Middle East Economic Survey

VOL. LIII

No 25

21-Jun-2010

SOMALIA

Red Emperor Agrees Preliminary Farm-In Deal With Africa Oil For Puntland Blocks

Australias Red Emperor Resources has signed a letter of intent (LOI) with Canada-based Africa Oil Corporation to acquire a participating interest in the Dharoor and Nugal Valley blocks in the northeastern Somali region of Puntland, it said on 15 June. Under the terms of the LOI, Red Emperor will pay a disproportionate share of costs related to a one-well...