Punt kick for Range EMBATTLED Range Resources — oil explorer of choice for Somalia's pirate kingdom of Puntland — has had a rough time of late, following the election of 63-year-old LaTrobe University PhD candidate Abdirahman Mohamed Farole as president. Farole has questioned the legality of Range Resources' oil and mineral deal with Puntland, which led to his departure as planning minister back in 2006. He then made the big move from Garowe to Bundoora.
The news gets worse for Range, with Farole's university buddy, Issa Mohamud "Dholowa" Farah, last week getting the gig as "petroleum director" of Puntland.
Farah has been a major critic of Range for the past two years.
Indeed, there seems to be a strong Aussie contingent pulling the strings in Puntland now. Newly appointed finance minister Farah Ali Jama also flew in from Melbourne to take up his job.
President Farole has delivered a policy update in which he stated: "As you all know there are agreements signed by the former government that raised complaints from various groups. These contracts were between the government, foreign and local companies. In principle, I recognise and accept these agreements, but we have to update ourselves and make sure that they are benefiting the people and are within the laws of Puntland."
Which sounds very much like Range's agreement and resource rights are up in the air. The company responded stating that "Range looks forward to establishing a constructive and mutually beneficial relationship with the new Puntland government and its president".
RRS Price at posting:
2.7¢ Sentiment: None Disclosure: Not Held
