sool_boy Posted July 10, 2009 09 July 2009 Range Resources, the Australia-based oil and gas explorer, has enhanced its oil and gas portfolio after agreeing a deal with private UK company Strait Oil and Gas Ltd to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia. The two blocks - Blocks VIA and VIB – cover a contiguous area of 7,000 sq km and were subject to significant exploration in the Soviet era. As part of the deal, Range will complete Phase II under the relevant Production Share Agreement, which will see it pay around US$4-5 million to carry out 350 sq km of 2D and 3D seismic surveying and well selection. It will also issue up to 70 million shares to Strait on meeting certain milestones. In a move to meet the initial requirements of the Strait deal and to fund its other activities in Puntland, Range is conducting a share placing to raise A$2.5 million. The company said that with its own planned onshore drilling programme in Puntland, the Georgian farm-in was “a significant step” towards establishing the company as a diversified international explorer with a growing oil and gas acreage position and significant upside potential. http://www.smallcapn ews.co.uk/article/Ra nge_Resources_buys_i nto_Eastern_European _oil_and_gas_blocks/ 7873.aspx Quote Share this post Link to post Share on other sites
sool_boy Posted July 10, 2009 Range expands reach 9th July 2009, 10:45 WST WA oil and gas explorer Range Resources has struck up a strategic partnership with unlisted UK group Strait Oil and Gas that will see it farm into two blocks in the Republic of Georgia, Eastern Europe. Range said today it had signed a heads of agreement with Strait to acquire up to 50 per cent of two blocks covering about 7000 square kilometres, which had been explored during the Soviet era. Range also announced a strategic $2.5 million placement to help fund the transaction as well as go towards operational activities at its Puntland assets. Under the terms of the deal announced today, Range will issue 20 million shares and 20 million options to Strait’s nominees once due diligence is completed and shareholder approval received. Additional shares and options will be completed under two further tranches once certain conditions are met. Strait will also appoint a representative to Range’s board. Shares in Range were 0.2¢ higher to 5.3¢ at 10.45am Perth time. KATE EMERY http://www.thewest.c om.au/default.aspx?M enuID=3&ContentID=15 3896 Quote Share this post Link to post Share on other sites
kajdes Posted July 14, 2009 Interesting development. Where does this leave activities in Puntland I wonder? Nothing wrong with a company expanding their activities but the question has to be asked why this company that has off loaded other investment activities in the past to concentrate purely on its Puntland program now decides to involve itself in other investments? Quote Share this post Link to post Share on other sites
