Puntland partners agree financial terms and plan drilling in tough neighbourhood

Issue 202 - 04 Feb 2011
It all seems like business as usual. Australian Securities Exchange and Alternative Investment Market-listed Range Resources has announced a new financial agreement with its joint venture partner Canada-based Africa Oil Corporation (AOC), for a second exploration well due to be spudded by September. This will be included as part of AOC’s exploration commitments,which oblige it to spend $22.5m in Dharoor and Nugaal before Range reverts to a contributing basis. A Range company report says AOC has satisfied its commitments with regard to Dharoor, but still has around $15m to pay on Nugaal.

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