16 July 2008 ABN 88 002 522 009
16 Southport Street
West Leederville, 6007
Western Australia
admin@rangeresources.com.au
AFRICA OIL OPERATIONS UPDATE
Set out below is an announcement released by Africa Oil (Range's 80% joint
venture partner in its two on shore Puntland oil and gas concessions) on the 14
July 2008.
Seismic Acquisition Program Underway in Puntland, Somalia
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2008) - Africa Oil Corp.
("Africa Oil" or "the Company") (TSX VENTURE:AOI) is pleased to announce that
seismic recording in the Dharoor Valley of Puntland, Somalia commenced on July
9, 2008 (please see map and photos at the following link http://
media3.marketwire.com/docs/714aoi_map.jpg). The Company plans to acquire
approximately 2,600 kilometres of 2D vibroseis data on the Dharoor Block before
drilling 2 wells in each of its two Puntland concessions.
In the Nogal Basin, Africa Oil has acquired all of the more than 4,000
kilometres of good quality 2D data which was recorded in the late 1980's.
The Company holds an 80% interest in the Nogal and Dharoor blocks. The
concessions encompass two highly prospective hydrocarbon basins and cover an
area of 81,000 square kilometres or more than 20 million acres.
The two sedimentary basins were contiguous with the prolific Marib and Masila
basins in Yemen during the Jurassic and Cretaceous periods. Over 9 billion BOE
have been discovered in Yemen but exploration has been limited to date in
Somalia. Only 3 wells have been drilled in basinal settings in these
concessions before operations ceased in the early 1990's. Those wells confirmed
thick sedimentary sequences, encountered oil in Cretaceous sandstones and
proved the presence of active petroleum systems in both basins.
Rick Schmitt, President and CEO of Africa Oil, commented, "We are very pleased
with the progress made in our concessions and appreciate the excellent support
received from both the Puntland Government and the Transitional Federal
Government. Commencement of the seismic program has also reduced the logistical
demands on our Puntland infrastructure and we are now working hard to reinstate
the drilling program in order to commence drilling during 2008."
ON BEHALF OF THE BOARD
Rick Schmitt, President and CEO
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
T: +1 (604) 689-7842
F: +1 (604)689-4250
Email: africaoilcorp@namdo.com
Website: www.africaoilcorp.com
For Range enquiries, please contact:
Range Resources Ltd. RFC Corporate Finance Fox-Davies Capital
(Nominated Advisor) (Broker)
Michael Povey Stuart Laing Daniel Fox-Davies
+61.8.6389.5700 +61.8.9.480.2500 +44.207.936.5200
D
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.