.

UP 3.23% on the ASX - 0.160$ = 11 pence

Several e mails about to investors from PL, thanks to Great room


Especially regards to Colombia, appears to confirm there will be no dilution and appears to confirm the deal WILL be done.

Hi Pete,

Firstly I'd like to congratulate you and all your colleagues for spudding Shabeel-1, this alone is a monumental achievement and I feel proud by proxy to be involved as a shareholder.

I would be very grateful if you could address a couple of questions which have arisen regarding some of our other projects.

1.) What would you say to those shareholders who would be disappointed if Range took an interest in additional projects at a time when we have numerous large scale projects already. Notably, many are concerned that further dilution will undermine their investment. This is in reference to speculation that we may be raising funds for acreage in Colombia in the coming months.

Agree - that's why we have held back - have had a few good debt offers coming in given Trinidad and texas so there won't be any meaningful dilution to do Colombia


2.) The Smith well was being flow tested in early December, is there any reason to be concerned at the long absence of news on this matter?

Not at all - smith is a success that goes straight to fraccing given producing zones have been proven and of similar size to #1 and Bevly


3.) Similarly, with Kursebi expected to have spudded early January at the latest, is there any cause for concern here? I am lead to believe there were issues with the drilling crew and they had to be replaced.

End of jan , early feb for spudding - drilling contractor fine - did reassess project mgt given difficulties with first well and make sure second well is done better and that It as undergone an even more rigorous technical review from some fresh eyes


4.) In the recent RNS regarding Puntland, there was no mention of planned regular updates. I understand this in Horn's project, but would you expect regular drilling updates throughout the drill?

Yep but not for first 30 days

Kind regards,

http://www.bbc.co.uk/iplayer/bigscreen/tv/episode/b019jsr8/
8 mins into news there is a nice interview with Keith Hill

Thanks to potts on ADVFN via RUM

2bn recoverable fro Dahoor basin!!.......

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/RRL_17_01_12.pdf

A very brown PL on Aljazeera tv from INT11


http://www.youtube.com/watch?v=-HTzlH7EGE8&feature=plcp&context=C3c0e9b7UDOEgsToPDskLPqoEiFrKNj8VeptWjZ5q9

From Brokerman Dan.....

http://brokermandaniel.com/2012/01/21/range-resources-eyes-on-for-monday/

Very interesting goldfinger. I think Range is getting the publicity now.


Like it -

The oil in place in Puntland is estimated at 19 billion barrels. Yes you’ve read that correctly. With what the interviewer describes as a potential $1.9 trillion dollar revenue stream. Of course not all the 19 billion barrels will be recoverable while Range do have partners and have to pay taxes etc But still the figures are jaw-dropping.

19 billion barrels.. wow.

Well name Shabeel, at a guess drilling about 55mtrs a day.
Drilling for 3 target zones. WE have a c.o.s of 25% on the first two and 20.7% on the third.

1st target zone - formation name - Jesomma Sandstone - 3,300ft

2nd -Early Cretaceous - Qishn Sandstone - 6,900ft

3rd - Jurassic - - 8,200 ft.


Would be great to hit the first pay zone to keep the market positive for the two deeper zones.

waiting for the offshore Puntland announcement with the 20% free carry.

Find a couple of oily penguins and these could go ballistic.

PL does state that there could be indications of HC's quite early in the drill?..

Morning grannyboy, good news.

dreamcatcher yes its starting to get very exciting!!, lets see if we get any early doors news...

indeed roll on monday

kerrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggggggg!!

Anyones thoughts on -


Horn had 80% of puntland with Range the other 20% . RMP came along then Horn passed over 20% to them.

So we have Horn 60%, Range and RMP 20% each.

Will RMP be taken over by Range in the not to distant future giving Range 40%.

We both have the same head office.

I do not think it will be easy for an outside company to takeover RMP . Seems Range
have several acts written up in the puntland parliament.

Thanks to Alex g

Ranges 'CONTRACT OF WORK' is an agreement set in seperate Acts of Parlament.
(RNS. Puntland Update 25/03/08)

The agreement shares exclusive rights to all identified regions for onshore and offshore oil and gas. Range and the Puntland Gov to bring in joint venture partners and undertake offshore licencing rounds. (SVS Research Report 11/02/10)

Most recent mention in this video. 5:47mins in
Good find Hammer102. Aljazeer News.

http://www.aljazeera.com/programmes/countingthecost/2012/01/201212111213181948.html

PL refers again to the original 'Contract of Work' saying:"
4-12% graduating Royalty. 50:50 on profits. 3-4% Taxes". These were the original figures in the contract set as Acts of Parlament in March '08.

This contract means that if any international O&G company gets a licence to drill anywhere in Puntland, (212,000 SqKm) onshore or offshore, the licence has to by Act of Parlament include Range Resources.

Now the Contract of Work can't be priced into the SP, but what it means to me is that Range's future in Puntland is set in an Act of Parlament. Will never be taken over as a whole, and I imagine that Range will sell off blocks as they are proved up.

Range has come a long way since buying 50.1% off Consort in Oct 2005. People saying that we are the next GKP seems a bit far fetched at the moment, this Contract of Work ensures that in the future Range will far exceed anything that GKP can do.

dreamcatcher PL has said in interviews that they'll sell to some major if Puntland comes up trumps, so i should imagine RMP would do the same.

As to Georgia nothings been mentioned as to if they sell off, so if they hit HC's then maybe they'll keep that area, but who knows??...