.

spelling mistakes I apologise for.

Another appauling day back at the range. Had another one of mine suspended from trading today. Sincerely hope you are all doing better than myself.

http://www.theaustralian.com.au/business/mining-energy/range-to-spin-off-somalia-assets/story-e6frg9df-1226375568273


Full article...

"THE Australian market's affair with the controversial Somalia exploration assets of Range Resources looks set to come to an end as the company prepares a spin-off of the projects on to London's AIM board.

Speaking to The Australian at the ASX Small to Mid Caps conference in Hong Kong, Range executive director Peter Landau said the spin-off would help focus attention on the company's other assets in Trinidad and Colombia.

THE Australian market's affair with the controversial Somalia exploration assets of Range Resources looks set to come to an end as the company prepares a spin-off of the projects on to London's AIM board.

Speaking to The Australian at the ASX Small to Mid Caps conference in Hong Kong, Range executive director Peter Landau said the spin-off would help focus attention on the company's other assets in Trinidad and Colombia.

Range's joint-venture partners in Somalia, Horn Petroleum and Red Emperor Resources, are covering the company's share of costs in the first two exploration wells.

The first well this year intersected oil-bearing sands, but it remains to be seen whether the reservoir is capable of flowing oil at commercial rates.

Drilling of the second well is to begin soon.

Away from Somalia, Range is focusing on lifting production in Trinidad from about 800 barrels of oil a day to about 2500 by the end of the year, a lift that would see the company generating about $30 million in free cashflow.

"Trinidad is always going to be the focus. It's got 15 million barrels of (proven reserves), so we can't spend the money quick enough," Mr Landau said.

"Every time we put another well in we're getting between 50 and 100 barrels a day.

"These wells are paying back in two to three months, and they'll keep going for 20 years."

Range is also set to shortly begin a sale of its oil and gas assets in Texas, which Mr Landau said should fetch about $50m to $70m in the current market.

The proceeds from that sale would be invested into Range's recently acquired acreage in Colombia. Range has the right to earn a 65 per cent interest from two licences in the Putumayo basin. "

Must be an RNS about the above.

If this is in the company best interest ok. Again if games are being played to de- risk
then this will do huge damage to the company like we are seeing now, with a large sell off.

Range is also set to shortly begin a sale of its oil and gas assets in Texas, which Mr Landau said should fetch about $50m to $70m in the current market.


From the above PL has said in the past 100 - 150 million another big talk up.


The proceeds from that sale would be invested into Range's recently acquired acreage in Colombia.

Dividend gone out the window that PL stated. WE WONDER WHY THE COMPANY IS SITTING AT 6P WHEN THE GOAL POSTS GET SHIFTED ALL THE TIME.

Just wondering if Puntland will be set up on the AIM like Africa oil setting up Horn
as a subsidiary.
I also wonder why ?

Beginning to think this will not go down well with existing shareholders this late on
in Puntland. If it was announced at the start you take your choices.

Of course thats if the company sets up this way.

Should be a RNS tomorrow

Sorry to say this but totally cheesed off with the lot at the moment - no wonder so many are selling this and heaven knows what it happening to the rest of mine, the world is upside down as we know but this is ridiculous. At least you made some the other week on one of yours DC thankfully but I am sure that it doesn't carry the rest.

Hi 3m,

Not good if this goes up 100% only puts it at 12p . Not many investors shouting that they are making money. Do not know the set up of the above yet. If we get shut out from
Puntland and they find a huge oil find investors are going to be none to pleased.
Or they are not confident and dont want it to make the sp any worse with not so good news. I dont think it looks good whats going on., in my op only.

Makes me laugh we are the investors and we learn last of a huge company change like this. There should of been an RNS today, not much use when we all know now.
This company is not helping itself.

If the company spins Puntland off. Who on earth will invest in it without major questions being answered.
The public investor I would think will be very wary to invest. The institutions
may be the only winners.

One thing for sure the market will be looking for a VERY CLEAR/ PRECISE RNS .
If a foggy RNS is presented and is taken bad would not like to guess the consequences.

Mental institutions the way it is going will be the winners. If this every got anywhere near 12p which I doubt for the forseable future I will be gone, if I haven't left this world before that achievement. Enjoy the rest of the evening - all the worrying, researching or whatever isn't going to make any difference, just another pile of dung to have the burden of.

Have a good evening 3m.

Going to bed soon to rest my old body and brain what is left of it. No sleep in me at the moment, so tired and worn out with the lot. Got my car done and did not have to pay a penny, what a surprise - the two owners never even acknowledged I was there, one quickly absconded on my arrival and the other one pretended to have head down at his desk - the female who told me it was could have been an admin error could/did not look at me in the face. My Sister could not believe how I kept my mouth shut. I won't be going back ever again. Lessons are to be learned every day and gets worse as one gets older. Sleep tight.

Stay clear 3m, good night.

Some investors seem to think we will be given free stock in the Puntland investment ?

PL may of seen (more must of seen )Horn and RMP have seen a huge upturn in their
share price during the first Puntland drill. Range has lost 60% of its value since the drill started. Perhaps a lot of investors jumped ship to better returns at Horn/ RMP.
Also the very poor worded RNS put out did huge damage to the Range sp, with it now not recovering and seems to be in the red most days. Perhaps this has been done to put Range investors on a level field with RMP/HORN as you can only say Puntland has cost Range shareholders dear to date.
There could also be majors sitting on the sideline, will make an easy sale being
separate.

Range Resources chief executive Peter Landau says the spin-off will shift attention to the company’s other assets
What we’ve seen is Trinidad doesn’t get valued because all the punters trade Range on Puntland. So let’s take Puntland out, give (Range investors) the free stock, and have a separate AIM-listed stock,” he said.




http://somalilandpress.com/somalia-range-to-spin-off-puntland-region-assets-29577