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 expects first well to spud by summer
Range Resources announced that its farm-in partner in Somalia, Africa Oil Corp (TSX :AOI) had entered into a contract for a drilling rig to drill the first well in Puntland, Somalia before August 1st, 2008.
Africa Oil said it had signed a contract which will see a brand new rig currently being build in China mobilised to Somalia via chartered vessel in July.
President and CEO of Africa Oil, Rick Schmitt, commented, "I am delighted that we have been able to secure a rig which is fully capable of conducting our drilling campaign."
Africa Oil can earn up to 80% in Range Resources licences in Puntland by expending US$25 million, including the drilling of four exploration wells.
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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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