Puntland O&G industry to Receive Significant Benefit From Visit to Australia by Ministry Representatives

Western Australia, March 17, 2008 – The emerging oil and gas industry in the autonomous state of Puntland, northern Somalia, is set to receive a significant boost as a result of a one month visit to Western Australia by three ministry representatives of the Puntland Government.

The visit provided the government representatives with the opportunity to undertake an intensive resource management course with the world-class learning institute Curtin University of Technology.

As part of their visit, the government representatives undertook Masters-level short-courses at Curtin University in Resource Sector Finance, and Natural Resource Economics, in addition to training in public sector resources policy issues, regulatory and fiscal regimes, and administration systems.

Upon returning to Somalia the Ministry representatives will be responsible for assisting the Puntland Department of Minerals and Energy to establish and manage an international standard minerals and petroleum code.

These codes provide vital legislation that, once implemented, will underpin the economic growth of Puntland. It ensures companies invited into Puntland to develop natural resources will also be obliged to provide resources to necessary social and economic projects as determined by the Puntland government. The legislation provides security to potential investors into Puntland and establishes a modern framework for conducting resource exploration and development within the region.

This world-class training has been facilitated and funded by Australian company Range Resources, which is working with the Puntland Government to establish an international standard minerals and petroleum code and attract foreign investment.

Commenting on the visit, Range Resources CEO Mr Mike Povey said, “it was important for the representatives from the Puntland Government to visit WA and learn from world-class experts about the best way to build and maintain such a vital piece of legislation.”

“Range is proud of the role that it has played in this process and would like to thank Curtin University for the assistance that they provided with the various ‘learning’ components of the visit,” Mr Povey said.

Somalia, and in particular Puntland, remains one of the last under-explored countries that has a high potential for considerable reserves of hydrocarbons that can be subsequently developed for the benefit of both the people of Puntland and Range shareholders. The Company believes that numerous social and economic benefits will result through the generation of jobs, expansion of Puntland’s economy, and government income from hydrocarbon and mineral exploration and development.

Source: Oil Voice