.

Thanks to ARichmond64 on ii

Guys I found this email on some other board, he talks alot about the offshore thing.
Its an interesting read.

For what its worth - my frank email exchanges with PL today

Humble request, please do not post this elsewhere. (Someone did post it elsewhere, so might aswell)

---------------------------------------------------------------------------------------------------------------------------------
Peter,

See below, you said back in Jan that red emp would not be involved and
yet 2 months down the line red emp are being offered a way in.

I never thought I would say this but, how do you expect any sole range
holder to take you say seriously. By continually involving RMP and I
am not exactly sure why you continue to do so. Can you please explain
what clout or expertise RMP brings to the table?

Indeed, why should anyone now hold range when you can better rewards
with RMP it seems.

Francis

On Tue, Jan 17, 2012 at 6:45 AM, Peter Landau
wrote:
Thanks francis - offshore maybe 2-4 weeks - wouldn't be horn or red
emp - cheers p

-------------------------------------------------------------------------------------------------------------------------------------

PL reply:

Francis - I would have thought you could read more into the opaque
nature of the reference - no % , no terms - how are they involved - if
they want to farm in on terms better than other jv partners why
wouldn't we take their money (would never do offshore alone) - don't
see how RMP is rewarded before a deal is cut and cant help you if you
think trin, texas and Colombia (now all fully funded) are all duds

---------------------------------------------------------------------------------------------------------------------------------------

Peter,

"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"

Please explain why the reference to RMP in the RNS. It adds no benefit
to Range whatsoever because RMP has no expertise or clout in these
matters.

Fine you could do that privately, which I am sure you do that with
other potential partners or interested parties. Will you mention them
too?

My point is that why is RMP tagging along? What do they bring to the
table? We both know, neither Range and nor RMP are going to do
offshore on their own. Protecting share holder value would be if you
held on 100% interest and then brought in one of the majors to come
and drill. They would get the majority share and yet we hold a decent
amount for ourselves. But in what you announced today, a big oilie
will come in but for some inexplicable reason, RMP will be tagged
along too thereby diluting our share to accommodate RMP. How on earth
is that in my interest as a Range share holder that RMP is brought
along which is inherently a better opportunity (owing to lower mcap
and fewer shares in issue) for the same prospect. This to me just does
not make sense. I understand why you did it the first time round, but
there are no excuses for it this time.

It seems more and more that RMP is our HORN except that range
shareholder gain NO benefit whatsoever from RMP. Infact, it causes
harm to RRL with people switching investments over to RMP. If you are
not sure then look at the rise of both range and rmp recently.

Colombia is years away from getting us anything, TT just does not seem
to be getting out of 1st gear and Texas has saved our bacon with
regards to our non puntland assets. I am not even going to mention
Georgia as that has proven to be a dog. Why hire the same people to do
the siesmics when they got it so horribly wrong the first time is
beyond me. This is why puntland is still so crucial for us.

As holders of Range, please do not take us for mugs, we know the games
that are being played and its about time you start focusing on
shareholder value for Range and not RMP. Once you lose credibility,
its hard to get it back and I am afraid you are beginning to tred in
that territory in my eyes and I say that as a person who was quite a
staunch supporter of you.

Kind Regards,

Francis

---------------------------------------------------------------------------------------------------------------------------------------------------------------

PL reply:

Francis – lets be very clear on 2 points

- RMP was mentioned because if we have a discovery on shabeel
they will be in a position to pay far more for participation in off
shore than anyone else (they almost have to) – it is a massive benefit
for range when farming out its 100% and for the life of me I cannot
work out how you can suggest RMP have benefitted when no deal is done

- more importantly lets look at your sentence

Colombia is years away from getting us anything (straight out wrong
but can only show you this when we release the full detail) , TT just
does not seem to be getting out of 1st gear (because petrotrin have
handcuffed us with timing of announcements and rolling out drilling
program has suffered teething problems – flow rates there just initial
delays) that can change very quickly with the next 2 6500 ft wells we
are drilling and an agreed program with petrotrin which allows to
release at least one a month) – no argument its slow to get of the
blocks but like puntland – once it gets momentum it will move - Texas
has saved our bacon with regards to our non puntland assets
(disagree). I am not even going to mention Georgia as that has proven
to be a dog. Why hire the same people to do the siesmics (the shooting
of the seismic wasnt the problem – it was arguably the interpretation
and we have got rid of the 2 main original consultants and replaced
them with 2 new groups who are proving far more valuable) when they
got it so horribly wrong the first time is beyond me. This is why
puntland is still so crucial for us (disagree and the fact that 3
major long only oil and gas funds are prepared to back us pre puntland
td supports the strength of texas, trin and Colombia irrespective of
puntland result) .

Your focus on RMP value just astonishes me – we didn’t farm down to
RMP _ we assisted in finding a group for AOC to farm down after they
asked us to assist – we weren’t part of the negotiations – if you
think puntland is where it is all at you should be piling into HORN
based on our pure logic and common sense – Georgian farm out seems to
have been a good idea to date and there is no offshore deal at this
point in time - always happy to respond

Cheers p

$0.180 down 10% on the ASX = 12 uk pence

Horn up 9%, rumours PL is flying to Puntland for an announcement on Wednesday afternoon by Horn.

nice to see this still at 13p+

Yep, thought I would come home to 12p.

Yes makes a change. Thought it would have dropped good style but it did not. Wonder where Gibby is these days!!!!!

Horn up 15% hmmmmmmmm

Hi 3m, come back gibby we miss you. This board is not the same.

http://tmx.quotemedia.com/pricehistory.php?qm_symbol=HRN

Up 16.67% on the ASX, 14 pence.

100 million shares placement onto the aim today, looking at the ASX market may not affect the sp much. :-))

Down 7.14% on the ASX. It's my fault I'm afraid, I bought more yesterday; sell, sell!

Ive been trying to work out whats wrong, its kimoldfield. Try selling some, then we might just rise. I did say might. :-))

This sounds like my football betting...I never get it right....

Need news now.

Don't worry DC, I am going to sell some. After the first barrel is sold!

When will we get news of that. Any news would be great now. Stay away kim, stay away. Lol. Trouble is I am worried when you come on here. :-))

RF, the only time I would have had a decent win on the pools was the day I thought I had posted my coupon; I found it in my pocket a few days later. I have no idea what it was that I actually put in the letter box!!

Sorry DC, but don't worry, they don't call me 'lucky' for nothing!










I have to pay them! :o)