Puntland Offshore Oil Race Tightens As Range Secures Nugaal Offshore Blocks

[Dr_Osman]

 

PUNTLAND OIL: Tartankii shidaalka Puntland oo labo lixaadsaday, Nugaal Basin Offshore Block oo ay nasiib u yeelatay shirkadda Range Resources

 

March 20, 2012 11:24 am GMT - Written by Yusuf - Edited by Editor

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Puntland:-Shirkadda Range Resources ee laga leeyahay Dalka Australia ayaa maanta warsaxaafadeed ay soo saartay ku sheegtay in ay ku guulaysatay in ay heshay ogolaanshihii shidaal baarista badweynta Hindiya ee gobolka Nugaal (Nugaal Basin Offshore Block ), waxayna warsaxaafadeedkeeda ku sheegtay inay mudo sadex sano ah halkaas ka taagi doonto riigii ugu horeeyey ee biyaha badda Soomaaliya laga taago.

 

Tani waxa ay tusaale u tahay sida ay shirkadani u ogtahay shidaalka dhexceegaaga degaanada Puntland Dhul iyo Badba, waxayna iminka u muuqataa in shirkadu ay isku fidinayso Puntland kor inta aysan shirkadaha waaweyn iman.

 

Shirkadda ayaa shaacisay in ay bixinayso lacag dhan $5 milyan oo ay ugu talo gashay in lagu dhameeyo garoon diyaaradeed oo aysan warsaxaafadeedka ku sheegin halka uu noqon doono.

 

Waxaa dhamaan shacabka Soomaaliyeed iyo Saamilayda shirkadaha shidaalka qodaya ay sugayeen natiijadii ugu dambaysay ee ceelka shabeel-1, waxaase iminka ay u muuqataa oraahdii ahayd “Kani galbay ku kale mooyee”, shabeel-1 gacanta ayaad ku haysataan ee yaan la idin ka hormarin dhinaca badda, ka hor inta aan warku bixin.

 

Puntlandpost.com

[Che -Guevara]

Forget offshore Diitore, where's onshore?

[Dr_Osman]

Range secures new Puntland agreement

 

By Sarah Modlock | Tue, 20/03/2012 - 10:35

 

Range Resources (RRL) updated investors on activities in Puntland, Somalia, on Tuesday and revealed a new farm-in opportunity and the potential sale of Texan assets.

 

In Puntland, Range has secured a new agreement with the government for a 100% working interest in the highly prospective Nugaal Basin Offshore Block.

 

The Block is an extension of the onshore Nugaal Region which has the potential for deltaic deposits from the Nugaal Valley drainage system and comprises over 10,000 kilometres.

 

Range said it will now commit to a 2D seismic program within the first three years, with further 3D seismic and an exploration well to follow in the second three-year period. It will offer a participation interest to its joint venture partner, Red Emperor Resources (RMP), on terms to be agreed.

 

"Today's announcement is significant in that we have demonstrated the next development path forward for Range," commented Range managing director Peter Landau.

 

"A successful first well in Puntland will trigger increased interest in the whole Puntland region and Range believes it has secured the most prospective offshore block following previous work undertaken by Range in 2009 and 2010 which included a review of historical seismic and well data," he added.

 

As part of the deal, Range has committed $5 million (c£3.2 million) for the tarmac sealing of an airport runway in Puntland at the government's direction.

 

Meanwhile, the Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at a depth of 2,384 metres and drilling ahead. It is expected that casing will be run at approximately 2,400-2,700 metres as dictated by the next electrical logging run. Target depth remains at approximately 3,800 metres.

 

Farm-in and Texas prospects offers

 

Range also revealed that it is has secured a 65% farm-in opportunity (350 metres of 3D seismic and two new wells) on two highly prospective licences in the onshore Putamayo basin in southern Colombia.

 

It said full details of the agreement will be provided after regulatory approvals but Landau said: "The proposed Colombian farm-in will see Range move into a highly prospective, producing precinct in southern Colombia and provide a very unique exploration and production proposition when combined with our major Trinidad operations."

 

Range said it is also considering the sale of its Texas project interests "following approaches from various parties".

 

Timing of any deal is likely to follow the P1 and P2 reserve upgrade expected to be completed in April 2012 and the company confirmed it will consider several capital management alternatives for the sale proceeds, including a return of capital and an on-market share buyback.

 

Finally, the company announced a strategic institutional placement of 150 million shares at £0.125 each to raise £18.75 million.

 

It said: "Importantly 100 million of the shares have been placed to a major US and European fund management group, with considerable expertise in the oil and gas sector. Admission of the shares on AIM is expected to be Tuesday, with Range's shares on issue then being 2,271,766,648."

 

Shares in Range dropped over 6% in morning trading.

 

Investor reaction

 

On the Interactive Investor discussion board for Range, there was initial confusion over a spelling error in the Range RNS which appeared to suggest a new opportunity in the US state rather than the country of Colombia.

 

User ‘Oilfarmer’ wondered: “Is this COLUMBIA OPPORTUNITY - anywhere near to The Capella Oilfield - a new heavy oil discovery in COLOMBIA !…made by Emerald and Canacol in the Caguan-Putumayo basin?”

 

On the Puntland news, user ‘Forest Trader’ said: “My first thoughts were why place at a low price just prior to Puntland drill results. PL [Peter Landau] is no fool and there will be a reason behind it.”

 

“Major oil companies have been looking closely at East Africa and buying into it. Rumours are that the majors are sniffing around Puntland. How does the interest in offshore change if an onshore strike is announced. PL has all the info on offshore from historis seismic etc and has secured the best block before the real interest in it kicks off. Colombia has been talked about for over a year and it may have been time to move on the deal before the door closed,” he commented, concluding: “The ride on this share keeps getting longer but it's also getting more exciting.”

 

Meanwhile, user ‘moisherabbenu’ said: “Well done Mr Landau - astute to the extreme. Funding offshore Puntland for a mere 150m shares to an oil and gas biased US investment house. It could not get any better. This deal has increased the value of Range by a huge amount. I feel within 3-4 weeks we shall be looking at a share price of double where it stands today.”

 

The managing director of Range Resources discusses operations in Trinidad, Georgia, Puntland, future sale of Texan assets and the purchase of new assets in: Your questions answered by Peter Landau.

[Dr_Osman]

Range Press Release on Puntland offshore oil blocks

http://www.rangeresources.com.au/fileadmin/user_upload/In_the_News/20312PUNTLAND_OFFSHORE.pdf

[kingofkings]

thanks for the update osman.

[Qandalawi]

Diversity is good, different companies should get the offshore contract, not everything for Range. Besides, I thought the Chinese were or other Asian companies were doing the Offshore.

[Hustler]

Range looks like they are more interested in people buying stock options rather than bringing oil. That is why they are securing more contracts because it sells in the market. I hope they bring the oil out quick and cut the b.s

[Burn Notice]

Qandalawi;807131 wrote:

Diversity is good, different companies should get the offshore contract, not everything for Range. Besides, I thought the Chinese were or other Asian companies were doing the Offshore.

Range will farm out around 80%-90% to bigger companies .ie BP, Shell, Tullow

[walaalkis]

Raggaana oil ka waashay . Be patient , of god intended there will be oil in Somalia we will witness it. We don't have to copy and

paste every little articles that talk about oil in the net.

[Miskiin-Macruuf-Aqiyaar]

Brazil Chevron oil leak charges to focus on safety

 

(Reuters) - A Brazilian prosecutor plans to allege this week that Chevron and Transocean should not have drilled a deep-water well that leaked in November, legal documents showed, giving a glimpse into expected criminal charges that could slow the rush to develop Brazil's vast offshore oil wealth.

 

The accident cracked geological structures in the reservoir and oil will continue leaking from the field until it is emptied, the prosecutor Eduardo Santos de Oliveira told Reuters in a telephone interview on Monday.

 

The prosecutor's comments expanded on his investigations and police reports being used to assemble criminal indictments against U.S. oil company Chevron, drill-rig operator Transocean, and 17 of their executives and employees.

 

The documents, obtained by Reuters, provided the most detailed look yet at possible causes of the oil leak off Brazil's southern coast. They also outline why prosecutors are seeking criminal charges for what industry watchers note is a relatively small spill at a well that was approved for drilling by Brazilian regulators.

 

"We are in uncharted territory," said Cleveland Jones, a Brazilian oil geologist at the State University of Rio de Janeiro. "Do we want better environmental standards? Yes. Did the environment get really hurt? No. If you applied the same standards to the whole industry, you'd probably have to shut it down, and we aren't applying the same standards to others."

 

Authorities on Saturday ordered Chevron's Brazil chief George Buck and 16 others to surrender their passports and remain in the country. Criminal charges could be filed by Wednesday, a spokesman for the prosecutor said. A Brazilian judge will then determine whether to proceed with formal indictments.

 

The pending criminal case, along with a record $11 billion environmental lawsuit the prosecutor launched against Chevron in November, show heightened concern over the safety of Brazil's offshore oil boom in the wake of the 2010 BP oil disaster in the Gulf of Mexico.

Sii aqriso

[faarah22]

oil leak are small price to pay for the untold riches awaiting somalia if this thing materializes. besides accidents happen in every sector, so dont get discouraged. safety will be increased. let the oil flow.

[Burn Notice]

faarah22;807398 wrote:

oil leak are small price to pay for the untold riches awaiting somalia if this thing materializes. besides accidents happen in every sector, so dont get discouraged. safety will be increased. let the oil flow.

Agreed...blah blah blah

 

anyone know this guy??

 

Puntland Leader Makes Bold Promise of Oil to Feuding Clans

 

During the second day of Puntland State President Abdirahman Faroole’s peace negotiations in the troubled village of Rako Raaho, just over the hills south of the Dharoor Valley, he addressed the topic of exploration in the region to a crowd of elders.

 

 

An audience consisting of high-ranking traditional elders from the Karkaar Province’s feuding clans, outside elders, negotiators, and Puntland government figures received the president’s speech. Faroole gave a surprising, but relevant address on oil exploration in the region to the elders, thought to be an incentive for the cessation of hostilities between the feuding clans.

 

A very joyous result is coming from the current oil drilling program, a result that will allow all of the people of Puntland to prosper.

The past week has seen the longest peacemaking mission undertaken by the current president of Puntland. The last step in the current peace process is being finalized. President Faroole additionally stated that the feuding clans ought to make this peace process the last one.

 

The president closed his speech by repeating his call for unity among all Somalis, and that the wealth of Puntland belongs to the entire nation.

 

Bold references to oil riches in front of an audience of this caliber is very telling of the actual progress being made in the Dharoor Valley drilling program.

 

http://dissidentnation.com/puntland-leader-makes-bold-promise-of-oil-to-feuding-clans/

[faarah22]

" anyone know this guy??" are you addressing me burn?

[Somalia]

Miskiin-Macruuf-Aqiyaar;807385 wrote:

Sii aqriso

Hasn't the moryaan cutting down trees for 20 years, causing drought, been of concern to you?

[Burn Notice]

faarah22;807463 wrote:

" anyone know this guy??" are you addressing me burn?

you or the BB in general Faarah