.

11 questions sent in to PL by great room on behalf of 11 investors . PL answers Great_Room 5





Hi Pete,

Thanks for offering your help. Questions attached below.

1.) We're now at the one year stage since the Ross H2 well in Texas spudded and we are eagerly awaiting the results. I'm sure you can appreciate that a year is a long time even with the salt water deposits being found. How is Ross progressing and do you feel that it will prove to be worth the efforts?


Wasn't a big committment and still plenty of work to do so too early to tell

2.) Staying with Texas, you have previously intimated that the asset will be sold on and Q1/Q2 2012 was mooted as a likely sale date. Given that Range are now assessing their options with regards to a further 4 drills, when do you see the future asset disposal taking place?


Start process once p3 moves to 1 and 2 after Albrecht - have adviser to appoint q2 , I'd say physical sale q3

3.) Regarding the situation in Georgia, we have all seen the pictures of the weather conditions and harsh snow drifts in that area and fully realise the reason for the delay in spudding the second well. As it was mentioned that Range plans on revisiting Mukhiani for a potential sidetrack after further evaluation, is there a possibility that Mukhiani will be revisited before Vani-2 spuds as presumably the rig and equipment is still in close proximity. When do you expect to know further details with regards reprocessing of data for Mukhiani?

Nope - needs 2 new seismic lines before determination



4.) Range has recently expressed an interest in shale project/s in
Georgia. I'd be interested to know if the company has considered
unconventional/shale gas within its other assets, particularly TT or
would look to include a future asset with such potential?

Georgia at this stage - could look at shale if deal was unique enough (eg. Discussions with some of the Indian groups in the states)

5.) Range recently drew down £3m. Are you at liberty to say if this was for operating costs or is something more specific earmarked?

Specific

6.) Would you expect an updated Trinidad CPR and the first Herrera to spud in Q1?

Nope q2

7.) Are you able to comment on the situation regarding the upper cretaceous license for Trinidad? If Range were to successfully acquire these, do we have a drill rig that would be able to reach these depths? If not, would it be challenging to acquire one within a quick timescale?


Have the rig - confident of the process but does take time
8.) What would you say the benefits are of listing on the OTCQX exchange?


More recognised exchange for north American instos
9.) Your contract with Range is apparently up for renewal in July. Are you in a position to give shareholders the best news of the year and confirm there will be no issues with you signing an extension?


No issues at all

10.) It has been 4 months since it was announced that Range and Marauder Resources were in the final stages of documentation for acquiring Puntland offshore licenses. Can you comment on the current situation and possible timescales involved?

Little hard to comment - range still involved and march a good target month

11.) Were the mucky DVDs you took to Puntland tax deductible?


Nope - pa account
Thanks Pete, I've capped it at 11 questions as I know you are busy trying to further the company.

Looking forward to hearing your response.



Many thanks,



Kieron

http://www.rangeresources.com.au/fileadmin/user_upload/asx/RRSAnnouncements708Notice280212.pdf

Down 5.41% on ASX.

Horn up 18% today on the TSX. Large volume. Barely moved up to today.
Mes up 20%

http://www.upi.com/Business_News/Energy-Resources/2012/03/01/Somalias-oil-prospects-add-new-dangers/UPI-81601330635213/?spt=hs∨=er

Up 2.86% on ASX.

Cheers kim. Enjoy your hols DC.

Thanks 3m and kim.

Yes enjoy your hols DC. Don't forget to send a postcard! :o)

Thanks kim, good day for Range today.

http://www.presstv.ir/detail/229645.html

"Many Somalis now wonder why Britain is so interested in the country after neglecting it for years",

I would say one of the reasons were the civil war that lasted for nearly 20 years, but you can bet your bottom dollar that they've been receiving foreign aid from the UK?.

I would not guess it was OIL by any chance. :-))

Britain looks like it can earn a lot of money from setting the country up with infrustructure and advice.

As long as us share holders get a fare share as well ? This should be sitting at 20P
now. Lets hope it gets a move on next week.

A week or so old -


http://www.bbc.co.uk/news/uk-politics-17146141

http://www.the-star.co.ke/business/andrea-bohnstedt/65208-parochialism-will-not-solve-somalias-woes

Just came across this summary tu someone wondering whether to invest?

Mypension,

Look at the market cap and then look at:

a: The production in Texas and imminent results from Smith 2 & Albrecht 1, then move P2 reserves into P1 and sell on and buy back the shares or partake in a further 4 wells.

b: TT bought for £52M including drilling company with 8 rigs, recent rns upgrade by 490% p1 reserves in one of the licences purchased (Beach Marcelle), with further CPR under way for the remaining acreage and the Herara formations which were not included in the original reserves estimate which could have an addition 10-12mmbls in multiple formations then you can see why there is so much anticipation about the 100% owned TT asset.

* Increase in Proved (P1) Reserves in Trinidad by 490% from 2.6 Mmbbls to
15.4 Mmbbls

* The 12.8 Mmbbls increase in Proved (P1) Reserves has independent valuation
(PV10) of approximately US$ 290MM

* Proposed production program (from new reserves) of 1m-1.5m bbls per year
for a minimum of 8 years.

c: Puntland we are 7 weeks into a 12 week drill of the:

* Spudding of the Shabeel-1 well, the first of two planned landmark
exploration wells, in the Dharoor Valley, Puntland, Somalia

* The first oil exploration well to be drilled in over 20 years in Puntland
targeting Prospective Resources of over 300 million barrels of oil (mean
100% basis)

* Initial operations also commenced on the Shabeel North-1 well (second
exploration well)

Back to back drills, rumours have been rife that oil has already been found, test equipment on route according to last RNS.

d: Georgia first well not successful, new seismic being shot and re-assessed to find new drill location spudding due early April.

* In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
recently completed a 410km 2D seismic program with independent consultants
RPS Energy identifying 68 potential structures containing and estimated
2.045 billion barrels of oil-in-place.

e: Range is currently in the process of upgrading to the US OTCQX from the OTC Pink and 643m shares have been moved from the AIM for the float, this will lead to less manipulation and with shares being traded on 3 exchanges will ease liquidity, a 600,000 mailshot is being sent out on Monday in the US and there will be a lot of coverage state side. I can now confirm that the 6th March is the date for the upgrade and the code will be RGRYD for 15 trading days then change to RGRYY.

f: Colombian onshore deal in due diligence could be announced in the very near future.

g: Offshore Puntland deal with joint venture partner MES.

h: All this for just 12.75p per share and you get the best CEO of any AIM listed company.

i:DYOR

Read the RNS, watch the videos etc on the Range website, buy a load and sit back and relax.

Good luck and enjoy your pension.

Langyboy.

from ii

http://dissidentnation.com/10-best-places-to-invest-in-somalia-this-decade/

http://dissidentnation.com/puntland-drilling-reaches-1850-meters/