This is what Old Park Lane Capital are saying about recent news...

This is what Old Park Lane Capital are saying about recent news from Puntland....




The Shabeel exploration well in Puntland is exhibiting very encouraging oil and gas shows as drilling has progressed to 2,700 metres. We believe that this demonstrates the presence of an active hydrocarbon system in the region. Range and its partners will now continue drilling in order to probe the primary targets in the well to a total depth of 3,800 metres.

Given that Range and its partners have not yet probed the primary targets in the deeper zones, we believe that the easing of the share price is unjustified. The oil and gas shows in the shallower horizons are indisputably positive news and the prospect of additional hydrocarbons in these intervals would provide very attractive upside to pre-drill resource estimates of the primary targets in Shabeel.