Range Resources Takes Up $2m Placement in Tangiers Petroleum

2 September 2011 – Business Spectator (Web)

Range Resources Ltd has subscribed for 5 million shares at $A0.04 each for a placement of $A2 million in Tangiers Petroleum Ltd, which has a portfolio of two potentially world class oil and gas projects located in Morocco and Australia.

Tangiers Moroccan assets include the offshore Tarfaya Block. Netherland, Sewell & Associates have concluded a best estimate prospective resource of approx 870 million barrels and a high estimate of almost 5 billion barrels.

In Australia Tangiers holds a 90% interest in the significant Nova and Super Nova gas prospects located offshore Northern Australia.

Tangiers is planning to dual list on the AIM due to strong European investor interest.