The Pirates Of Puntland  

Blooomberg is reporting that Somali pirates are thinking of reducing their %25 million ransom demand for a captured Saudi oil tanker. Meanwhile, the SMH reports that Range Resources are making one of the more interesting exploratory efforts offshore - trying their luck in Somalia, and, much to their dismay, getting accused of supporting piracy while they are at it - Range awaits Puntland govt election.

Oil and gas explorer Range Resources Ltd may have to renegotiate a production sharing arrangement with an African state if upcoming elections produce a change in political power.

Director Peter Landau told shareholders Range's production sharing arrangement (PSA) with the Puntland government, an autonomous state within Somalia, could be at risk if president H.E. Mohamud Hersi lost power.

But Mr Hersi had "more than a good chance" of getting re-elected in January, Mr Landau told the company's annual general meeting in Perth on Monday.

Mr Landau said Range was considering legal action over a recent news report alleging links between Range's mining activities and pirates.