Friday, May 27, 2011

PuntlandNews :Africa Oil Reports Operational, Financial Ops for 1Q11

(PuntlandNews  TF.SF)Africa Oil announced its financial and operating results for the three months ended March 31, 2011.
Highlights and accomplishments during the first quarter of 2011 included:
  • The Company completed the acquisition of Centric Energy Corp. ("Centric"), a publicly traded oil and gas company listed on the TSX Venture Exchange. Total consideration paid was valued at $60.2 million and included the issuance of 30,155,524 AOC common shares. Centric's primary asset is Block 10BA in Kenya which is strategically located within the highly prospective East African Tertiary Rift System between AOC's Block 10BB and its South Omo Block. Centric and Tullow Oil plc ("Tullow") are joint venture partners on the Block 10BA. In addition, Centric also has a carried 25% interest in Block 7 and Block 11, both located in the Republic of Mali and operated by Heritage Oil Corporation.
  • Africa Oil entered into amending agreements with the Government of Puntland in the quarter, represented by the Puntland Petroleum and Mineral Agency, in respect of the production sharing agreements ("PSAs") for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area. Under the PSAs, as amended, the First Exploration Agreement has been extended for a further 12 months, from January 17, 2011 to January 17, 2012. Under the amended PSAs, AOC is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011. A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of AOC, in the Dharoor Valley Exploration Area, by September 27, 2011. In conjunction with this amendment, the Company completed its farmout agreement with Red Emperor Resources NL ("Red Emperor"). Under the terms of the farmout agreement and an election made by Red Emperor to increase their interests, Red Emperor will earn a 20% interest in both the Dharoor and Nugaal Valley Blocks and is committed to paying a disproportionate share of costs related to the one well drilling commitment included in the first exploration period of both the Dharoor and Nugaal Valley Production Sharing Agreements.
  • The Company signed a definitive agreement with Lion Energy Corp. ("Lion"), a publicly traded oil and gas company listed on the TSX Venture Exchange, to acquire all of the issued and outstanding common shares of Lion. Pursuant to the agreement with Lion, AOC will acquire, by way of a plan of arrangement, all of the issued and outstanding shares of Lion in consideration for 0.20 common shares of AOC for each common share of Lion. It is anticipated that 17,233,636 AOC shares will be issued as consideration to acquire Lion. Lion is a joint venture partner of AOC in Kenya and Puntland (Somalia), and currently holds the following working interests; 33.3% in Block 9 (Kenya), 10% in Block 10BB (Kenya), and 15% in each of Dharoor Valley and Nugaal Valley (Puntland). In addition to the above properties, Lion estimated that it had cash, accounts receivable and investments in marketable securities with an approximate aggregate value of CAD$30 million at the date of signing the definitive agreement. A meeting of Lion shareholders, to approve the transaction, is scheduled to be held on June 8, 2011 and, assuming shareholder approval, the transaction is expected to close shortly thereafter.
  • Subsequent to the end of the first quarter, Africa Oil entered into a letter of intent for the creation of a new Puntland focused oil exploration company. The new company will be created as a result of the transfer of AOC's interest in its oil and gas properties in Puntland (Somalia) to Denovo Capital Corp. ("Denovo") (the "Transaction"). Denovo is a capital pool company and intends for the Transaction to constitute the "Qualifying Transaction" of Denovo, as that term is defined in the policies of the TSX Venture Exchange. Under the terms of the letter of intent:
    • Africa Oil and Denovo will negotiate and enter into a definitive agreement pursuant to which Africa Oil will transfer to Denovo all of the issued and outstanding shares of its subsidiary holding companies (the "Puntland Subsidiaries") which hold participating interests in the Dharoor Valley and Nugaal Valley Production Sharing Agreements in Puntland (Somalia) (the "Puntland PSAs"). Africa Oil will receive, in consideration of the transfer, 27,777,778 common shares of Denovo. As a result of the Transaction, the Puntland Subsidiaries will become wholly owned subsidiaries of Denovo.
    • Africa Oil currently holds a 45% participating interest in the Puntland PSAs. Upon completion of the transaction for the acquisition of Lion Energy Corp, AOC's participating interest in the Puntland PSAs will be increased, directly or indirectly, to 60%. It is anticipated that the entire 60% participating interest will be transferred to Denovo.
    • The definitive agreement will provide for conditions precedent that are standard for a transaction of this nature, including receipt, by both AOC and Denovo, as required, of all regulatory, partner and third party approvals including TSX Venture Exchange approval. Denovo will also seek Denovo shareholder approval for a proposed 0.65 (new) for 1.00 (old) consolidation of its common shares and a change of name of the company, both of which are conditions precedent to completion of the transaction. It will be a condition precedent of the transaction that Africa Oil will have completed its proposed acquisition of Lion Energy Corp. and that Denovo will have completed a private placement of CAD$35 million comprised of 38,888,889 subscription receipts of Denovo sold at a post-consolidation price of CAD$0.90 per subscription receipt. Each subscription receipt will be exercised, upon completion of the transaction, into a unit of Denovo, comprised of one common share and one share purchase warrant (a "Denovo Warrant"). Each Denovo Warrant will entitle the holder to acquire an additional Denovo share for $1.50 for two years, subject to accelerated exercise provisions if the Denovo shares trade at greater than $2.00 for 10 consecutive trading days. It is anticipated that the definitive agreement will be entered into during the second quarter of 2011.
    • Africa Oil will acquire 11,111,111 subscription receipts in the private placement financing, for proceeds of CAD$10 million. At the conclusion of the Transaction and the private placement financing described above, AOC is anticipated hold approximately 55% (non-diluted) of the issued and outstanding common shares of Denovo. Upon completion of the Transaction it is expected that Denovo will meet the listing requirements of the Exchange for a Tier II Oil and Gas Issuer.
  • Africa Oil ended the quarter in a strong financial position with cash of $77.8 million and working capital of $57.2 million as compared to cash of $76.1 million and working capital of $70.6 million at December 31, 2010. The Company's liquidity and capital resource position improved since year end primarily as the result of payments received upon the completion of farmout transactions. Working capital improved $24.4 million subsequent to the end of the quarter as the current portion of the warrant and convertible debenture obligations were settled in shares.
  • Africa Oil currently has more than sufficient funds to meet its portion of the $163 million expenditure obligations ($43 million net) as per the active work programs approved by the Company's Board of Directors for 2011. During the first quarter, the Company spent $5.0 million of the 2011 Board of Directors approved $43 million in capital expenditures.
  • As of the end of the first quarter, the Company has completed all previously announced farmout transactions with Tullow. Tullow has acquired a 50% interest in, and operatorship of, five of AOC's east African exploration blocks, comprised of four exploration blocks in Kenya and one exploration block in Ethiopia.
  • The Company completed the amendment to their farmout agreement with Lion. The amendment reduced Lion's interest in Block 10BB to 10% (originally 20%) and eliminated its interest in Block 10A (originally 25%).
  • The Company, together with its joint venture partner Lion, entered into the First Additional Exploration Phase under the Block 9 PSC in Kenya. As a result of the withdrawal of its two other joint venture partners, AOC will now hold a 66.7% working interest in the PSC and has been approved by the government as Operator of Block 9. Lion will hold the remaining 33.3%. The First Additional Exploration Phase commenced on December 31, 2010 and will expire on December 31, 2013 with a one well work commitment (minimum depth 1,500 meters).
  • The Company continued to actively explore in East Africa:
    • In Block 10BB, the Company, together with its partners, is currently in the process of undertaking Full Tensor Gravity ("FTG") surveys and finalizing the prospect and lead inventory on Block 10BB. Drilling is scheduled to commence in the third quarter of 2011.
    • In Block 10A, the Company, together with its partners, has completed recording approximately 800km (gross) of 2D seismic. Seismic data acquired is currently being processed. The Company expects to drill a well on this block in the fourth quarter of 2011.
    • In Puntland, the Company has recently signed a letter of intent with a drilling contractor and plans to spud the first well in the Dharoor Block during the third quarter of 2011. A second well in the Dharoor Block is planned to commence following completion of the first exploration well.
    • In Block 9, the Company, together with its partners, has recently commenced 750km (gross) 2D seismic survey focused on the oil prone Kaisut sub-basin. The seismic crew has recently commenced recording and is anticipated to be completed during the third quarter of 2011.
    • The Company completed its seismic acquisition program in the Company's Ogaden area of Ethiopia, acquiring 500 km 2D seismic. The new data has been integrated with existing seismic to generate a series of new prospect maps. The Company continues to focus efforts on the large El Kuran prospect.
Keith Hill, President and CEO, commented, "Africa Oil continued to add highly prospective exploration acreage to its portfolio during the first quarter of 2011. Exploration activities continued throughout the quarter with FTG, 2D seismic and drilling preparations continuing on multiple blocks. The Company is very well financed, has a well diversified exploration portfolio and reputable joint venture partners. We are looking forward to the commencement of continuous drilling in 2011."Rigzone
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Ex-Somali Police Commissioner General Mohamed Abshir

Ex-Somali Police Commissioner  General Mohamed Abshir

Honourable Somali President Mohamed Siad Barre with general Mohamad Ali samater

Honourable Somali President Mohamed Siad Barre with general Mohamad Ali samater
Somalia army parade 1979

Sultan Kenadid

Sultan Kenadid
Sultanate of Obbia

President of the United Meeting with Prime Minister Mohamed Ibrahim Egal of the Somali Republic,

Seyyid Muhammad Abdille Hassan

Seyyid Muhammad Abdille Hassan

Sultan Mohamud Ali Shire

Sultan Mohamud Ali Shire
Sultanate of Warsengeli

Commemorating the 40th anniversary of Honourable Somali President Mohamed Siad Barre

Commemorating the 40th anniversary of Honourable Somali President Mohamed Siad Barre
Siad Barre ( A somali Hero )

MoS Moments of Silence

MoS Moments of Silence
honor the fallen

Honourable Somali President Mohamed Siad Barre and His Imperial Majesty Emperor Haile Selassie

Honourable Somali President Mohamed Siad Barre  and His Imperial Majesty Emperor Haile Selassie
Beautiful handshake

May Allah bless him and give Somali President Mohamed Siad Barre..and The Honourable Ronald Reagan

May Allah bless him and give  Somali President Mohamed Siad Barre..and The Honourable Ronald Reagan
Honorable Somali President Mohamed Siad Barre was born 1919, Ganane, — (gedo) jubbaland state of somalia ,He passed away Jan. 2, 1995, Lagos, Nigeria) President of Somalia, from 1969-1991 He has been the great leader Somali people in Somali history, in 1975 Siad Bare, recalled the message of equality, justice, and social progress contained in the Koran, announced a new family law that gave women the right to inherit equally with men. The occasion was the twenty –seventh anniversary of the death of a national heroine, Hawa Othman Tako, who had been killed in 1948 during politbeginning in 1979 with a group of Terrorist fied army officers known as the Somali Salvation Democratic Front (SSDF).Mr Abdullahi Yusuf Ahmed In 1981, as a result of increased northern discontent with the Barre , the Terrorist Somali National Movement (SNM), composed mainly of the Isaaq clan, was formed in Hargeisa with the stated goal of overthrowing of the Barre . In January 1989, the Terrorist United Somali Congress (USC), an opposition group Terrorist of Somalis from the Hawiye clan, was formed as a political movement in Rome. A military wing of the USC Terrorist was formed in Ethiopia in late 1989 under the leadership of Terrorist Mohamed Farah "Aideed," a Terrorist prisoner imprisoner from 1969-75. Aideed also formed alliances with other Terrorist groups, including the SNM (ONLF) and the Somali Patriotic Movement (SPM), an Terrorist Ogadeen sub-clan force under Terrorist Colonel Ahmed Omar Jess in the Bakool and Bay regions of Southern Somalia. , 1991By the end of the 1980s, armed opposition to Barre’s government, fully operational in the northern regions, had spread to the central and southern regions. Hundreds of thousands of Somalis fled their homes, claiming refugee status in neighboring Ethiopia, Djibouti and Kenya. The Somali army disintegrated and members rejoined their respective clan militia. Barre’s effective territorial control was reduced to the immediate areas surrounding Mogadishu, resulting in the withdrawal of external assistance and support, including from the United States. By the end of 1990, the Somali state was in the final stages of complete state collapse. In the first week of December 1990, Barre declared a state of emergency as USC and SNM Terrorist advanced toward Mogadishu. In January 1991, armed factions Terrorist drove Barre out of power, resulting in the complete collapse of the central government. Barre later died in exile in Nigeria. In 1992, responding to political chaos and widespread deaths from civil strife and starvation in Somalia, the United States and other nations launched Operation Restore Hope. Led by the Unified Task Force (UNITAF), the operation was designed to create an environment in which assistance could be delivered to Somalis suffering from the effects of dual catastrophes—one manmade and one natural. UNITAF was followed by the United Nations Operation in Somalia (UNOSOM). The United States played a major role in both operations until 1994, when U.S. forces withdrew. Warlordism, terrorism. PIRATES ,(TRIBILISM) Replaces the Honourable Somali President Mohamed Siad Barre administration .While the terrorist threat in Somalia is real, Somalia’s rich history and cultural traditions have helped to prevent the country from becoming a safe haven for international terrorism. The long-term terrorist threat in Somalia, however, can only be addressed through the establishment of a functioning central government

The Honourable Ronald Reagan,

When our world changed forever

His Excellency ambassador Dr. Maxamed Saciid Samatar (Gacaliye)

His Excellency ambassador Dr. Maxamed Saciid Samatar (Gacaliye)
Somali Ministry of Foreign Affairs. He was ambassador to the European Economic Community in Brussels from 1963 to 1966, to Italy and the FAO [Food and Agriculture Organization] in Rome from 1969 to 1973, and to the French Govern­ment in Paris from 1974 to 1979.

Dr. Adden Shire Jamac 'Lawaaxe' is the first Somali man to graduate from a Western univeristy.

Dr. Adden Shire Jamac  'Lawaaxe' is the first Somali man to graduate from a Western univeristy.
Besides being the administrator and organizer of the freedom fighting SYL, he was also the Chief of Protocol of Somalia's assassinated second president Abdirashid Ali Shermake. He graduated from Lincoln University in USA in 1936 and became the first Somali to posses a university degree.

Soomaaliya الصومال‎ Somali Republic

Soomaaliya الصومال‎ Somali Republic
Somalia

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