Taking a punt on Puntland
Article Date: Oct 19 2007Aussie-quoted Range Resources, with interests in troubled Somalia's semi-autonomous Puntland zone, joins AIM on Monday.
Chaired by former Ashanti Goldfields boss and UraMin chairman Sir Sam Jonah, Range has focused its attention on Puntland since a deal in 2005 between managing director Michael Povey and a little-known Maldives-registered group Consort Private over extensive oil and gas and mineral rights in the area. RFC Group is nominated adviser and Fox Davies Capital broker to Range, whose shares trade at around 26p Down Under and could sport a value of some £40 million after the listing.
Range has spoken enthusiastically about the potential of Puntland, as an under-explored and potentially rich zone, though at the time some critics expressed concern about the Consort deal. The company says a parallel AIM listing could make it easier to tap international markets to fund its exploration targets.
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