Range Resources Annual Report offered investor’s some additional titbits into ongoing developments at its extensive mineral and hydrocarbon exploration licences in Puntland, Somalia.
First of all, Range Resources confirmed that its joint venture partner, Africa Oil Corp had acquired 300 kilometres of seismic data on the Dharoor Block, with up to 2,600 kilometres planned. In the Nogal Basin, Africa Oil managed to acquire more than 4,000 kilometres of ‘good quality’ 2D data completed in the late 1980’s. What investors are really keen to hear about is drilling, and Range confirmed that the first well was planned for spudding towards the end of this year or early next year on drill targets are firmed up from seismic data processing.
Moving offshore, Range confirmed that it was in negotiations for a 15,000 square kilometre 2D seismic programme to be funded by joint venture partners. Range did not expand on who the partners may be, but said it could be in a position to announce further information on the exact program and partners by December.
Not often mentioned, but Range Resources still retains substantial tenements in the Forrestania Greenstone Belt in Western Australia. Here the company confirmed the obvious, that it was looking at its options to ‘realise shareholder value. Range also added that it had secured its own drill rig, and would use it to conduct drilling in Australia in the meantime.