Range Resources shuffles board of directors.

NB: Range Resources concluded agreements and contracts with both Somaliland and Puntland regarding oil exploration. None of these agreements was ractified by legislative bodies in both countries.

Range Resources shuffles board of directors

Range Resources (AIM: RRL) the Australian and London listed oil & gas and mineral exploration company with interests in Puntland, Somalia, confirmed that it had made a number of changes to its board of directors.

Range has been the subject of intense speculation as the company and its Joint Venture partner, Africa Oil, moves towards drilling the first oil exploration well in Puntland in several decades.

Range announced that Liban Bogor, a Managing Director of the company, had resigned from his post to work exclusively for the Puntland Government on "various initiatives".

Range said that it considered the move as a positive step for the joint venture, as Mr. Bogor would be working to take into account "all stakeholders" interests in Puntland.

Executive Director, Michael Povel, will also move to a non-executive director role, and will be responsible for releasing "significant value" from Range's Forrestania Project in Western Australia.

The company also took the opportunity to reaffirm its confidence in Africa Oil Corp's ability to complete an agreed work program, which will include drilling four wells in Puntland.