Somalia Posted May 2, 2012 Range Resources (RRL) and Red Emperor Resources (RMP) were two of the most popular buys for Interactive Investor's traders as the companies confirmed their drilling programme in Puntland remained on schedule. The drilling of Shabeel-1 was progressing as planned with a target depth (TD) of 3,800 metres, expected to be reached by mid-May. Sands in the Upper Cretaceous exhibited oil and gas shows, although attempts to sample formation fluids using a wire line formation tester were not successful. The zone will require cased hole testing to confirm whether they are oil bearing. Preparations to spud the next well, Shabeel-North, are on track. Range has also entered into an agreement with the Puntland government to acquire a 100% working interest in a "highly prospective" Nugaal Basin Offshore Block. "It is Range's intention to offer a participation interest to Red Emperor on terms to be agreed," the companies stated. Quote Share this post Link to post Share on other sites
