As announced by Range Resources on December 14, 2009, the Cabinet of the Puntland Government approved the amended agreements modifying the terms of the existing Production Sharing Agreements ("PSAs") made in respect of the Dharoor and Nugaal Valley Exploration Areas which was still subject to ratification by the Parliament of the Puntland State of Somalia.
The Company is pleased to announce that the Parliament has formally approved and ratified these amended agreements paving the way for Africa Oil to now commence operations and drilling of the first exploration well in Puntland in more than 16 years.
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