.

i prefer rrl to the likes of gkp very much so - simply because of where gkp is - and of course the challenge to 30% or so of gkps business which although may come to nothing adds to the very high risk of gkp - i was in gkp but fully out now - despite rumours of them being swallowed up by a major player (but keeping an eye / ear on that!) additionally with rrl another reason to be confident apart from on & off shore high potential is the fact they have very good contacts with the government there - take a look at the bod - gla
didnt get my target to rebuy my wedge sold - so may buy back anyhow tomorrow as want my full wedge back in quick - when this hits 80p i wont be too bothered about fractions of a penny!! rrl is already very derisked - good share imo

Somalia extends Africa Oil exploration licences

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Written by Reuters

Thursday, 20 January 2011 12:00

Somalia's semi-autonomous Puntland region has extended exploration licences held by oil and gas explorer company Africa Oil Corp and its partners for 12 more months, the company said.

Africa Oil and joint venture partners Range Resource Ltd. and Lion Energy hold production-sharing agreements (PSAs) for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area in Puntland.

Puntland has been relatively stable compared with the rest of the chaotic Horn of Africa nation, Reuters reports.

The first exploration agreement for the two blocks has been extended to Jan. 17, 2012, Africa Oil said in a statement late on Monday.

"Under the amended PSAs, Africa Oil is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011," the company said.

"A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of Africa Oil, in the Dharoor Valley Exploration Area, by Sept. 27, 2011."

Africa Oil said the Puntland government had also approved a farm-out agreement in which Australia's Red Emperor Resources will take a 20 percent stake in each of the PSAs -- first announced in June.

Africa Oil is also exploring for oil in Kenya and Ethiopia.

The East African Rift Basin system is one of the last of the great rift basins to be explored. Discoveries have been made in east Africa, including Uganda's Albert Graben, Tanzania's offshore Songo Songo gas wells and Mnazi Bay.

Keith Hill, president and chief executive of Africa Oil, said the company believed the wells in the rift basins of Puntland held similar potential to the geologically related basins in Yemen, which contain more than 6 billion barrels of discovered reserves.

Thanks for that, I am afraid I am a novice when it comes to the investors room so forgive me if I get excited now and again but all looks good.

Puntland spud is all systems go. Exciting times for RRL with USA, Georgia and Puntland all ahead in the coming 6 months.


http://www.proactiveinvestors.com.au/companies/news/13375/red-emperor-resources-to-raise-a11m-for-oil-drilling-in-georgia-and-puntland-13375.html

Red Emperor Resources to raise A$11m for oil drilling in Georgia and Puntland

Tuesday, January 25, 2011

Red Emperor Resources (ASX: RMP) will raise A$10 million through a placement of 50 million shares at $0.20 to clients of Max Capital Pty Ltd.

There will also be an offer of up to 5 million shares at $0.20 to raise $1 million to shareholders of Range Resources (ASX: RRS ; AIM: RRL).

The A$11 million raised will be used for exploration drilling programs in both the Republic of Georgia and Puntland, Somalia.

The first of the three wells are to be spudded this quarter and the significant Puntland well is to be spudded within six months.

Red Emperor's 20% share in the company making exploration blocks amounts to a potential 260 million barrels. The company's commitment to the three exploration wells is fully funded by the capital raising and current cash.

Independently assessed by Gafney Cline Group and RPS Group, these three wells are targeting a combined total of 1.3 billion barrels in place.

The placement was heavily oversubscribed. Range Resources shareholders are to be offered the ability to participate in the placement on the same terms.

Red Emperor has recently reached two key milestones with the signing of an agreement with Range Resources and Strait Oil & Gas (UK) to earn a 20% interest in two prospective blocks in Georgia.

These blocks have been independently assessed to potentially contain over 2 billion barrels of oil.

Also, formal ratification and extension of the production sharing agreements (PSAs) by the Puntland Government pave the way for the first exploration well to be drilled in Puntland in nearly 20 years.

The two blocks in Puntland have been independently assessed to potentially contain up to 18 billion barrels of oil.

In other Red Emperor news, Jason Bontempo will be joining the board as a non executive director.

Bontempo is currently an executive director of International Goldfields Limited (ASX: IGS) and a non-executive director of Glory Resources Limited (ASX: GLY).

He has considerable corporate experience in both Australia and the UK, where Red Emperor plans to dual list later this Quarter.

The company has also accepted the resignation of Kent Hunter as a non-executive director.

Nice update :

http://www.investegate.co.uk/article.aspx?id=20110127072628P8E84

.

http://www.proactiveinvestors.co.uk/companies/news/24990/range-resources-to-save-money-on-new-puntland-well-secures-equity-line-funding--24990.html

Range Resources to save money on new Puntland well, secures equity-line funding

Thursday, January 27, 2011 by Jamie Ashcroft

Range Resource now believes that it is very well placed to fund its comprehensive drilling and development program during 2011


Range Resources (ASX:RRS, LON:RRL) second well in the Puntland region of Somalia will be cheaper than expected, because the AIM-listed junior will be part-carried by its partner Africa Oil Corp (TSX-V:AOI).

Last week Range the joint venture partners amended the production sharing agreements (PSAs) for the Dharoor Valley and the Nugaal Valley exploration areas in Puntland. Subsequently they are now preparing to spud a new exploration well before 27 July 2011.

AOI has now decided to include the well as part of its exploration commitments of the joint venture agreement. As a result Range will be carried for the first US$15 million spent on the exploration well.

Under the agreement, AOI is obliged to spend US$22.5 million in both Dharoor and Nugaal. So far it has satisfied the commitments at Dharoor, however with US$7.5 million spent to date on Nugaal it still has around US$15 million left to spend.

In other Range news, the company has completed a 20 million equity line facility with the Dutchess Opportunity Cayman Fund an investment fund associated with First Columbus LLP.

With the new facility in place, alongside existing revenues, funding and farm-out deals, Range believes that it is very well placed to fund its comprehensive drilling and development program during 2011.

Peter Landau, executive director, said: this facility will allow the company to continue its rapid development of assets.

Importantly the facility allows the company flexibility to draw only as needed and therefore protect our shareholders from unnecessary dilution as well as restrictions on the lender with regards to the borrowing and short selling of Range shares".

Solid update on everything :

http://www.investegate.co.uk/Article.aspx?id=20110131070617P28F1

.

Looking good!! Hope the double figures start soon.

A punt then...

http://www.jpjshare.com/content/news/11-01-31/Take_a_Punt_on_Puntland.aspx

http://www.investegate.co.uk/Article.aspx?id=20110203070000P88FB

Red Emperor Offer to Range Shareholders

3 February 2011

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via E-lodgement

RED EMPEROR PLACEMENT - OFFER TO RANGE SHAREHOLDERS

As previously announced by Range Resources Limited ("Range" or "the Company"),
Red Emperor Resources NL ("RMP") are offering eligible Range Shareholders the
opportunity to participate in a share placement by RMP. This follows RMP's
recent acquisition of farm-in interests in Range's Puntland and Georgian oil
and gas projects. This offer to participate in RMP's share placement is open
(due to regulatory restrictions) to:

* All Range Australian Shareholders; and

* Range UK Shareholders who satisfy the criteria as specified in the RMP
Prospectus, (clause 1.2 Foreign Jurisdictions - United Kingdom), as
summarised below:

"The Offer made under this Prospectus is only made in the United Kingdom to
Certified High Net Worth Individuals, SelfCertified Sophisticated Investors,
Investment Professionals or High Net Worth Companies in the United Kingdom as
defined in the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (each a "Relevant Person").

To qualify as a Certified High Net Worth Individual, an individual must have
signed, within the previous twelve months of the date of this Prospectus, a
statement which contains the information set out in Part 1 of Schedule 5 to the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. To
qualify as a SelfCertified Sophisticated Investor, an individual must have
signed, within the previous 12 months, a statement which contains the
information set out in Part 2 of Schedule 5 to the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005."

RMP is a company listed on the Australian Securities Exchange ("ASX") and a
full copy of the Australian prospectus for the RMP share placement can be found
on the ASX website under the Red Emperor code RMP.

For Australian Range Shareholders please contact:

Matthew Lumb or Max Ludowici - Minc Stockbroking

Max.ludowici@mincstockbroking.com.au

+61 (0) 2 8116 9616

For UK Range Shareholders, please contact your UK broker directly who will in
turn contact Minc Stockbroking

For and on behalf of the Board

Regards


Peter Landau
Executive Director

Has anybody got a clue as to why so many are selling?

3M its to do with the share placement by Red emperor, shareholders dont like the fact shares are only available to high net worth/savvy investors....... see Proses posting above!!

Thought it may have something to do about the news but was not quite sure, it seems to me somone only needs to cough or sneeze these days and people quit. Thanks anyway for responding.

http://www.miningmaven.com/k2/companies/range-resources/range-resources-patience-and-faithfulness/

Thursday, 03 February 2011 14:44

Range Resources: Patience and Faithfulness
Written by MiningMaven


Patience and Faithfulness (in the words of Vincent Van Gogh!)

Building a successful company in the ....................

And some more news just out :

http://www.investegate.co.uk/Article.aspx?id=20110204070000P3D4D


4 February 2011

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via E-lodgement

COMMENCEMENT OF FRACTURE STIMULATION OPERATIONS ON RUSSELL BEVLY WELL AND
SPUDDING OF ROSS 3H WELL IN TEXAS IMMINENT

Range Resources Limited ("Range" or "the Company") is pleased to announce that
preparations have begun on site in anticipation for the arrival of the team to
perform the fracture stimulation on the Russell Bevly Well (Range 20% interest)
at the North Chapman Ranch Project in Texas. The fracture stimulation is
expected to significantly increase hydrocarbon flow rates and recoveries from
the well.

It is anticipated that the team will arrive on site on or around 10 February
2011 and will then take around a week to complete the fracture stimulation
operation. The operation will be performed in four stages consecutively, during
which the fracturing fluid and proppant (support medium) will be placed in each
of the four sand reservoir pay zones that have been previously logged in the
well. Assuming the successful completion of the fracture stimulation, it is
planned that all four sand pay zones will be brought into production
simultaneously.

It is expected that the facture stimulation will result in a significant
increase in production, given that the well is currently only producing under
natural pressure from 11ft out of a total pay across the four sand pay zones of
approximately 130ft.

It is then planned that the team will return to potentially undertake a similar
stimulation operation on the nearby Smith #1 Well in April, once the joint
venture has had a chance to observe the performance of the Russell Bevly Well
following the fracture stimulation.

On the Company's East Texas Cotton Valley play, where Range recently increased
its participating interest to 21.75%, preparations are being made to mobilize a
rig onto the drill site for the Ross 3H well. Following delays due to complex
title and regulatory work, Range and its partners expect to spud the well this
month. The Ross 3H is another milestone in the Company's history as it
represents Range's first horizontal well.

The Ross 3H and fracture stimulation of the Russell Bevly #1 demonstrate
Range's commitment to application of the best drilling and completion
technology available in order to optimize oil and gas recovery and maximize the
economic returns from its portfolio of projects.

For and on behalf of the Board

Regards


Peter Landau
Executive Director

A bit more detail :

http://www.proactiveinvestors.co.uk/companies/news/25228/range-resources-to-fracture-stimulate-russell-bevly-well-spud-ross-3h-well-in-texas-25228.html

Range Resources to fracture stimulate Russell Bevly well, spud Ross 3H well in Texas

Friday, February 04, 2011 by Proactive Investors


Range has a 20% interest in the Russell Bevly well at the North Chapman Ranch Project in Texas.

Range Resources (ASX:RRS, LON:RRL) has begun preparations for the fracture stimulation of the Russell Bevly Well and the spudding of the horizontal Ross 3H well.

Range has a 20% interest in the Russell Bevly well at the North Chapman Ranch Project in Texas.

The fracture stimulation operation is expected to take around a week to complete and should increase hydrocarbon flow rates and recoveries.

It will be performed in four stages consecutively, during which the fracturing fluid and proppant (support medium) will be placed in each of the four sand reservoir pay zones that have been previously logged in the well.

All four sand pay zones will be brought into production simultaneously, assuming the successful completion of the fracture stimulation.

This should result in a significant increase in production, given that the well is currently only producing under natural pressure from 11 feet out of a total pay across the four sand pay zones about 130 feet.

Following the fracture stimulation, a similar operation is planned for the nearby Smith #1 Well in April, once the joint venture has had a chance to observe the performance of the Russell Bevly Well.

Drilling of the first well has resulted in a commercial discovery with independently assessed gross recoverable reserves in place of 240 billion cubic feet (Bcf) of natural gas, 18 million barrels (mmbbls) of oil and 17 mmbbls of natural gas liquids (mean 100% basis).

Preparations are also being made to mobilize a rig onto the drill site for the Ross 3H well on the company's East Texas Cotton Valley play, where Range recently increased its participating interest to 21.75%.

Range and its partners expect to spud the well this month despite delays due to complex title and regulatory work.

Ross 3H represents another milestone in Range Resources' history as it is the company's first horizontal well.

The prospect has independently assessed gross recoverable reserves in place of 5.4 million barrels (Mmbbls) of oil (mean 100% basis).

Yes Prose its certainly going to be a busy and exciting few months coming up!!! with news on rrl, eog and fingersx ast

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/RRL_31-01-11.pdf


.

Thanks Prose, hopefully the hellium results will be good and they should be announcing the results shortly i should think?......

http://www.oilbarrel.com/nc/news/display_news/article/the-high-risk-high-reward-prospects-in-somalia-come-to-the-fore-again-for-range-resources/771.html


February 02, 2011

The High Risk/ High Reward Prospects In Somalia Come To The Fore Again For Range Resources


Time was it seemed like a very good idea for ASX and London AIM Listed Range Resources to diversify into low risk assets in the US. It had some frontier exploration in Puntland (an autonomous state within Somalia). Yes it was, in theory, highly prospective but it also ticked all the boxes in terms of high risk projects.

On top of inhospitable terrain and the tyranny of distance to infrastructure and markets, there was scant previous drilling to know what oil and gas might be discovered. There was political instability in Puntland and also feuding warlords, and banditry in Somalia proper. To add to the excitement there is a pronounced piracy problem in the seas off Somalia. Moreover there was uncertainty over whether licence extensions would be agreed.

Accordingly, at a very low price, Range acquired a 25 per cent interest in the North Chapman Ranch field in Texas. Later it bought into the East Valley Prospect. Two wells, the Russell Bevly -1 and the Smith #1 well on Chapman Ranch came good. This gave Range output which, in time -- that is to say the end of the fourth quarter 2010 -- came to amount to around 124 barrels a day of oil and something like 5 million cubic feet of gas a day. This was enough to underpin the share price at about 5p, according to Barney Gray, analyst at house broker Old Park Lane Capital.

Barney reckons there are many more prospects to drill and there has been an upgrading in reserves and he feels output could be pumped up to 500 boepd, which would add value. But there have been other diversifications which have also helped stir the share price.

Last summer Range signed a Heads of Agreement to acquire a 10 per cent ownership of companies that hold three production licences in Trinidad. Gross production on the licences is currently 700 bopd but there are plans to lift this to 4000 bopd within 36 months. As with the US production this will help to offset the risks of wildcatting in Puntland and elsewhere.

In Georgia, Range has acquired a 50 per cent interest in Blocks VIa and VIb which cover about 7,000 sq km where RPS Energy has identified 68 prospects with a combined gross oil-in-place estimate of 2 billion barrels. Of the 68, six have been prioritised as drill-ready with a gross unrisked oil-in-place estimate of 728 million barrels.

After the results for the fourth quarter 2010 were released Range and its Georgian partner, Strait Oil and Gas, announced they had entered into a Heads of Agreement with Red Emperor Resources to acquire a 20 per cent farm-in interest (10 per cent from Range and 10 per cent from Strait) in Block Via and Block VIb in Georgia.

The key terms of the HOA will see Red Emperor contribute 40 per cent of the drilling costs for the planned two well programme (capped at total gross costs of US$14 million) with Red Emperor contributing US$5.6 million. It seems that drilling will take place quite soon. Barney Gray reckons these are high risk projects although not as high risk as Puntland; but not as prospective either. He gives a one in ten chance of success to the two wells, which means you are looking for discoveries of between 10 million to 100 barrels.

In Puntland you are ideally looking for rather more than this. Moreover, certain new developments have thrust Somalia back to the fore for Range. In Puntland Range holds a 20 per cent working interest in two licences encompassing the highly prospective Dharoor and Nugaal Valleys.

Following the fourth quarter 2010 end Range together with its joint venture partners, Africa Oil Corp and Lion Energy entered into amending agreements with the government of Puntland in respect of the of the production sharing agreements (PSAs) for the Dharoor and Nugaal concessions which sees the First Exploration Agreement extended for a further 12 months, from January 17, 2011 to January 17, 2012.

Under the amended PSAs, a minimum of one exploratory well must be spudded in the Dharoor Valley Exploration Area by July 27, 2011. A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of Africa Oil (as operator), in the Dharoor Valley Exploration Area by September 27, 2011.

Earlier this month Range secured a three year Equity Line Facility (ELF) with Duchess Capital for up to 20 million. So something is at last happening in Puntland where the partners are hoping the acreage is a replica of the multi-billion barrel basins across the Gulf of Aden. The new facility, together with option exercise cash which could amount to 14 million outstanding and cash flow from production means that the company is now well funded to progress the development of its assets in Puntland, Georgia and Texas. The shares have ticked up from 5p to around 9.5p on all this news. Old Park Lane has set a target price of 14p, but this could start looking conservative.