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Everything posted by trevork

  1. Hello Hmm. No more discussion on this? Gee it's been quiet here. The latest development has made the mainstream press here in Australia. Debate has been raging apparently in one particular online chat site. This was from Sydney's main newspaper today. Puntland frolics Range Resources picked an unfortunate day to come out of a trading halt and announce the transitional government of Somalia had officially signed its monopolistic right to explore the country's semi-autonomous Puntland province. Just after Range released a November 2 letter signed by Prime Minister Ali Mohamed Gedi approving the deal yesterday, newswires reported at least three of Gedi's bodyguards had been killed during an assassination attempt on the leader. To make matters worse, Foreign Minister Alexander Downer said terrorists, not pirates, had probably attacked a Western cruise ship off Somalia's coast over the weekend. A British maritime union is now pushing for the entire Somali coastline to be declared a war zone following the incident - presumably including the shores of Puntland. Despite being happy to discuss the Puntland deal when it was first announced last month, Range directors declined to speak to Xchange yesterday, referring all queries to a PR agency. "We really don't want to speak to the media," executive director Jim Marinis explained. "From the media, I don't think they've done the right thing by the organisation. There's been a lot of slander." He might have been referring to a letter Prime Minister Gedi sent to the ASX last month questioning the Puntland deal's validity, which was leaked to major news outlets soon after the deal was signed. The terms of the agreement were apparently amended before Gedi gave his final approval last week but Range declined to release details of the new terms. With issues like these, it's no surprise that day traders had a field day discussing Range on the Hot Copper online message board. It was ultimately the most-traded stock of the day, with the shares closing up 0.8c at 4.4c.
  2. Originally posted by uchi: Who are you trevork?....hmmm Uchi, What does it matter who I am. This is a discussion thread about the PL agreement, and today brought a very significant update on the situation, namely all doubts about whether the TFG was opposed to this deal has now been dispelled. I'm just reporting the news. It does seem to clear up the issue at the very heart of this thread, that is, there's no more "confusion" about this agreement. Now if you have comments to add related to this latest development, then please go ahead. Otherwise, let's leave the personal issues for aside, shall we.
  3. Hi, Range Resources and made this announcement to the stock exchange today, for those who might be interested: TRANSITIONAL FEDERAL GOVERNMENT SUPPORT FOR RANGE AND THE PUNTLAND JOINT VENTURE Further to the Company’s announcement on 10 October 2005 in relation to the support Consort Private Limited (“Consortâ€) – Range’s joint venture partner in Puntland – had received from both the Puntland Government and the Transitional Federal Government of the Republic of Somalia, the Company is pleased to advise of the following subsequent developments with regard to the support for the Range / Consort initiative in developing all minerals and hydrocarbons in Puntland: ô€‚‰ Following the Contract of Work entered into between the Government of Puntland and Consort, the Puntland Government has officially sanctioned Range’s involvement with Consort and the Puntland Government and offered unconditional support for Range as it commences its role in managing the commercial development of all of Puntland’s sub soil resources; and ô€‚‰ The Transitional Federal Government of the Republic of Somalia has written to the Puntland Government acknowledging the Contract of Work and expressly supporting the Puntland Government’s “efforts towards enhancing the national economy by materailizing the exploration, exploitation and marketing of the country’s sub soil resources in close collaboration with its partners Consort Private Limited and Range Resources Limitedâ€. Range continues to strengthen its Government ties in Puntland (and Somalia) and is comfortable that the framework is in place to ensure that Range can effectively manage the exploration and development of Puntland’s sub soil resources. Full copies of the above letters of support are available for review on the Company’s website:
  4. Fellers, You seem to know a bit about where the oil is and such. So I hope you don't mind my asking. From your posts I get the impression that outside of Nugaal there isn't much oil. So would I be right in saying that most of the oil in in other parts of Somalia, and not Puntland? Range is leading us to believe they are sitting on an oil bonanza, but if most of the oil is actually in other areas, say, somaliland then I think Range may have lost a little credibilty here. From Range's website, they've emphasised this part : No one doubts that there is oil in Somalia. The only question: How much? "It's there. There's no doubt there's oil there," said Thomas E. O'Connor, the principal petroleum engineer for the World Bank, who headed an in-depth, threeyear study of oil prospects in the Gulf of Aden off Somalia's northern coast. "You don't know until you study a lot further just how much is there," O'Connor said. "But it has commercial potential." O'Connor, a professional geologist, based his conclusion on the findings of some of the world's top petroleum geologists. In 1991 World Bank-coordinated study, intended to encourage private investment in the petroleum potential of eight African nations, the geologists put Somalia and Sudan at the top of the list of prospective commercial oil producers. Presenting their results during a three-day conference Also, would you guys know what happened to a team of Chinese oil explorers who were prospecting for oil in Puntland a few years back? (i think 2002) I see a few articles about them arriving to prospect for oil, but it doesn't what happened afterwards. Thanks
  5. hi windtalker I think you are wrong on this: Its very clear that the newly-established Somali federal gov't (based in Jowhar) doesn't support Puntland's illegal attempt to sign exploration deals with foreign companies. And the Puntland Parliament has never been given a chance to talk about the issue IN fact the federal gov't well and truly supports the Puntland Agreement: the Transitional Federal Government of the Republic of Somalia has provided Consort with written approval with regards to the validity, operation and effect of the Puntland Agreement subject only to amendments being made to the Contract of Work to reflect the constitutions of both the Puntland and Transitional Federal Governments. The Company views these amendments as more mechanical in nature and does not foresee any major problems in satisfying the regulatory approvals required as conditions precedent under the Heads of Agreement. In all I can understand your concern but please be aware investment for Puntland will bring benefits to the people, and result in greater prosperity for the region. This is a historic deal for Puntland clearly, and in time it will be recognised as so.