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Epic & Msn data
Epic RRL
Time: 07:53:24
Mid Price: 1.75
Change Today: 0.00
Change % Today: 0.00
Fifty Two Week High: 23.25
Fifty Two Week Low: 1.75
Market Capital: 3.42
Period & price data
Period Price
Now: 1.75
3 Months ago: 3.75
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: AIM
Sector: Energy
Epic: RRL
News: Latest news
Web Site: Range Resources
Other Articles: 01-10-200806-08-200822-07-2008

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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.
Thursday, November 20, 2008

Range Resources denies ‘defamatory’ comments by Australian broadsheet over alleged ties to Somali pirates

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Range Resources Ltd has categorically denied it has any ties to Somali oil pirates, as stated in an article in Australian broadsheet The Age, saying it will be pursuing all legal options with regards to the article. 

In a report headed ‘Mining Firm tied to Somali Oil Pirates’, The Age claimed that Range Resources “has paid millions of dollars in controversial fees to Somali rebels responsible for a surge in international piracy, including the hijacking this week of a supertanker off the Kenyan coast.

The report said the oil explorer has paid the disputed government of the Puntland State of Somalia more than $US6 million since 2005 for resource rights to the region, benefiting ruling clans that are suspected of controlling piracy off the coast of Somalia.

In today’s statement, Range said it cannot comprehend how legitimate, disclosed payments to an elected, autonomous government can been described as "fees to Somali rebels,  responsible for piracy."

Regarding the legitimacy of the government of Puntland, the company said it was elected by tribal clans representing the Puntland region and an election process is currently underway in Puntland with regards to the election of a new parliament and president. “To suggest that the government is disputed implies that the Puntland people do not have the right to appoint parliamentary members who then elect the president of Puntland,” it said.

It reiterated statements it made at the end of October in respect of the piracy problem, saying: “The Puntland government and His Excellency President Hersi are heavily involved in discussing proposed security options which adds, in Range's opinion, significant diplomatic credibility and recognition to Puntland.”


“Further, the Puntland Government is involved in a number of joint initiatives with foreign countries (including France, Germany and the USA) to assist with combating the piracy problem.”

Range also said it does not have a ‘mysterious joint venture partner’ as the article suggests: Africa Oil Corporation is the company's joint venture partner on its two onshore oil concessions in Puntland.
  


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