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Additional Information
Market: AIM / ASX
Sector: Energy
EPIC: RRL
Latest Price: 7.15p  (0.70% Ascending)
52-week High: 18.75p
52-week Low: 6.00p
Market Cap: 151.71M
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Range Resources
www.rangeresources.com.au

Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS) and AIM-listed (AIM: RRL) exploration and production Company, with its principal activities directed towards finding and delineating hydrocarbons in Puntland, Somalia; the Republic of Georgia, onshore Texas, USA and Trinidad.

 

With the planned onshore exploration drilling program in Puntland and Georgia coupled with the exploration and development programs in Texas and Trinidad, Range is well on its way to establish itself as a diversified international oil and gas exploration, development and production company with significant upside potential.

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Range Resources' JV partner pens deal with contractor to drill well in Puntland

13th May 2011, 8:34 am by Sergei Balashov Under the agreement, Range’s JV partner is obliged to spend US$22.5 million in both Dharoor and Nugaal

Range Resources’ (ASX:RRS, LON:RRL) joint venture (JV) partner Africa Oil (CVE:AOI) has signed a letter of intent with a drilling subcontractor to drill an exploration well in Puntland in Q3.

Shares in Range rallied 5 percent to 18.25 pence on the news.

Early in the year, Range and Africa Oil amended the production sharing agreements (PSAs) for the Dharoor Valley and the Nugaal Valley exploration areas in the Puntland region of Somalia, also saying that they planned to spud a new exploration well before 27 July 2011.

Africa Oil decided to include the well as part of its exploration commitments of the joint venture agreement. As a result Range will be carried for the first US$15 million spent on the exploration well. Under the agreement, Range’s JV partner is obliged to spend US$22.5 million in both Dharoor and Nugaal. At that point, it had met its commitments at Dharoor, however with US$7.5 million spent to date on Nugaal it still had about US$15 million left to spend.

The company has also amended its agreements with the government of Puntland over the Dharoor Valley and the Nugaal Valley exploration areas in January.

Under the amended PSAs, the first exploration agreement has been extended for a further 12 months until 17 January 2012. The amended agreement also calls for one well to be spudded in Dharoor Valley by 27 July.

A second exploratory well is required to be spudded in Nugaal Valley or, at the option of operator Africa Oil, in Dharoor Valley, by September 27, 2011.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.