Puntland Oo Qarka U-Saaran Shiidaal In Laga Soo Saaro Iyo Riigagii Ceelasha Qodi Lahaa Oo Heer Gabo-Gabo Ah Maraya Written by Administrator http://bit.ly/n4y8oi
Monday, 08 August 2011 04:20
PUNTLAND DRILLING UPDATE
* Puntland Government and Africa Oil Corp. agree to adjust specific milestone target dates.
* Contracts for a drilling rig and third party services are in advanced stages of negotiations with contract execution scheduled for early August.
* Drilling of two wells now scheduled to occur in Q4, 2011.
International oil and gas exploration, development and production company, Range Resources Limited ("Range" or "the Company") is pleased to announce that its Puntland Joint Venture partner and operator, Africa Oil Corp ("Africa Oil"), through its newly created company Horn Petroleum Corp. ("Horn Petroleum") is currently in final preparations to commence the historic and highly prospective two well drilling campaign in the Dharoor Valley Block in Puntland, with the first well scheduled to spud early in the fourth quarter of 2011.
Source:Webka Shiidaalka soo saaraya ee:
http://www.rangeresources.com.au/
The drilling locations have been selected over two robust prospects and each well is targeting gross best estimate prospective resources of 300 million barrels and 375 million barrels recoverable for the two prospects (with net attributable prospective resources to Range of 60 million barrels and 75 million barrels respectively). Contracts for the drilling rig and third party services are in advanced stages of negotiation and are expected to be executed in early August.
The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all necessary to allow the project to move forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing the Company and partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved.
Source:Webka Shiidaalka soo saaraya ee:
http://www.rangeresources.com.au/
Range Resources Executive Director, Peter Landau commented, "We are delighted that JV partner and Puntland operator, Africa Oil Corp., along with the Puntland Government have settled on mutually agreeable terms that will finally see a well(s) drilled in Puntland, Somalia this year.
