Range Resources
Range Resources Limited is both an ASX and AIM exploration Company, with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia. Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Somalia, and in particular Puntland, remains one of the last under-explored countries that has a high potential for considerable reserves of hydrocarbons which can be subsequently developed for the benefit of both the people of Puntland and Range Shareholders The Company believes that through the generation of work and government royalties from hydrocarbon and mineral exploration and development numerous social and economic benefits will result.
Range Resources on track for first well in March
Dual listed Range Resources ( AIM: RRL ) restated its expectation that the first of a four well drill program in the Nogal and Dharoor Blocks in Puntland would begin in March 2008.
The company farmed out an 80% interest in the two blocks to Africa Oil, who are committed to drilling four wells as part of a US$45 million expenditure budget. Africa Oil is currently finalising a drilling contractor and has completed a seismic, geophysical and geological reprocessing program. It is expected that Africa Oil will drill two wells back to back on the Nogal block, followed by two further wells on the Dharoor Valley once a 2,600 seismic acquisition program is processed to define the best drill targets.
Separately, Range said it was looking to complete up to 15,000 kilometres of 2D seismic for offshore Puntland, starting in April 2008.
Other Range Resources articles
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05/08/08 Range Resources oil targets are still there
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21/04/08 Interview with Range Resources
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16/01/08 Range Resources: A Punt on Puntland
Other Range Resources news
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21/11/08 Range Resources denies ‘defamatory’ comments by Australian broadsheet over alleged ties to Somali pirates
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01/10/08 Range Resources aiming to spud first well around year end
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23/07/08 Range Resources shuffles board of directors
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16/07/08 Range Resources seismic programme starts
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30/05/08 Firebird Global Master Fund increases stake in Range Resources
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27/05/08 Range Resources confirms arrival of seismic equipment
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29/04/08 Drilling delay hits Range Resources hard
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09/04/08 Range Resources challenges defamatory article
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03/04/08 Range Resources says Opes Prime holds less than1%
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26/03/08 Range Resources rebounds on Puntland update