50 year contract 50 yr dividends oil minerals , page-7

Puntland authorities signed a 50-year binding agreement in early 2005 with an Australian company (Range Resources Limited) for oil and mineral explorations, Range then subcontracted to a Canadian company (Canmex) for actual operations.


The contract was criticized by several observers because of the length of the commitment (50 years), jurisdictional disputes (Puntland Vs. Federal/Somaliland), and the lack of concrete project details. Range Inc. has released only a “two-page summary” of the contract for public reviewing www.rangeresources.com.au