Shares in Range Resources (RGRS.L) rise 121 percent to a 14-month high in London after trade in the mineral exploration company's shares is halted in Australia pending an asset portfolio update on Monday.
Range's main focus is Puntland, a semi-autonomous region of Somalia, where it holds a 20 percent working interest in two production sharing agreements. It also has interests in Georgia and the United States.
"One possibility is Puntland, where they have had a lot of problems with the operator not being in a position to drill a well," says analyst Lionel Therond at Fox-Davies Capital. "The situation might have evolved on that front and a rig might be available."
"The other possibility is the U.S, where they have a bought a small participation in a well in Texas, so they might have found something there."
Puntland On The Rise!!
