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.
Range Resources releases Puntland policy update
Australian oil and gas company Range Resources (ASX:RRS;AIM:RRL) has announced a Presidential policy update of the new Puntland Government was presented to the Puntland Parliament over the weekend (31 January, 1 February 2009).
This policy update covered many areas of interest to the Puntland region, but of particular interest to Range was the following statement:
“As you all know there are agreements signed by the former government that raised complaints from various groups. These contracts were between the government, foreign and local companies. In principle, I recognise and accept these agreements, but we have to update ourselves and make sure that they are benefiting the people and are within the laws of Puntland.”
As mentioned in previous announcements, Range looks forward to establishing a constructive and mutually beneficial relationship with the new Puntland Government and its President, His Excellency, Dr. Abdirahman Mohamed Farole.
Other Range Resources articles
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06/08/08 Range Resources' oil targets are still there
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22/04/08 Transcript of audio interview with Range Resources
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17/10/07 Range Resources: A Punt on Puntland
Other Range Resources news
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25/02/10 Range Resources reports significantly higher production from Smith #1 well
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19/02/10 Range Resources anticipates first gas sales from North Chapman will occur this month
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17/02/10 Range Resources ties up flow and sales lines in Texas, nears completion of seismic acquisition in Georgia
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09/02/10 Range Resources completes installation of storage tanks in Texas
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29/01/10 Range Resources extends initial exploration period in Puntland until January 2011
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27/01/10 Range Resources prepares Smith oil and gas well for production, expects seismic results from Georgia in Q2
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20/01/10 Max Capital underwrites A$7 million fundraising for Range Resources
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05/01/10 Range Resources to raise up to A$7 million through rights issue
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21/12/09 Range Resources confirms oil and gas discovery in Texas, Puntland PSA changes now ratified
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14/12/09 Range Resources and Africa Oil extend exploration periods of Somalia oil projects in which Lion Energy holds 15%
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