In the event of KNOC proceeding, Range would hold the residual 25% (contributing interest following minimum spend) interest with the acquisition of the 12.5% interest from the Company's joint venture partner Consort Private Limited for an agreed formula based on the farm in terms.
The Board believes that the letter of intent is a significant step as the Company moves towards attracting a number of key international partners in assisting it with the exploration and development of Puntland's (Somalia) mineral and hydrocarbon assets.
Range Resources Limited is an exploration based company currently focused on oil, gas and most minerals with it's principal areas of interest in Puntland (Somalia), Peru and Western Australia.
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