Range Resources (AIM:RRL)

Range Resources is an exploration company with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia. Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Range has two Production Sharing Agreements (PSAs) for the Nogal and Darin Blocks, two particularly promising basins.

Undiscovered oil-in-place resources in the Nogal block are estimated at net 860mmbbl. A successful project in this Near Shore zone would mean that new reserves could be rapidly placed on production, largely from shore based facilities.


Fox-Davies Capital recently initiated coverage with a price target of 50p.

When is the first drill going to be ?

still moving ahead.

Range Resources starts work in Georgia
StockMarketWire.com
Australian oil and gas company Range Resources Limited has begun activities in the Republic of Georgia.

Range has hired Actual Geology International to carry out a 'helium' survey on the three top multi-stacked prospects identified by RPS Energy.

The prospects have estimated undiscovered oil-in-place of more than 450 mmbbls.

Results are due in January, allowing for rig mobilisation in February.

Shares were up 0.07p at 6.33p. Story provided by StockMarketWire.com