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.
Firebird Global Master Fund increases stake in Range Resources
Range Resources announced that Firebird Global Master Fund, Firebird Global Master Fund II Ltd, FGS Advisors, and FG2 Advisors, collectively increased their interest in the Company from approximately 11.67 million shares, or 6.5% to around 17.45 million shares, or 8.76%.
Shares in Range Resources have been hit hard recently due to concerns over the delivery of equipment to site location in Puntland, which covers the north-eastern tip of Somolia, and delays to its proposed drilling campaign. Range Resources has a joint venture with Africa Oil, which will see Africa Oil invest US$25 million, and drill a minimum of 4 wells.
Firebird manages $3.6 billion in eight funds dedicated to equity investment in emerging markets, including the Soviet Union, Eastern Europe, and 'exotic' sectors worldwide.
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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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
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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