News brief from the dow jones news services.
DJ MARKET TALK: Range Resource Down, Doubts Emerge
144 words
17 October 2005
06:05
Dow Jones Commodities Service
Oct 16, 2005 (DJCS via Comtex) --
1315 [Dow Jones] Range Resources (RRS.AU) falls 13% to 3.3 cents on heavy trading of 46.5 million shares. Latest fall, which extends decline from 4.6 cents recent peak Tuesday, could reflect investor nervousness about legality of RRS agreement with Puntland state, Somalia, Horn of Africa, to acquire 50.1% interest in sole, exclusive rights to mineral/hydrocarbon exploration/development. In letter to stock exchange, Somalia's PM Ali Mohammed Gedi says deal invalid as only federal government has power to negotiate sale of mineral/oil rights, Sydney Morning Herald reports. But RRS said a week ago that deal has written approval from federal government. (RCB)
presidents comments!, page-9
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