.

Up 4.35% on the ASX

Rns out......drilling progressing...acquired offshore assets plus placing....12.5p....not too far down...this is not going to go bust !...that's for sure...

Good assets acquired- offshore Puntland into the distant future and Colombia which could prove a game changer. The next stage is hopefully decent updates on progress in Trinidad and Texas which underpin the share and then the icing on the cake of the Puntland drilling. I am not that bothered about Georgia which will kick off when the weather improves. RRL now has so many irons in the fire the time is coming when demonstrable value needs to be delivered. I am positive and likely to stay in for the long term.

Puntland Offshore
PRNW


20 March 2012

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

By e-lodgement

PUNTLAND OFFSHORE

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has entered into an Agreement with the Puntland Government with respect to
obtaining a 100% working interest in the highly prospective Nugaal Basin
Offshore Block (see below). The Block is an extension of the onshore Nugaal
Region which has the potential for deltaic deposits from the Nugaal Valley
drainage system and comprises over 10,000km.

The Company will commit to a 2D seismic program within the first three years,
with further 3D seismic and an exploration well to follow in the second three
year period. The Agreement is subject to a formal PSA being entered into and
all necessary regulatory approvals. Commercial terms will be similar to the
current on-shore PSAs.

As part of the entering into the Nugaal Offshore PSA, Range has committed
US$5m, for the tarmac sealing of an Airport Runway in Puntland at the
Government's direction.

It is Ranges intention to offer a participation interest to its joint venture
partner, Red Emperor Resources NL (ASX:RMP) on terms to be agreed.

CURRENT PUNTLAND WELL

The Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at a
depth of 2,384m and drilling ahead. It is expected that casing will be run at
approximately 2400-2700m as dictated by the next electrical logging run. Target
depth remains at approximately 3800m.

COLUMBIA OPPORTUNITY

The Company is also pleased to announce that it is has secured a 65% farm-in
opportunity (350m of 3D seismic and 2 new wells) on two highly prospective
licenses in the on shore Putamayo basin in Southern Columbia. The finalisation
of the farm-in agreement is subject to regulatory approvals with full details
to be provided upon regulatory sign offs being obtained.

Following approaches from various parties in relation to its Texas project
interests, the Company is considering the potential sale of these interests
following the P1 and P2 reserve upgrade expected to be completed in April 2012.
In the event that such a sale is undertaken, the Company will consider several
capital management alternatives for the sale proceeds, including a return of
capital and an on-market share buyback.

STRATEGIC PLACEMENT

The Company is also pleased to announce a strategic institutional placement of
150m shares at £0.125 each to raise £18.75m. Importantly 100m of the shares
have been placed to a major US and European fund management group, with
considerable expertise in the oil and gas sector. Admission of the shares on
AIM is expected to be Tuesday, 27 March 2012 with Range's shares on issue then
being 2,271,766,648.

Range Managing Director Peter Landau commented; "Today's announcement is
significant in that we have demonstrated the next development path forward for
Range. A successful first well in Puntland will trigger increased interest in
the whole Puntland region and Range believes it has secured the most
prospective offshore block following previous work undertaken by Range in 2009
and 2010 which included a review of historical seismic and well data."

The proposed Columbian farm-in will see Range move into a highly prospective,
producing precinct in Southern Columbia and provide a very unique exploration
and production proposition when combined with our major Trinidad operations. .'

Yours faithfully

Peter Landau
Executive Director

Horn up 5%

http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Range_Resources_Red_Emperor_Resources_and_Chariot_Oil_Gas/a797cae0ac14.aspx


Range Resources (LON:RRL) slipped 8% to 14.25p during late morning trading after the company said it has entered into an agreement with the Puntland Government to obtain a 100% working interest in the highly prospective Nugaal Basin Offshore Block and also plans to raise GBP18.75 million via a share placing at 12.5 pence. Block is an extension of the onshore Nugaal Region which has the potential for deltaic deposits from the Nugaal Valley drainage system and comprises over 10,000km. Company will commit to a 2D seismic program within the first three years, with further 3D seismic and an exploration well to follow in the second three year period. Range has committed $5 million, for the tarmac sealing of an Airport Runway in Puntland at the Government's direction. It is Range's intention to offer a participation interest to its joint venture partner, Red Emperor Resources NL (RMP.AU) on terms to be agreed. Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at a depth of 2,384 meters and drilling ahead. It is expected that casing will be run at 2400 meters-2700 meters as dictated by the next electrical logging run; target depth remains at 3800 meters

Read more: http://www.oilvoice.com/n/FoxDavies_views_from_the_trading_floor_Range_Resources_Red_Emperor_Resources_and_Chariot_Oil_Gas/a797cae0ac14.aspx#ixzz1pfwLI9LO

Down 10.42% on the ASX

Yes but on yesterdays news,which saw a drop in the SP here.

March 21, 2012 1:08 — 0 Comments
Somaliland to Cede Disputed Territories to Puntland
Just hours ago in a phone call to our Nairobi contact, we were made aware of a groundbreaking piece of information that may change the landscape of Northern Somali politics. Somaliland’s president may cede key territories to Puntland in a deal over oil exploration.


In an exchange that would effectively give Puntland total control of the Nugaal Valley basin, we’ve heard from our network in Kenya that Somaliland’s president is in negotiations with the Puntland leadership to hand over the disputed Sool and Sanaag provinces to the authority in Garowe.

Currently, Puntland controls a small strip in eastern Sool as well as the eastern half of Sanaag Province. The rest of Sool is disputed by Somaliland and a new movement known as Khatumo, meanwhile the western half of Sanaag is ruled from Hargeysa, the capital of Somaliland.

Puntland is currently well on its way to making progress towards the highly prospective Nugaal Valley basin, which is speculated to have billions of barrels of oil. Somaliland’s leadership is thought to have abandoned its hopes of exploring the volatile region, instead choosing to allow Puntland to finish the job in a deal that would distribute revenues to the regions of Somaliland. Puntland has stronger support from locals in the region due to clan ties, and will have an easier time delegating with locals on exploration goals.

This latest development stems from Somaliland’s recent reintegration into the Somali political process following the February 23 London Conference on Somalia. It’s a process that will soon see Somaliland presenting its own federal authority with which to take a role in the post-transitional Somalia. Furthermore, President Faroole of Puntland has made direct promises that oil revenues would be distributed to all of Somalia’s future federal states and the central government, easing worries that oil exploration would become a factional tool.

Since the spudding of the Shabeel-1 well, Puntland’s bravado and forwardness about its claim to the disputed Sool territories has grown much stronger in frequency. This latest line of information is coming from inside Somaliland.

Hirsi Fiqi, Editor

DissidentNation.com

Have you seen that 4,100,000 sell at gone 4.30 p.m. Was that you DC??? Ah well it is a few million less to be sold tomorrow.

Lol 3m. wasn't me, not this early on.

http://wardheernews.com/News_2012/March/20_BP_and_Somalia_oil_in_defence_and_development_deals.html

Trades are not always what seem to be,could easily be a delayed buy?

noc, Im thinking it was a buy, hence the blue end to the day.

Not disputing your thoughts but my stock watch closed at 15p up 0.12 at 4.30 p.m. and at 16.47.55 hrs the huge amount was red and the price was 14.79. Red normally indicates a sell but who am I, would be nice it it was a buy. May be they are confused with red, blue and black who knows. Ah well tomorrow brings another day enjoy your eveniing.

Small rise on the ASX 2.3%

Sick of looking at red, going to cut the green grass. :-))

Cut what is left of mine yesterday; the badgers and squirrels have turned it into a ploughed field!

Mine looks a bit brown, due to last summer. Need some of your water kim. In a drought now, hose pipe ban April 1 .

Plenty here for you DC!