Range Resources talks about PL: 2.4 billion barrels in-place

[Monk-of-Mogadishu]

http://www.finnewsnetwork.com.au/archiv ... 18867.html

Nicholas Hayes: Now to your other projects. Can you briefly introduce each, starting with Puntland?

Peter Landau: Sure, I mean Puntland’s the one closest to my heart because I’ve been involved in it from the start. It’s the autonomous region of northern Somalia, obviously it doesn’t suffer from the same problems that Mogadishu suffers with, that you read in the media. Look it is high risk but it is also high reward. Now to give you an idea we are now drilling through our operator Africa Oil, drilling two wells - first well will spud early November.
Each well is around one to 1.2 billion barrels in place, so they’re some of the bigger onshore wells that were drilled, especially in the last few years, big, big prospectivity. Last wells drilled in that region were by Conoco in the early 90s, and so the world’s eyes will be on that region. The Horn of Africa is strategically a very poor part of the world and as I said, first two wells drilled for 20 years and each of them, a billion barrel in-place targets. It is a very, very exciting time for us. We have a 20 per cent interest; we carried on the second well, so we get exposure to potentially 2.2/2.4 billion barrels in place for a cost of around $5 to $6 million, into the ground drilling.

Not bad at all, 2.4 billion barrels split among roughly 1-2 million people will stretch a very long way to feed all of Puntland and then some. This total is only talking about the wells in Ufeyn and Garowe, this does not include additional wells in the Sool province of Puntland.

[Somalian_Boqor]

[Cinque Mtume]

[tightrope]

[quark]

[samatar133]

djibouti and somaliland seem to have there fair share oil each if not more. guul iyo gobonimo soomali oo dhan
http://bakipress.wordpress.com/2011/09/23/11155/

[Oxidant]

Let get this straight, are you saying Puntland alone could potentially hold 2.4 billion barrels of black gold? This would put Puntland reserves alone the likes of Iran and Iraq

[FBISOMALIA]

Let get this straight, are you saying Puntland alone could potentially hold 2.4 billion barrels of black gold? This would put Puntland reserves alone the likes of Iran and Iraq

its our Oil to do what we like sxb

[Oxidant]

Let get this straight, are you saying Puntland alone could potentially hold 2.4 billion barrels of black gold? This would put Puntland reserves alone the likes of Iran and Iraq

its our Oil to do what we like sxb

This has nothing to do with my post. I hope the Monk replies to my post

[Oxidant]

My bad, for some reason I read 240 billion barrels of Oil not 2.4 billion barrels of Oil,

[original dervish]

There hasn`t been any drilling...its a scam !

[Cumar-Labasuul]

It is a very, very exciting time for us. We have a 20 per cent interest; we carried on the second well, so we get exposure to potentially 2.2/2.4 billion barrels in place for a cost of around $5 to $6 million, into the ground drilling.

PLers if the above is true then that would leave $34 million to PL; that doesn't seem like a lot of money...

[gemini07]

PL is on the rise, F them other guys.