Range Resources has entered into an agreement with the Puntland government to obtain a total working interest in the prospective Nugaal Basin Offshore Block.
It is Range's intention to offer a participation interest to its joint venture partner, Red Emperor Resources on terms to be agreed.
The Block is an extension of the onshore Nugaal Region which has the potential for deltaic deposits from the Nugaal Valley drainage system and comprises over 10,000km, the firm said.
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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 three year period.
As part of the agreement, Range has committed $5m, for the tarmac sealing of an Airport Runway in Puntland at the government's direction.
Range has also announced that it has secured a 65% farm-in opportunity (350m of 3D seismic and 2 new wells) on two prospective licenses in the on shore Putamayo basin in Southern Columbia.
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