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 seismic programme starts
Range Resources (AIM: RRL, ASX: RRS) announced that Africa Oil Corp, its 80% joint venture partner for the company’s two onshore oil and gas concessions in Puntland, started seismic recording on July 14th.
Africa Oil already has more than 4,000 kilometres of good quality 2D data for the Nogal Basin Block in Puntland, Somalia. The plan is to acquire approximately 2,600 kilometres of 2D seismic data on the Dharoor Block before drilling two wells in each of its two Puntland concessions.
The concessions encompass two highly prospective hydrocarbon basins and cover an area of 81,000 square kilometres or more than 20 million acres.
President and CEO of Africa Oil, Rick Schmitt, commented:
"We are very pleased with the progress made in our concessions and appreciate the excellent support received from both the Puntland Government and the Transitional Federal Government. Commencement of the seismic program has also reduced the logistical demands on our Puntland infrastructure and we are now working hard to reinstate the drilling program in order to commence drilling during 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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23/07/08 Range Resources shuffles board of directors
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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
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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
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01/02/08 Range Resources on track for first well in March