Petroleum Africa
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Friday, December 29, 2006
Range Resources Ltd. announced that the Puntland parliament has approved the proposed production sharing agreement between Canmex Minerals Corporation (Canmex), Range, and the Puntland Government. This approval gives Range and Canmex the go ahead to work out their joint venture arrangements by mid to end of January 2007.
Canmex has a $50 million interest covering 80% of the two main oil and gas areas of Puntland; the Nogal Basin and Darin Basin. .
While Range is closely following the recent outbreak of war between the Union of Islamic Courts and the official interim government backed with Ethiopian troops taking place 500 km south of the Puntland, it is believed that hostilities have not affected the company’s activities in the stable Puntland region.
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