Range Resources Limited
ABN 88 002 522 009
34 Parliament Place
West Perth WA 6005
PO Box 684
West Perth WA 6872
P: +61 8 9488 5200
F: +61 8 9321 6699
admin@rangeresources.com.au
29 April 2008
AFRICA OIL OPERATIONS UPDATE
Set out below is an announcement released by Africa Oil (Range Resources Ltd's
80% joint venture partner in its two on shore Puntland oil and gas concessions)
earlier today Canadian time.
April 28, 2008 (AOI - TSXV)…Africa Oil Corp. ("Africa Oil" or "the Company")
reports that the mobilization of a seismic crew to the Dharoor Valley block in
northern Puntland is proceeding smoothly. Recording is still planned to start
before the middle of May. Approximately 2600 km of high quality 2D vibroseis
data will be acquired as part of the comprehensive exploration program planned
for the Dharoor Valley.
Preparations for drilling in the Nogal Valley block have also been proceeding
well. Although plans to spud the first well in July were well advanced, it has
been decided to delay the start of the drilling program. The recent upsurge in
civil unrest in southern Somalia and piracy around Somalia's coast have given
rise to significant logistical difficulties in shipping large amounts of heavy
equipment and supplies to the drilling location. After close consultation with
the Puntland Government, it has been decided that the prudent course of action
is to delay the drilling program temporarily while local issues are resolved by
relevant authorities.
In a related matter, Africa Oil is pleased to announce that the President of
the Transitional Federal Government, H.E. Abdullahi Yusuf Ahmed, has been fully
briefed on the company's activities. His Excellency has subsequently issued a
broad endorsement of those activities and acknowledged the legitimacy of its
concession agreements, promising full support for our work program.
Having met all other obligations, the Company had initiated an accelerated
drilling schedule at the Nogal Valley block well in advance of the January,
2010 expiry of the first exploration period. The aggressive timing of the
program was to the benefit of the local communities in Puntland and Somalia.
However, under current conditions, it is prudent to relax this operational
schedule. The Company has a strong relationship with the Puntland government
and will cooperate fully with them as they work to resolve the situation. The
company will continue to monitor events and reinstate the drilling program as
soon as practicable.
In addition, the Company will be filing its Audited 2007 Year End Financial
Statements on April 29, 2008. The financial statements will be available
electronically on the System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com and on Africa Oil's website at www.africaoilcorp.com.
Forward-looking statements: This press release contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as political risk, general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and management's capacity to execute and
implement its future plans. Actual results may differ materially from those
projected by management.
ON BEHALF OF THE BOARD
"Rick Schmitt"
President
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: africaoilcorp@namdo.com
Website: www.africaoilcorp.com
For Range Resources Ltd enquiries, please contact:
Range Resources Limited RFC Corporate Finance Fox-Davies Capital
(Nominated Adviser) (Broker)
Pete Landau Stuart Laing Daniel Fox-Davies
+ 61 8 9488 5200 +61 8 9480 2500 +44 (0)207 936 5200
www.rangeresources.com.au
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