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.