Horn Petroleum Corp has closed its Shabeel well in Somalia after it reached a depth of 3,430 meters, Horn has reported.
Horn reports that the well hit metamorphic basement at 3,430 meters.
Horn will move the rig 3.5 km north of current location after suspending the drilling.
According to Horn Petroleum Corp, Dharoor valley hit a metamorphic basement at a depth of 3,430 meters which is the rock layer below which economic oil or natural gas reservoirs are unlikely to be found.
Horn Petroleum and Africa Oil Shares Collapse in Trading
Intelligence shows Horn Petroleum’s shares lost value by almost 50% to trade at 77 Canadian cents on Thursday on the Toronto Venture Exchange.
Africa Oil’s shares lost value by 8%to trade at a value of C$6.70 on the Toronto Venture Exchange.
Canada’s Africa Oil Corp has a 51 percent stake in Horn Petroleum, which holds a 60 percent working interest in the Dharoor and Nugaal blocks in Puntland along strategic partners, Australia’s Range Resources Ltd and Red Emperor Resources.
