.

http://www.realclearpolitics.com/news/ap/politics/2012/Aug/26/un_official_says_somalia_transition_is_too_slow.html

The above perhaps delays the announcement we are waiting for .

yup - delayed until 3rd / 4th Sept.

August 27, 2012
Horn Petroleum Provides an Update on Puntland Drilling

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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2012) - Horn Petroleum Corporation ("Horn" or the "Company") (TSX VENTURE:HRN) is pleased to provide an update on the drilling program ongoing in Puntland (Somalia).

The Shabeel North-1 well has reached a total depth of 3945 meters and has encountered metamorphic basement at a depth of 3919 meters. The well penetrated 149 meters of interbedded sands and shales of the Triassic Adigrat Formation with no oil or gas shows and only minor porosity exhibited on electric logs. Accordingly, the well is being plugged. As noted in a previous Puntland drilling update, the Upper Cretaceous Jesomma sands did exhibit porosity and hydrocarbon shows but produced only fresh water on a drill stem test. These sands are similar to the Jesomma sands encountered in the previously drilled Shabeel well in respect of log response and oil and gas shows. It has therefore been determined that additional testing of these zones in the previously drilled Shabeel well is also not warranted.

Based on the encouragement provided by the Shabeel wells, the Company and its partners, Range Resources and Red Emperor, plan to enter the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts ("PSC's) which carry a commitment to drill one well in each block within an additional 3 year term. The current operational plan would be to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland Government to gain access regarding drill ready prospects in the Nugaal Valley block. The focus of the Dharoor seismic program will to delineate new structural prospects for the upcoming drilling campaign.

Keith Hill, Chairman of Horn, commented, "While we were disappointed that we were not able to flow oil from the first two exploration wells in our Puntland (Somalia) drilling campaign, we remain highly encouraged that all of the critical elements exist for oil accumulations, namely a working petroleum system, good quality reservoirs and thick seal rocks. We look forward to working with the Puntland government to move our exploration project to the next phase which will likely require us to focus on prospects in different areas of the basins. One should keep in perspective that it often takes a number of wells to find commercial hydrocarbons and we plan to continue our aggressive program to unlock the potential of this highly prospective region."

Horn holds a 60% working interest in the Dharoor and Nugaal Valley blocks and is the operator. The other partners in the blocks are Range Resources (20%) and Red Emperor (20%). Africa Oil Corporation holds an approximate 45% equity interest in Horn.

Horn Petroleum Corporation is a Canadian oil and gas company with assets in Puntland, Somalia. The Corporation holds a 60% interest and operatorship in the Dharoor and Nugaal blocks encompassing a Jurassic Rift Basin on trend and analogous to the large oil fields in Yemen. The Corporation's shares are listed on the TSX Venture Exchange under the symbol "HRN".

ON BEHALF OF THE BOARD

David Grellman, President and CEO

I can see Range passing on the next drill and coming out of Puntland, otherwise its going to use all TT's revenue. Not good news.Also confirming they need to drill one hole in each block within 3 years confirms there is no rush to move on to the next drill.

PUNTLAND DRILLING UPDATE from Range

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

He does say two more drills in 12 - 18 months , we will have to see with the rest of what he says about TT.

''the continuing exploration program which should see another 2 wells drilled over the next 12 – 18 months. From a Range perspective, the continued focus on Trinidad production and development, the exploration programs in Colombia and Georgia, and the Texas sale process will drive the Company moving forward in the short to the medium term. We will update shareholders later in the week with numerous positive developments in Trinidad and look forward to the imminent growth of our flagship Trinidad Projects both from a daily production and P1 Reserve perspective.”

Clearly needs a lot more cash put into this project ? Horn/RMP/ Range may not have it.
Not going to be easy to fund raise now. Going to need someone with deep pockets
to take this forwards. Can see one or two of the partnership selling their interests.
My view only.

2 pee (2p) or not 2 pee (2p) is the next question. Not a lot going for this in the next few weeks I shouldn't imagine sorry to say.

Well, as I said previously, they should have used Vialogy"s technology!

Will be interesting to get RMP's rns as they were the only one to suspend their shares.

Rmps rns on the rmp thread site

The writing was on the wall along time ago but us suckers were living in hope, should have taken note !

RRL will have difficulty raising additional money to go into the next drill. Thye only managed to get 12p when the SP was at 16p and that was on the hope of Putland coming good. Now they have failed here and the SP is at such a low level and with results of two failed wells, who will give them money.

Best is to get rid of the wells and move on. I reckon the SP will end around 2.5-3p tomorrow.

Confidence will depend on what comes in the RNS later this week but with his track record it is likely to be no more than we already know and he will be banging on about TT and the target of 4000 bopd.

Well lets see if he can earn his money now to get the SP back up. Also will be interesting to see how strong his faith is in the plans by seeing if they buy any shares at such low prices !

My opinion only but totally p****d off.

P****d off is polite, pumden.

Whats going to happen to the rig? Would think an rns very soon regarding this.

Horn down 40%

tomorrow is going to be a MM dream, price will drop, sellers will come in but the worse thing is that PL has created an environment where punters are just happy to make a quick 10% trade day profit/ It will be probaly 3-4 weeks before there maybe some stgeady upward tick ! Gona have to ride it out and see where we are at the end of the week after what we hope will be an RNS on the other programme

Agree pumben. Just read the Horn rns again. Horn state Nugaal is drill ready. Just wonder if there will be talks with the government to speed things up and get drilling there. Going to be to expensive leaving an idle drill there/ crews or to pack it up and ship it out of the country and then back when its needed. Just wonder if the drill tip will hit the ground this side of christmas.
Read Horn willl be short of cash but Africa oil own 60% of Horn so they should not be short of cash.

Lets hope Range fall nothing like Horn. Investors will sell at 8am tomorrow and so will
investors buy who need to average down (A lot of them). Also TT news due on the deeper spuds will draw investors.

I agree but this is where MM thrive and nervous sellers will dump. Really depends how much of Putland has been factgored in, we all know this has just been falling over the long period because of putland. The question is how much is left in the SP based on what we already knew before the announcement today !