Range in trading halt, waits on election

Shares in West Perth-based Range Resources have been placed in a trading halt, pending the release of an announcement relating to election results in Puntland, Somali.

The trading halt is expected to be lifted on Tuesday. Shares in the company last traded at 4.5 cents.

The BBC reported that Abdirahman Mohamud Farole has been elected president of Somalia's autonomous region of Puntland, defeating seven other candidates.

The new president has vowed to eliminate piracy, which has become an increasing problem for fishing boats, cargo ships and yachts, the BBC reported.

Range has acquired 100 per cent of the rights to explore and develop Puntland's natural resources.

Puntland is approximately 212,000 square kilometres, and Range believes the state has the pre-requisites to become a major oil producing province.