Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Africa Oil to transfer shares in Somali venture

    Africa Oil to transfer shares in Somali venture

    August 12, 2011
    Share
    Facebook Twitter LinkedIn WhatsApp

     

    12-08- 2011: Canada-listed Africa Oil will transfer its stake in two production sharing agreements in the Somali territory of Puntland to Denovo Capital, in which it is soon to own 50%.

    Africa Oil will transfer the 60% stakes in the Dharoor Valley and Nugaal Valley agreements to Denovo in exchange for 27.8 million shares in the company

    Following the transaction, Denovo plans to change its name to Horn Petroleum and undertake a share consolidation on a 1 for 0.65 basis. The consolidation will follow a $40.98 million private share placement to fund Denovo’s Dharoor Valley drilling expenses, for which Africa Oil subscribed $10 million.

    The two well exploratory drilling campaign was underway, Africa Oil said, with the company having entered into contracts with drilling and drilling related subcontractors, as well as ground drilling and logistical operations.

    The Puntland Government has already given its approval for the formation of Horn Petroleum and the pending transaction.

    Related News

    Nigeria says divestment paying off as oil output rises

    UK reaffirms support for Nigeria’s energy transition efforts

    AI to bolster oil recovery as Africa maximizes production at ageing fields

    E-book
    Resilience Exhibition

    Latest News

    Cross River targets revenue, investment boost with nine new laws

    June 11, 2025

    Nigeria says divestment paying off as oil output rises

    June 11, 2025

    Navy destroys illegal oil storage pits in Delta creeks

    June 11, 2025

    Anzana Electric and AfDB power up Burundi’s energy future

    June 11, 2025

    South Africa’s April manufacturing output falls 6.3% y/y

    June 11, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.