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16 Jul 2008 07:00
16 July 2008 ABN 88 002 522 009 16 Southport Street West Leederville, 6007 Western Australia admin@rangeresources.com.au AFRICA OIL OPERATIONS UPDATE
Set out below is an announcement released by Africa Oil (Range's 80% joint venture partner in its two on shore Puntland oil and gas concessions) on the 14 July 2008.
Seismic Acquisition Program Underway in Puntland, Somalia VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2008) - Africa Oil Corp.("Africa Oil" or "the Company") is pleased to announce thatseismic recording in the Dharoor Valley of Puntland, Somalia commenced on July9, 2008 (please see map and photos at the following link http://media3.marketwire.com/docs/714aoi_map.jpg). The Company plans to acquireapproximately 2,600 kilometres of 2D vibroseis data on the Dharoor Block beforedrilling 2 wells in each of its two Puntland concessions.
In the Nogal Basin, Africa Oil has acquired all of the more than 4,000 kilometres of good quality 2D data which was recorded in the late 1980's.
The Company holds an 80% interest in the Nogal and Dharoor blocks. The concessions encompass two highly prospective hydrocarbon basins and cover an area of 81,000 square kilometres or more than 20 million acres.
The two sedimentary basins were contiguous with the prolific Marib and Masilabasins in Yemen during the Jurassic and Cretaceous periods. Over 9 billion BOEhave been discovered in Yemen but exploration has been limited to date inSomalia. Only 3 wells have been drilled in basinal settings in theseconcessions before operations ceased in the early 1990's. Those wells confirmedthick sedimentary sequences, encountered oil in Cretaceous sandstones andproved the presence of active petroleum systems in both basins.Rick Schmitt, President and CEO of Africa Oil, commented, "We are very pleasedwith the progress made in our concessions and appreciate the excellent supportreceived from both the Puntland Government and the Transitional FederalGovernment. Commencement of the seismic program has also reduced the logisticaldemands on our Puntland infrastructure and we are now working hard to reinstatethe drilling program in order to commence drilling during 2008."ON BEHALF OF THE BOARDRick Schmitt, President and CEO
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 Shane Corporate DevelopmentT: +1 (604) 689-7842F: +1 (604)689-4250Email: africaoilcorp@namdo.comWebsite: www.africaoilcorp.com
For Range enquiries, please contact:
Range Resources Ltd. RFC Corporate Finance Fox-Davies Capital (Nominated Advisor) (Broker) Michael Povey Stuart Laing Daniel Fox-Davies +61.8.6389.5700 +61.8.9.480.2500 +44.207.936.5200
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