Range reassures that Puntland well has not yet reached target depth

AIM-listed oil and gas group Range Resources has assured investors that the Shabeel-1 well currently being drilled in Puntland, Somalia, has not yet reached target depths, despite 'negative statements' being circulated.

AIM-listed oil and gas group Range Resources has assured investors that the Shabeel-1 well currently being drilled in Puntland, Somalia, has not yet reached target depths, despite 'negative statements' being circulated.

The company said that it still plans to drill to the originally planned depth of 3,800m to evaluated the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.