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 aiming to spud first well around year end
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.
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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21/11/08 Range Resources denies ‘defamatory’ comments by Australian broadsheet over alleged ties to Somali pirates
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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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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