Welcome To The Range Resources HUB On AGORACOM

Edit this title from the Fast Facts Section

Free
Message: Update
Reply New Message
Prev Message Back To Forum Threaded View Next Message

Update

posted on Jul 23, 2009 08:20PM

African Oil has a new rig.....some additional leases in Kenya and Ethiopia....still waiting on security...and now Range farms in in Georgia......mixed feelings...Range still has mineral rights onshore and oil/gas outside the blocks to AOI and offshore.....to many options...they need to get to work...anything to get the sp up....long way to go

Range to acquire a 50% farm in interest in two key Georgian O&G blocks

Highlights:

  1. Heads of Agreement signed with unlisted UK company to acquire a 50% farm in interest in two oil and gas blocks in Georgia.
  2. Blocks cover 7,000 sq km (approx 10% of the acreage of the Country) and have been subject to significant exploration in the Soviet era.
  3. As part of the agreement Range must complete next phase of exploration activity (350 km of 2D and 3D seismic and well selection).
  4. Range is proceeding with a strategic placement of AUD$2.5m to meet initial requirements as part of the transaction ($1m to December 2009) and to fund operational activities on Puntland assets.
  5. Acquisition to complement existing Puntland assets
  1. ‐ Range remains 100% committed to and sees marked progress in the second half of 2009 (placement will also assist with Puntland initiatives).

Australian based oil and gas explorer Range Resources Limited

(ASX: RRS; AIM: RRL)

("Range" or "the Company") has significantly enhanced its oil and gas portfolio, with confirmation it has entered into a Heads of Agreement with unlisted UK company Strait Oil and Gas Limited ("Strait") to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia, Eastern Europe.

Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply