The agreement relates to Toronto Stock Exchange-listed Canmex Minerals’ farm-in to 80% of Puntland’s two main oil and gas exploration areas, the Nogal and Dharoor Valleys.

For each area, the partners will undertake two three-year exploration programs including geological field work, acquiring geochemical surveys, reprocessing existing 2D seismic data, reviewing all geophysical and geological data and drilling four exploration wells.

In a statement this morning, Range said it wanted to list on AIM to “enhance its shareholder base and actively pursue growth in other financial markets”.

The company also said recent conflict in Somalia was not affecting its activities.

“All of the recent events in Somalia, in respect of conflicts involving the Islamic Courts Union have taken place in the southern part of the country,” executive director Peter Landau said.

“The conflicts have largely not involved the key clans of Puntland and have been isolated outside the oil exploration regions of Puntland some 1000km to the north.”