Range Resources

Range Resources Limited (“Range” or “the Company”) is an ASX (ASX: RRS RRSOA) and AIM (AIM: RRL) listed exploration Company, with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia. Range Resources currently has a 100% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland which covers an area of approximately 100,000km2. 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.

In order to achieve its strategic vision of finding and delineating the vast oil potential of Puntland, the Company has sought the assistance of a Joint Venture partner with the technical and financial capability to achieve this task. In October 2006 Range signed a Memorandum of Understanding with Africa Oil in relation to an US$50m 80% farm in right in the Nogal Basin and Darin Basin Blocks. This has since resulted in a Joint Venture project being formalised between Range and Africa Oil which saw the formal signing of the Product Sharing Agreement between Range, Africa Oil and the Puntland Government take place on 17 January 2007.  The formal signing of the PSA cemented the ongoing co-operative and committed relationship between Range, Africa Oil and the Puntland government and confirmed the willingness of all the parties involved to develop the natural resources of Puntland.

Puntland

Range entered into a Heads of Agreement in October 2005 to acquire a 50.1% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland. In July 2006, the Company reached an agreement to acquire the residual 49.9% interest in the rights to the exploration and development of Puntland’s natural resources.

Somalia is situated in the most northeastern part of Africa; know as ‘the Horn of Africa’. The Democratic State of Puntland is located in the northeastern sector of Somalia and covers approximately 212,000km2. The area is believed to have all the pre-requisites to become a major oil producing province whilst its other mineral potential is largely unexplored.

Somalia, and in particular Puntland, remain one of the last under-explored countries that have high potential for vast reserves of hydrocarbons. During the late 1980’s the State was divided into a number of concessions for oil exploration. Significant exploration was undertaken but this effectively ceased due to political instability that arose in 1991. The mineral potential has been  investigated during the 2006 by Range’s team of geologists based in Bosasso on the northern coast .The geological work has identified the potential of large silver rich lead zinc deposits analgous to the Jabali deposit in southern YemenI.  The agreements that Range has entered into follow intense negotiations between the Parties and their legal advisors. As part of this process the Parties have satisfied themselves that all previous mining concessions have lapsed.

For detail on oil & gas potential, mineral potential and exploration and devlopment - [Read More]

Peru

In April 2005 Range entered into a Heads of Agreement to acquire an interest in the Corachapi Uranium deposit located in Peru. The Corachapi uranium prospect is located about 150km east-south-east of the city of Cusco in the Puno region of southeastern Peru. The prospect is situated on the top of a flat lying mesa at an altitude of 4700m within a major sub-aerial volcanic caldera of Tertiary age.

Range has full confidence in the ability of Contact to exploit the Uranium resources at Corachapi and looks forward to sharing in the success of the project.

Due to the size of the Company’s commitment to the Puntland project the decision was made during 2006 to divest its interest in the Corachapi Uranium Project to Contact Resources Limited (“Contact”).  Range has still however, retained an exposure in the project through equity in Contact.

Contact has commenced field work which has yielded positive results to date.  An RC drilling program is planned to commence expanding the resource with a view to move towards production.

Sir Sam Jonah – Non-Executive Chairman

Sir Sam Jonah is non-executive Chairman of Range Resources Limited, and non-executive President of Anglo Gold Ashanti Limited, a NYSE-listed company which is one of the world’s largest gold companies and the largest African-based gold producer. He was appointed to the position of chief executive officer of Ashanti Goldfields Company Limited in 1986 and oversaw its growth and listing as the first operating sub-Saharan African company on the NYSE.

He became President of AngloGold Ashanti in May 2004, when AngloGold Limited acquired Ashanti. Sir Sam Jonah has been decorated with many awards and honours (including an honorary Doctor of Science) and, in 2003, was conferred with an Honorary Knighthood. In addition, he has received the prestigious Star of Ghana from the Ghanaian Government.  He is a member of numerous advisory committees.

Mr Michael Povey – Director

Mr. Povey is a Mining Engineer with 28 years experience in the mining and explosives industry. Previous experience has been gained in Southern Africa, North America and Australia and has included senior management positions with Rio Tinto Ltd ICI Explosives and the Anglo American Group of Companies.

In addition, Mr Povey has a strong commercial and technical background in the explosives industry gained as a senior technical engineer the North American explosives company MSI International based in Salt Lake City and was the manager of the former ICI Explosives Group’s commercial and production operations in North-West Australia.  Mr Povey is currently a director of International Goldfields Limited.

Mr Peter Landau – Executive Director

Mr Landau is a corporate lawyer and corporate advisor having previously worked with Grange Consulting Group, Clayton Utz and as general counsel at Co-operative Bulk Handling.  Peter is responsible for providing general corporate, capital raising, transaction and strategic advice to numerous ASX listed and unlisted companies. Mr Landau has project managed a significant number of mining exploration and development transactions including capital raisings, M &A, joint ventures and financings. Mr Landau is a Director of a number of ASX listed companies with particular focus on mining, oil and gas exploration and development in Australia and Africa. Companies include NKWE Platinum Limited, View Resources Limited, Cape Lambert Iron Ore Limited and Continental Goldfields Limited.

Mr Marcus Edwards-Jones – Non-Executive Director

Mr Edwards-Jones is currently Managing Director (and Co-founder) of Lloyd Edwards-Jones S.A.S, a finance boutique specialising in selling European equities to institutional clients and introducing resources companies to an extensive institutional client base in the UK, Europe and Asia/Middle East. Mr Edwards-Jones has previously held senior positions with Bank Julius Baer Paris, (European equities) and UK/Continental European equity sales at Credit Lyonnais Securities. In addition, Marcus has significant experience in world wide institutional capital raisings for large resource projects in Africa which will be of immense assistance to Range as it seeks to complete a major equity raising for the 100% acquisition of the Puntland rights and to undertake major exploration for both minerals and hydrocarbons in Puntland.

Ms Susan Hunter - Company Secretary

Ms Hunter has over 14 years experience in the corporate finance industry.  She holds a Bachelor of Commerce degree from the University of Western Australia majoring in accounting and finance, is a Member of the Australian Institute of Chartered Accountants, a Fellow of the Financial Services Institute of Australasia, a Member of the Australian Institute of Company Directors and is an Associate Director of consulting firm Norvest Corporate Pty Ltd.

Ms Hunter is also a Member of the Institute of Chartered Secretaries and Administrators and Chartered Secretaries Australia and she is currently Company Secretary for five Australian Stock Exchange listed companies, an AIM listed company and several unlisted companies.

No info available.