29 Apr 2008 07:00
Range Resources Limited ABN 88 002 522 009 34 Parliament Place West Perth WA 6005 PO Box 684 West Perth WA 6872 P: +61 8 9488 5200 F: +61 8 9321 6699 admin@rangeresources.com.au29 April 2008 AFRICA OIL OPERATIONS UPDATE Set out below is an announcement released by Africa Oil (Range Resources Ltd's80% joint venture partner in its two on shore Puntland oil and gas concessions)earlier today Canadian time.April 28, 2008 ¢â‚¬¦Africa Oil Corp. ("Africa Oil" or "the Company")reports that the mobilization of a seismic crew to the Dharoor Valley block innorthern Puntland is proceeding smoothly. Recording is still planned to startbefore the middle of May. Approximately 2600 km of high quality 2D vibroseisdata will be acquired as part of the comprehensive exploration program plannedfor the Dharoor Valley.Preparations for drilling in the Nogal Valley block have also been proceedingwell. Although plans to spud the first well in July were well advanced, it hasbeen decided to delay the start of the drilling program. The recent upsurge incivil unrest in southern Somalia and piracy around Somalia's coast have givenrise to significant logistical difficulties in shipping large amounts of heavyequipment and supplies to the drilling location. After close consultation withthe Puntland Government, it has been decided that the prudent course of actionis to delay the drilling program temporarily while local issues are resolved byrelevant authorities.In a related matter, Africa Oil is pleased to announce that the President ofthe Transitional Federal Government, H.E. Abdullahi Yusuf Ahmed, has been fullybriefed on the company's activities. His Excellency has subsequently issued abroad endorsement of those activities and acknowledged the legitimacy of itsconcession agreements, promising full support for our work program.Having met all other obligations, the Company had initiated an accelerateddrilling schedule at the Nogal Valley block well in advance of the January,2010 expiry of the first exploration period. The aggressive timing of theprogram was to the benefit of the local communities in Puntland and Somalia.However, under current conditions, it is prudent to relax this operationalschedule. The Company has a strong relationship with the Puntland governmentand will cooperate fully with them as they work to resolve the situation. Thecompany will continue to monitor events and reinstate the drilling program assoon as practicable.
In addition, the Company will be filing its Audited 2007 Year End Financial Statements on April 29, 2008. The financial statements will be available electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on Africa Oil's website at www.africaoilcorp.com.
Forward-looking statements: This press release contains statements aboutexpected or anticipated future events and financial results that areforward-looking in nature and, as a result, are subject to certain risks anduncertainties, such as political risk, general economic, market and businessconditions, the regulatory process and actions, technical issues, newlegislation, competitive and general economic factors and conditions, theuncertainties resulting from potential delays or changes in plans, theoccurrence of unexpected events and management's capacity to execute andimplement its future plans. Actual results may differ materially from those
projected by management. ON BEHALF OF THE BOARD "Rick Schmitt" President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Africa Oil Corp.Sophia ShaneCorporate Development(604) 689-7842(604) 689-4250 (FAX)Email: africaoilcorp@namdo.comWebsite: www.africaoilcorp.com
For Range Resources Ltd enquiries, please contact:
Range Resources Limited RFC Corporate Finance Fox-Davies Capital
(Nominated Adviser) (Broker) Pete Landau Stuart Laing Daniel Fox-Davies + 61 8 9488 5200 +61 8 9480 2500 +44 (0)207 936 5200
www.rangeresources.com.au
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