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2 Nov 2007 07:00
Range Resources Ltd 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 6699admin@rangeresources.com.au2 November 2007 OPERATIONS UPDATE Key points: * Seismic has been successfully completed on the Nogal Block, Puntland * First well expected to be spudded in first quarter 2008 * Drill program also planned for the Dharoor block, Puntland * Africa Oil makes key technical appointment
Set out below is the Africa Oil operations update released with respect to the oil and gas exploration project on the Nogal and Dharoor Blocks in Puntland into which Africa Oil is earning an 80% interest (from Range) and is operator. Range is extremely encouraged by the progress Africa Oil is making and looks forward to further progress:
Drilling and Seismic Program
A comprehensive seismic reprocessing program, including review and integration of all geophysical and geological data, has been successfully completed on the Nogal Block. The Company (Africa Oil) expects to mobilize a drill rig into the area in late 2007/early 2008 with the anticipation of spudding the first of two back-to-back wells in the first quarter of 2008.
A drill program is also being planned for the Dharoor Block to follow the drill campaign at Nogal. The Company (Africa Oil) is scheduling a major seismic acquisition program over the Dharoor area and expects a seismic crew to be mobilized in early 2008.
The Company (Africa Oil) has added another key member to its technical team. Mr. Paul Colyer has joined the Company as Drilling Manager. Mr. Colyer, considered one of the top drilling managers in the industry, brings over 35 years of experience to the Company (Africa Oil) . Mr. Colyer has spent the greater part of his career at Occidental Petroleum and has drilled and managed drill programs in both Yemen and Somalia.
Range would also like to clarify statements attributed to His Excellency, Puntland President Hersi on a website suggesting that the Range and Africa Oil exploration effort could be suspended due to the recent tensions in Las Anod with Somaliland. The statements are not accurate and the President is committed to ensuring that the exploration effort proceeds as expeditiously as possible (as set out above) and will ensure that Puntland's borders remain secure to assist in fast tracking the exploration effort.
Range would also like to direct its Shareholders to its website www.rangeresources.com.au where a new Research Report prepared by Fox Davies Capital has been uploaded.
Yours faithfullyMIKE POVEYManaging Director
Range's nominated adviser is RFC Corporate Finance Ltd, contact: Stuart Laing, ph: +618 9480 2506.
RANGE RESOURCES LTD
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