RANGE RESOURCES VISITS PUNTLAND, APPOINTS CONSULTANT, SECURES $4M FUNDING
AUSTRALIAN COMPANY NEWS BITES
SOURCED FROM INFORMATION LODGED WITH THE AUSTRALIAN STOCK EXCHANGE
Range Resources Ltd executives and consultants recently visited Puntland, a semi-autonomous state in Somalia, to present to the Puntland government and the transitional federal government on the development of the state’s mineral and hydrocarbon resources.
During the visit, Range Resources committed $331,000 to the Garowe Airport upgrade as part of its commitment to the social and economic development of Puntland.
The company has also appointed senior exploration consultant Jim Allender to assist in the oil and gas exploration program in Puntland, as well as securing a $4 million financing facility.
Mr Allender has previously worked in the petroleum industry as an exploration geophysicist, with wide-ranging experience across a variety of geological environments and for numerous companies. He was responsible for discovering the Tubridgi gas field in Western Australia.
The $4 million financing facility allows funds to be drawn such that they convert to equity within 60 days of drawdown. The funds will convert at an 80 percent, 10 day volume weighted average price at the time of conversion with a 1 for 1 free attaching option.
