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 rebounds on Puntland update
Range Resources ( LSE: RRL , ASX: RRS) clawed back some of the losses from yesterday after releasing an update on activities in Puntland, an tribal controlled region of Somalia were Range has secured the mineral and hydrocarbon exploration rights both onshore and offshore.
A 12 container shipment of camp and casing equipment is en route from Asia and the first well to be drilled in Puntland in 17 years is still expected to commence in July 2008. Range added that senior members of its joint venture partner, Africa Oil, recently visited the proposed drilling location and that a contract for a 2,600 kilometre 2D seismic program had been finalised with work expected to commence in April 2008.
The Puntland Government also launched a new website (www.puntlandgov.net) in an effort to raise awareness of the tiny state and its ambitions to develop mineral and hydrocarbon assets. Separately, the Government of Puntland confirmed that it will share any revenues received with the Transitional Federal Government of Somalia, but will also remain independent of Somalia's "laws, policies and interests".
Range Resources share price has recently been hit by conflicting reports out of Somalia in regards to its agreements with the Puntland Government and how that relates to the Transitional Federal Government of Somalia.
Shares in Range Resources moved 37% higher on the update.
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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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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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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28/02/08 Range Resources expects first well to spud by summer