Paragon Posted May 14, 2012 http://www.google.co.uk/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chfdeh=0&chdet=1337024934014&chddm=1533&chls=IntervalBasedLine&cmpto=LON:RMP&cmptdms=0&q=LON:RRL&ntsp=0 Quote Share this post Link to post Share on other sites
Che -Guevara Posted May 14, 2012 So did they find oil or is this speculation? Quote Share this post Link to post Share on other sites
Somalia Posted May 14, 2012 Nigga they found the mothermonking oil man, celebrate and all that good raw sh&t Range and partner Red Emperor Resources (LON:RMP) told investors that the Shabeel-1 well is now down to 3,425 metres and has confirmed the existence of a 150 metre gross section of oil and possible net pay of 12 to 20 metres. The update also revealed that oil shows had been found in deeper lying sandstone which are currently being drilled. Quote Share this post Link to post Share on other sites
Che -Guevara Posted May 14, 2012 loool...take it down a notch. Quote Share this post Link to post Share on other sites
General Duke Posted May 14, 2012 * inShare 2 Email Range Resources rallies on Puntland report, retains 'buy' rating at Fox-Davies - UPDATE 10:15 am by Sergei Balashov Shares in Range Resources rallied 5.5pct on the Puntland update, while broker Fox-Davies repeated its 'buy' recommendation on the stock Range Resources (LON:RRL) surged in early trade on a positive update from its drilling campaign in Puntland, Somalia, while broker Fox-Davies Capital advised investors to buy the stock. Range and partner Red Emperor Resources (LON:RMP) told investors that the Shabeel-1 well is now down to 3,425 metres and has confirmed the existence of a 150 metre gross section of oil and possible net pay of 12 to 20 metres. The update also revealed that oil shows had been found in deeper lying sandstone which are currently being drilled. “A testing programme including the zones discovered to date and any deeper potential pay zones encountered will be agreed with the operator upon total depth being reached,” Range said in a release to the market this morning. Shares in the AIM quoted oil explorer climbed 5.5 percent to reach 9.84 pence by 10 AM, giving it a market cap of £223.5 million. Fox-Davies cheered the update, repeating its ‘buy’ recommendation on Range with a target price of 27 pence per share in a note titled “Puntland looking like a better Punt”. “Firstly it raises the potential that we may have a commercial discovery, and secondly, it increases the prospectivity of the remaining targets in the exploration portfolio,” Fox-Davies said in the note. Drilling will continue down to 3,800 metres. The primary and secondary targets are believed to be in Lower Cretaceous and Jurassic intervals that are equivalent to the main productive section seen in similar fields in Yemen. Once the well is complete it is planned that the rig will move onto the Shabeel North location, where construction is nearing completion for the second well, it added. Register here to be notified of future Range Resources articles. Quote Share this post Link to post Share on other sites
Che -Guevara Posted May 14, 2012 Still not there yet-they keep on teasing us. Quote Share this post Link to post Share on other sites
xiinfaniin Posted May 14, 2012 ^^Actually this is a significant announcement, Che. Some should do the math and come up a prospect for the following line confirmed the existence of a 150 metre gross section of oil and possible net pay of 12 to 20 metres. Quote Share this post Link to post Share on other sites
Che -Guevara Posted May 14, 2012 ^I didn't quite understand what line meant. But it's good as long as the presence of oil has been confirmed. Hopefully, it's commercially viable. Quote Share this post Link to post Share on other sites
xiinfaniin Posted May 14, 2012 I must believe if it wasn't recoverable , they wouldn't announce it. Though you never know. Xaaji Xunjuf, please check in the closest health care facility , this news may harm your sanity Quote Share this post Link to post Share on other sites
kingofkings Posted May 14, 2012 xiinfaniin;829907 wrote: I must believe if it wasn't recoverable , they wouldn't announce it. Though you never know. Xaaji Xunjuf, please check in the closest health care facility , this news may harm your sanity Quote Share this post Link to post Share on other sites
Paragon Posted May 14, 2012 Che cannot contain his sheer joy but he wants the black gold oo burqanayaa... and his song will have a chorus in the tune of 'waa sidaan rabay! waa sidaan rabay!' Insha-Allaah. Any minute from now...! Quote Share this post Link to post Share on other sites
Che -Guevara Posted May 14, 2012 lool@Paragon...I hate the wait ninyahow Quote Share this post Link to post Share on other sites
Che -Guevara Posted May 14, 2012 More Oil at Somali Well Rigzone by Jon Mainwaring| Monday, May 14, 2012 Horn Petroleum has encountered further oil at its Shabeel-1 well that it is currently drilling in Puntland, Somalia, according to stock exchange announcements made in London on Monday from Horn's partners Range Resources and Red Emperor Resources. The firms previously reported that a gross section of 490 feet (150 meters) of oil, with possible net pay of between 39 and 66 feet, had been found. But now that the well has been drilled to a depth of 11,235 feet (3,425 meters) further oil shows have been encountered in the deeper sandstones. On Monday oil analysts at Fox-Davies Capital commented that the news raised the potential that Shabeel-1 may have a commercial discovery, while also increasing the prospectivity of the remaining targets in the firms' exploration portfolio in Puntland. Horn, the operator, holds a 60-percent interest in two Puntland licenses covering an area of 13,900 square miles in what the companies describe as the "highly prospective" Dharoor and Nugaal valleys. Red Emperor and Range Resources each hold a 20-percent interest. Source: Rigzone Quote Share this post Link to post Share on other sites
General Duke Posted May 14, 2012 We have been waiting for decades. Insha Allah good news is coming for the entire Somali race regardless where hey are located... Quote Share this post Link to post Share on other sites
