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Tuesday, March 20, 2012

Range Resources set for offshore Puntland block

Sights on Shabeel: Puntland well on way to total depth as partners line up offshore block 
By : Bill Lehane  - Range Resources has agreed a memorandum of understanding with the Puntland government to acquire a 100% interest in a new offshore Nuugal Basin block.
The company said it intends to commit to a 2D seismic program within the first three years of a yet-to-be-inked production sharing contract on the offshore block, with further 3D seismic and an exploration well to follow in the second three-year period.

The AIM and ASX-listed player said that it intends to bring its joint venture partner onshore Puntland, Red Emperor Resources, in on the project subject to approvals.

The duo each hold a 20% stake in the Horn Petroleum-operated Dharoor and Nugaal valleys licences onshore Puntland.
The debut Shabeel-1 well on the Dharoor Block is currently at a depth of 2384 metres, with casing to be run at around 2400-2700 metres on its way to total depth of 3800 metres, Red Emperor said.

The first of two wells, Shabeel-1 is targeting best estimate prospective resources of 300 million barrels.

Elsewhere, Range Resources has secured a 65% farm-in opportunity to two licenses in the onshore Putamayo basin in southern Columbia.
Source : http://www.upstreamonline.com/live/article1242310.ece