Range Resources (AIM: RRL) 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.