Information  X 
Enter a valid email address

Range Resources Ltd (RRL)

  Print      Mail a friend

Tuesday 30 June, 2015

Range Resources Ltd

Puntland Update

RNS Number : 5847R
Range Resources Limited
29 June 2015
 



Puntland Update

Range advises that following careful consideration and discussions, the Joint Venture operator, Africa Energy Corp. (previously Horn Petroleum Corp.) has provided notice to the Puntland State of Somalia advising of its intention to withdraw from the January 2007 production sharing agreements ("PSAs") in respect of the Nugaal Block and the Dharoor Block, effective immediately. Range has also confirmed that it will be withdrawing from these blocks.

The principal reason for the decision is the uncertainty of the current political climate in Somalia, especially in respect of the disagreement between the Federal Government of Somalia and the regional government of Puntland, Somalia over the legitimacy of the PSAs, and potential territorial claims on the Nugaal Block.

Whilst disappointed with this outcome, Range acknowledges the political uncertainties that have existed within the country, the state and the region over the recent years, preventing the Joint Venture from conducting the activities required under the terms of the PSAs.

Given the Company's focus on its core assets in Trinidad, Puntland is a non-core asset for Range, and Range had no value attributed to it on the balance sheet.

 

 

Further comment and information

 

 

Range Resources Limited

Evgenia Bezruchko (Investor Relations)

e. [email protected]

t.   +44 (0)20 7520 9486

 

Cantor Fitzgerald Europe (Nominated Advisor and Broker)

David Porter / Sarah Wharry (Corporate Finance)

Richard Redmayne (Corporate Broking)

t.   +44 (0)20 7894 7000

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLFFVLRDIAFIE

a d v e r t i s e m e n t