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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
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.
NR
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
