the australian

looks like Pirate pete si skanking again :

As predicted by analysts who always saw the Range Resources adventure in Puntland as a money spinning scam, the days of the Australian company on Somali soil seem to be numbered.

The Australian market’s affair with the controversial Somalia exploration assets of Range Resources looks set to come to an end as the company prepares a spin-off of the projects on to London’s AIM board, Paul Garvey reported today in TheAustralian.

The information of RR's take-off in another direction was released just after Range Resources announced Possibilty of 130Million barrels of of recoverable oil in its Shabeel-1 Puntland well.

Managing director, Peter Landau, said a 12 to 20 metres net hydrocarbon pay zone in the Jesomma sands has been confirmed, but that was disputed by other sources. At that time he encouraged Range investors by confirming that 14 to 26mm bbls would be attributable to Range Resources, because Range’s internal technical team’s review of the net pay zone and results to date had revealed a successful flow test, which potentially could result in 70 to 130m barrels of recoverable oil from the Shabeel 1 well. Range Resources is convinced they will confirm commercial viability based on both - the net pay and the confirmation of an active petroleum system and they are confident of a commercial oil discovery in Puntland even with a revised target of just the Jessoma formation.

But speaking to The Australian at the ASX Small to Mid Caps conference in Hong Kong, Range executive director Peter Landau said now the spin-off would help focus attention on the company’s other assets in Trinidad and Colombia.