and is currently being suspended for future testing. The well has encountered additional potential net pay sands in the Jurassic Adigrat Formation at a depth of 3,246 to 3,430 meters, several of which exhibited oil and gas shows. Petrophysical analysis of the well log data indicates up to 3 meters of potential hydrocarbon pay in several thin sand units, AOI said. They are not considered to warrant testing at this time, but do further confirm the existence of a working petroleum system.

The Shabeel well is operated by Horn Petroleum Corp (HRN.V). Africa Oil holds a 51% equity interest in Horn Petroleum which in turn holds a 60% working interest in the Dharoor and Nugaal permits in Somalia. The other partners in the blocks include Range Resources (20%) and Red Emperor (20%).

AOI is now at $6.77, down 7.26%


Read more: http://community.nasdaq.com/News/2012-05/update-horn-petroleum-down-43-after-lackluster-somalia-report-second-most-active-on-tsxv.aspx?storyid=142091#ixzz1v9nJb25q

Another view thanks to winestock -


Very stange announcement today!



Was it purposely ambiguous - why not just spell it out!?

So the 12-20m in the UC may be commercial but they don't want to tell us yet , & the 284m lower down is not worth testing......or is it - the door's left open!?
As for the test kit - that was shipped out there weeks & weeks ago as stated in an RNS.
Also they could test with out the rig if they wanted....doesn't add up!!

So they're stalling IMO

For what reason - Denial? or Politics/Security?

What ever you believe, today would not be the day to sell, especially on the predictable AIM downspike.

Ride it out & see how Shab-n pans out IMO

They'll be some interesting fall out after today & still much to learn IMHO

WS

RNS 23RD FEB 2012 Im no oil man but this must be the testing equiptment they reckon is not in the country ?


Drilling of the Shabeel-1 well is expected to be completed before the end of March and testing equipment is currently being mobilized to the site.


http://www.rangeresources.com.au/fileadmin/user_upload/asx/OperationsUpdateandAppendix3b230212.pdf

So between the operator and partners they had 2 and three quarter months to get
the testing gear out there. My opinion only we are being played for time .
That was one big slip up in the RNS today.

Keeping hold of my stock till we see the results of this and the next drill, going to be very interesting one way or the other. I may be barking (woof,woof lol) up the wrong tree, will have to wait and see.

Not having the testing gear could delay the results 4-6 weeks at a guess.
Works well either way - if there was a large find it can be delayed not to endanger the next drill. If they know its not good, they will be well on the way with the next drill perhaps with some better news as it proceeds.

Horn ended up 50% down came off worse then Range or RMP.

I personally believe this is outrageous the way they have made their announcements. a lot of people must have already known hence the continual fall of the SP. How could they put out a rNS on monday and 3 days later say that the drilling has suspended. In between give updates on US and Trinidad. again a ploy to soften the bad news but it hasn't worked. Also saying in yesterdays RNS that the continual fall in the SP is due to the market conditions and rest of the year remains on target. He had already warned his mates. How comes we get no more Q&A emails posted here from PL ? It's strange why the sudden halt,

Very good points.

Perhaps PL has tested that runway in his private jet. :-))

Who is buying all these cheap shares, ll's by any chance.

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Range Resources (RRL LN, 7.45p, ▲ 2.8%) - Open Briefing Lifts the Lid…Just a Crack: Range Resources' Open Briefing, has provided more colour on the background to yesterday's announcement. So, now we know that internally the partners are talking about volumes between 70 - 130mm bbl, and that they are waiting to see if the flow rate will be commercial. As with yesterday, we are reiterating our BUY recommendation on RRL (Target Price 27p) and RMP (65p).



Read more: http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Heritage_Oil_Range_Resources_and_Volga_Gas/55907466337e.aspx#ixzz1vE6ckvPB


http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Heritage_Oil_Range_Resources_and_Volga_Gas/55907466337e.aspx#ixzz1vCmIt8jk

MD Peter Landau
Nothing changes for Range in the immediate future and we are working head down, bum up. We are fully funded and look forward to updating the market on a number of fronts including Colombia and our flagship operations in Trinidad and of course hopefully on further drilling success in Puntland.


http://www.rangeresources.com.au/fileadmin/user_upload/asx/Lodgement_of_Open_Briefing_Puntland_18.5.12.pdf

Horn up 8.75% (yesterday down 50%)

Hi DC, not made a jot of difference to the sp - another waiting game at a very high cost unfortunantely.

Hi 3m, Not sure if the fire fighting exercise was a good idea . Note he added poss
bbls of oil to Range .'' Nothing changes for Range in the immediate future and we are working head down, bum up''. It wants to, PL wants to get his ars- out to TT and see
what we are employing 300+ staff for. Range now wants to get a move on.

RANT OVER

sorry 3m. Will just have to wait now and see .

Agree DC he needs to get more than his ars- out in my opinion and don't blame you for a RANT gutted to say the least.

His constant e-mails to investors (some are false I know) have not helped . Now he sees that public investors are not putting up with huge time delays, rns's that are far from giving the whole picture.
Colombia had better get oil on stream fast and not burn cash . The last thing we need is a cash call.
Institutions invested here must be livid now.