Range Resources in talks with TSX-listed entity regarding Puntland interests
Thursday, October 27, 2011 by Jon Mainwaring
Range Resources (LON:RRL, ASX:RRS) confirmed today that it was in the process of completing deals with a Toronto Stock Exchange-listed vehicle regarding interests in the Somali state of Puntland.
Prompted by rumours on Internet chat rooms, the firm said that the deals – which concern its interests offshore Puntland and an eastern portion of the state’s Nugaal Valley – are “at an advanced documentation stage, are not completed and not material until such time as a number of key conditions, approvals and agreements are finalised and obtained”.
Range currently has a 20-per cent interest in two licences encompassing the highly-prospective Dharoor and Nugaal valleys in Puntland.
A spokesman for Range confirmed to Proactive Investors this lunchtime that an announcement regarding the deals would be made “in the very near future”.
Meanwhile, the firm said that it was actively exploiting all four of its project areas with development drilling and updated reserve reporting in Texas and Trinidad, key test work at the 1,550 metres at its Georgian Mukiani 1 well and mobilisation activities in Puntland.
