Thursday, October 12, 2006
The Australian
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AUSTRALIAN resources explorer Range Resources has signed a $US50 million ($67.50 million) deal with Canadian-based Canmex Minerals to help it look for oil in Somalia.
Canmex will be the operator of the exploration, which is located in the northeastern state of Puntland, and has to complete a minimum of four exploration wells to secure an 80 per cent stake in the project.
A production sharing agreement is expected to be finalised between Range, Canmex and the Puntland government by the end of next month.
Melbourne-based Range is exploring for oil, gas, nickel and uranium in Western Australia, Peru and Puntland.
Shares in Range gained 0.3 of a cent to 3.2 cents by 1329 AEST.
Source: The Australian, Oct. 12, 2006