GREY:MESNF - Post by User
Post by
justwinon Mar 21, 2012 11:52am
169 Views
Post# 19700112
Range News
Range News
Range Resources LTD
Puntland Offshore
20 March 2012The ManagerCompany AnnouncementsAustralian Securities Exchange LimitedLevel 6, 20 Bridge StreetSydney NSW 2000By e-lodgementPUNTLAND OFFSHORERange Resources Limited ("Range" or "the Company") is pleased to announce thatit has entered into an Agreement with the Puntland Government with respect toobtaining a 100% working interest in the highly prospective Nugaal BasinOffshore Block (see below). The Block is an extension of the onshore NugaalRegion which has the potential for deltaic deposits from the Nugaal Valleydrainage system and comprises over 10,000km.The Company will commit to a 2D seismic program within the first three years,with further 3D seismic and an exploration well to follow in the second threeyear period. The Agreement is subject to a formal PSA being entered into andall necessary regulatory approvals. Commercial terms will be similar to thecurrent on-shore PSAs.As part of the entering into the Nugaal Offshore PSA, Range has committedUS$5m, for the tarmac sealing of an Airport Runway in Puntland at theGovernment's direction.It is Ranges intention to offer a participation interest to its joint venturepartner, Red Emperor Resources NL (ASX:RMP) on terms to be agreed.CURRENT PUNTLAND WELLThe Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at adepth of 2,384m and drilling ahead. It is expected that casing will be run atapproximately 2400-2700m as dictated by the next electrical logging run. Targetdepth remains at approximately 3800m. Sorry, it didn't all copy first time.