Range to spin off its assets in Puntland

By BARRY MORGAN London

 02 August 2012 22:59 GMT

RANGE Resources plans to spin off its assets in the Somali semi-autonomous province of Puntland into a separate vehicle, in order to progress onshore and offshore exploration in the Horn of Africa, as well as expand its portfolio elsewhere in East Africa.

Executive director Tony Eastman said East Africa is the regional hotspot, and that he would like to arrange something similar to Toronto-listed Africa Oil, which vended its Somalian assets into Horn Petroleum.

“Puntland will be placed in a separate vehicle for existing shareholders, adding other opportunities to the portfolio in East Africa as they arise,” he said.

Eastman admitted that the latest Puntland probe of Shabeel-North proved disappointing. However, he indicated that the company will persevere, because it is convinced the petroleum system will eventually yield results.

Not wishing to be a “one-asset wonder”,…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index