Puntland Oil, first drilling to occur by mid-2010

[General Duke]

Range and Puntland State of Somalia amend PSA's - first drilling to occur by mid-2010

 

Key points:

 

- Range, Africa Oil Corp. and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements ("PSAs") made in respect of the Dharoor and Nugaal Valley Exploration Areas,

 

- In consideration of the extension of the exploration period, the parties agreed to voluntarily relinquish 25% of the original agreement area on or before 17 January 2010,

 

- Upon Parliamentary ratification, Africa Oil plans to immediately commence operations with an intent to spud the first exploration well by mid-2010, and

[General Duke]

Range Resources Limited (“Range” or “the Company”) is pleased to announce that Range, Africa Oil Corp. and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements ("PSAs") made in respect of the Dharoor and Nugaal Valley Exploration Areas.

 

The revised agreements were signed by the parties in Garowe, Puntland, subsequently approved by the Cabinet of the Puntland Government and are still subject to ratification by the Parliament of the Puntland State of Somalia which is scheduled for this week commencing 14 December 2010.

 

With the conclusion of the negotiations and the execution of the amending agreements, the PSAs, as amended, now provide for initial exploration periods in respect of both blocks that have been extended from 36 months to 48 months with a revised expiry of 17 January 2011. In addition, the terms of the exploration programs have been amended so that Africa Oil can, at its option, drill one exploratory well in each of the Nugaal and Dharoor Valley Exploration Areas, or two exploratory wells in the Dharoor Valley, during the initial exploration period. In consideration of the extension of the exploration period, the parties agreed to voluntarily relinquish 25% of the original agreement area on or before 17 January 2010. Upon Parliamentary ratification, Africa Oil plans to immediately commence operations with an intent to spud the first exploration well by mid-2010.

 

Onshore Puntland Interest:

Range – 20%

Africa Oil Corp – 65%

Lion Energy Inc – 15%

[General Duke]

[General Duke]

[SayidSomal]

Onshore Puntland Interest:

Range – 20%

Africa Oil Corp – 65%

Lion Energy Inc – 15%

where is my share in all these interests???

[General Duke]

^^^You need to figure out how long a decade is before you even start thinking about such complex transactions as oil exploration.

[Jacaylbaro]

Originally posted by S*S:

quote: Onshore Puntland Interest:

Range – 20%

Africa Oil Corp – 65%

Lion Energy Inc – 15%

where is my share in all these interests???

OUCH ! ! !

[Che -Guevara]

Originally posted by General Duke:

^^^You need to figure out

how long a decade

is before you even start thinking about such complex transactions as oil exploration.

 

Waraa macalinka ka xishood

[General Duke]

Lion Energy Corp.

is a well financed Canadian exploration company based in Vancouver, BC, that is focused on acquiring, exploring and developing oil and gas reserves in Central & East Africa.

 

Lion Energy initially partnered with Africa Oil Corp., a Canadian oil and gas exploration company with assets in Kenya, Somalia and Ethiopia, and a member of The Lundin Group of Companies. Lion Energy has agreements with African Oil for entry into the production sharing agreements (PSAs) on blocks in Republic of Kenya and the State of Puntland, Somalia. The Company also holds several strategic investments in Potash, Sulphur Fertilizer and Uranium.

 

Lion Energy's shares are listed on the TSX Venture Exchange under the symbol "LEO

[General Duke]

Originally posted by Che -Guevara:

 

Waraa macalinka ka xishood

S*S will be treated as he treats others, a teacher who does not undertsand that 2000-2009 is a decade, has no place opening his mouth as if he has some insight on anything..

[General Duke]

JB are you having an S*S moment as well?

 

Onshore Puntland Interest:

Range – 20%

Africa Oil Corp – 65%

Lion Energy Inc – 15%

Is it the word interest that is causing the confusion?

[General Duke]

A Glimpse into East Africa’s Natural Resources

 

In a 1991 a World Bank coordinated study intended to encourage private investment in the petroleum potential of eight African nations, Somalia and the Sudan topped the list of potential commercial oil producers.

 

Puntland, remains one of the last under-explored regions that have high potential for vast reserves of hydrocarbons.

During the late 1980’s the State was divided into a number of concessions for oil exploration. Significant exploration was undertaken but this effectively ceased due to political instability that arose in 1991. However, there exploration activities have never ceased for good.

 

For example Australian exploration company Range Resources LTD. has been conducting studies on the mineral resources of the region during 2006 with a team of geologists based in Bosasso on the northern coast.

The geological work has identified the potential of large silver rich lead zinc deposits analogous to the Jabali deposit in southern Yemen.

 

The agreements that Range Resources has entered was followed by intense negotiations between the Parties and their legal advisors. As part of this process the Parties have satisfied themselves that all previous mining concessions have lapsed.

 

The government of the semi-autonomous Puntland province has given Range Resources of Australia and Canmex Minerals of Canada joint E&P rights in parts of the region. The exploration period of its Somalia oil projects have been extended from 36 months to 48 months with the Somalian authorities, this is positive news as both sides see a reason to continue exploration in the area.

[General Duke]

Range Resources Corp. (NYSE:RRC) soars 8.74% to $47.17 on 2.45 million shares after the company announced that Range, Africa Oil Corp. and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements (PSAs) made in respect of the Dharoor and Nugaal Valley Exploration Areas. In consideration of the extension of the exploration period, the parties agreed to voluntarily relinquish 25% of the original agreement area on or before 17 January 2010. Upon Parliamentary ratification, Africa Oil plans to immediately commence operations with intent to spud the first exploration well by mid-2010.

 

[SayidSomal]

i am in a mood to take classes today:

Duke!, pay attention

book iyo pen soo qaado.

all other damiins pay attention too - because i am only going to teach this class once and once only.

 

Now.

Decade does not mean dickhead (as you would prounce with heavy accent of yours)

It means a period of ten years

In the solar Calendar (Julian, Gregorian etc) that is the one that you used in that infamous thread of yours in which you stated “the decade of 2000-2009 is when I become man”

Now – lets get on what our class, so that you may learn a lesson or two to avoid decade being synonymous (that means identical) with being a dickhead. - write the following in your book:

A year is made of twelve months, 365 days (expect in every four years an extra day is added to the month of February – that is called a leap year – but will only confuse you – so scratch that thought, instead of your head)

Now let’s do the math. in decade – there is ten years

In ten years there are 120 months and in 120 months there are 3652 days.

 

Now to express the decades in a century (that means hundred years) in numbers – you write the last two digits followed by the letter ‘s’ e.g. 80s, 90s, 00s etc – you do not – I repeat do not write “the decade of 2000-2009”. because that could mean anytime in between 2000 and 2009. e.g. January 2000 to January 2009.

 

Class dismissed – don’t bother asking question. Get going to next class of how to spell Qardho correctly .

 

Good day

[General Duke]

^^^lool. You sound desperate adeer, we know you don’t have a clue about anything, and I feel sorry for the children you teach, I hope they can at least fathom 2000-2009 is a decade.

 

Now don’t ruin the post and edit your angry drivel.