Range is poised for Puntland

July 14, 2006

 

 

 

 

Melbourne-based explorer Range Resources is poised to appoint high-profile oil and mining veteran Sam Jonah as chairman and acquire 100% of the concession rights to all hydrocarbons and mineral potential in Somalia's semi-autonomous province of Puntland, writes Barry Morgan.

 

Under the deal agreed in Dubai this week, ASX-listed Range will acquire fellow Australian investor Consort Private's 49.9% of all rights under the Contract of Work signed in August 2005 with the government of Puntland.

 

A four-well drilling campaign is mooted for the third quarter this year on Conoco-Phillips' old 28b prospect in the Nogal Valley.

 

It is hoped that Jonah's appointment will take effect this weekend.

 

Prior to drilling, Range will have to bring onboard a risk-savvy partner with deep pockets and happy to operate in the Horn of Africa without recourse to mainstream insurance facilities.

 

Mogadishu's Transitional Federal Government (TFG) is held together by the military and political cohesion evident in the northern province of Puntland abutting the breakaway Republic of Somaliland.

 

Puntland's warlord Abdullahi Yusuf also serves as president of the TFG and observers predict that Somalian proto-state would crumble if he ever withdrew from the alliance.

 

(c) 2006, Upstream.  

 

Bosaso Postscript:

 

Who is Sam Jonah - the chairman who acquires 100% of the concession rights to all hydrocarbons and mineral potential in Somalia's semi-autonomous province of Puntland?

 

 Sir Sam Jonah is internationally recognized as one of Africa's leading businessmen. He is Non-Executive President of AngloGold Ashanti Limited, which is one of the world's largest gold mining companies. From 1986 until 2004, when he was the Chief Executive Officer of Ashanti Goldfields Company Limited, he led the transformation of Ashanti from a one-mine operation into a multinational gold miner. He became Executive President of Anglo-Gold Ashanti Limited in May 2004, when Ashanti was acquired by AngloGold Limited. [Source: The Globe & Mail, Tuesday, August 02, 2005].

 

As of May 27, 2006 [Source: Zoom Information Inc.]:

Sir Sam Jonah is internationally recognized as one of Africa's leading businessmen. He is Non-Executive President of AngloGold Ashanti Limited, which is one of the world's largest gold mining companies. From 1986 until 2004, when he was the Chief Executive Officer of Ashanti Goldfields Company Limited, he led the transformation of Ashanti from a one-mine operation into a multinational gold miner. He became Executive President of AngloGold Ashanti Limited in May 2004, when Ashanti was acquired by AngloGold Limited.

 

He currently serves on the International Investment Advisory Councils of President Thabo Mbeki (South Africa), President Kufuor (Ghana) and President Obasanjo (Nigeria). He is a member of the United Nations Secretary-General's Global Compact Advisory Council. He was formerly on the Advisory Council of the President of the African Development Bank and was also a member of the Advisory Council of the International Finance Corporation (IFC).

 

He has been decorated with several awards and honours, including an honorary knighthood by Her Majesty Queen Elizabeth II. The award was in recognition of his exceptional achievements as an African businessman, a leading business executive from the Commonwealth and an international public figure.

 

Biyokulule Online, Bosaso, Puntland, Somalia.