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.
Drilling delay hits Range Resources hard
Shares in Range Resources , the exploration company focused on the State of Puntland, in Northern Somalia, pulled back today after announcing a delay to drilling originally scheduled for July.
Range Resources 80% joint venture partner, Africa Oil Corp (TSX-V:AOI) said that following a recent upsurge in civil unrest in southern Somalia, and piracy in the waters around Somalia, it had taken the decision to delay drilling activities. Africa Oil added that preparations for drilling in the Nogal Valley had been “proceeding well”, but the unrest has created “logistical difficulties” for equipment arriving via ships. The Company’s said it was “prudent” to wait for the “local issues” to be resolved by the relevant authorities.
Shares in Range Resources reacted badly to the news, though Africa Oil did confirm that a high quality 2D seismic program in the Dharoor Valley, anticipated to begin in the middle of May, was still on track.
Separately, the President of the Transitional Federal Government, H.E. Abdullahi Yusuf Ahmed, issued “broad endorsement” of Range Resources and Africa Oil Corp’s activities, and “acknowledged the legitimacy of its concession agreements, promising full support for our work programme”.
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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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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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
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28/02/08 Range Resources expects first well to spud by summer
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28/02/08 Range Resources expects first well to spud by summer