.

Im thinking why did the drilling not start a month or so later, when you read the above. So perhaps the government are controlling the news and not the drilling company. Perhaps thats why there are so many hold ups.

30 July 2012
INVESTOR Q&A
Range Resources Limited (“Range” or “the Company”) is pleased to provide its second investor Q&A setting out responses to questions from investors, where investors were invited to submit questions via email to the Company. It should be noted that the wording of several questions has been amended (and/or amalgamated) where the Company believed they could better reflect a broader spread of investor interests.
Trinidad & Tobago (“T&T”)
1)
When is Rig 8 going to be in action? As per the recent announcement it is anticipated that Rig 8 will be spudding in the coming weeks.
2)
Will Range look at purchasing further rigs and increasing the well programme? At this stage the Company is concentrating on having all six rigs up and running in the coming months and once they are all fully operational and performing efficiently, the Company may assess whether or not they require further rigs, however bear in mind, with all six rigs up and running, Range will have the most rigs dedicated to their own acreage in all of Trinidad. The current development program to get to 4,000 bopd by June 2013 (without waterflood) is based on the existing rig inventory
3)
In the recent RNS on T&T, it is mentioned that Range are looking to prepare a drilling programme at Beach Marcelle to start in Q4 2012. What drilling equipment will be used and how will this deviate away from the current planned 45 well programme? One of the shallow rigs that is being used on the Morne Diablo work program will look to be sent over to the Beach Marcelle license and begin the drilling program there. The rigs identified for the Beach programme are either Rigs 6 or 7, which are currently not being used for the Morne Diablo programme.
4)
With the upcoming water flood program on Beach Marcelle, have Range done an analysis as to whether a steam flood program would net more compared to a traditional water flood program? Our technical team have determined that given the experience we have in waterflood and the existing pilot program, traditional waterflood is considered to be the most efficient form of secondary recovery to pursue.
5)
Could Range provide production rates for T&T each month as we build up production? The Company will look to continue to provide quarterly production numbers and provide updates when certain milestone production numbers are met in the meantime.
6)
The recent RNS regarding T&T states that we have achieved 1000bopd, but using initial flowrates from the last 2 wells. Will we still be producing over 1000bopd once the flowrates have stabilised and prior to any further wells coming on stream? Daily production in Trinidad can swing approximately +/‐ 5% depending on scheduled swabbing, planned perforations/well completions, operational issues, etc accompanied by also natural decline. Given the number of wells and horizons coming on line on a monthly basis, the milestone
was announced as a genuine increase representing sustained growth, with production as of July 27 being 1,052 bopd.
7)
Has the first Hererra drill location been selected and has the approval process started? Will be finalizing the first well location next week. Approval process should take 4‐6 weeks thereafter in line with the expected completion of the 6,500 ft well, with the rig then mobilising to the Herrera upon its completion.
Puntland
1)
What is the situation with offshore Puntland? What stage are negotiations at? An offshore PSA, incorporating an indicatively agreed work program and fiscal terms, is in the process of being prepared and the Company is targeting the end of the quarter for this to be finalised and signed off by both parties.
2)
RSDD‐H Satellite technology is becoming a major advantage, when used along with seismic, for on‐shore oil exploration. Have Range Resource considered using this technology for the Puntland exploration? The company constantly evaluates both proven and emerging technology for its exploration programs and will recommend to its partners all tools that are deemed to be cost effective for the mitigation of exploration risk.
3)
Did HRN perform electrical logging analysis over the 50m of Jesomma Sands encountered in Shabeel North before performing the Drill Stem Test and if not then why? Open hole log evaluations were performed by the operator prior to selection of zones for testing in Shabeel North.
4)
Why does the company think the wireline formation testing failed at Shabeel? Was it a mechanical failure or because of the characteristics of the reservoir? Formation testing is difficult and often produces results that are not immediately clear. The operator experienced mechanical difficulties during testing, but a combination of mechanical difficulties and reservoir characteristics are the most likely explanation for the lack of success to date.
5)
Why was drilling stopped to test a 50m gross section which contained oil shows, then 72 hours later its clear water with no oil shows? Why was drilling not completed to TD then tested? Oil shows while drilling do not necessarily correlate with positive test results. Oil may be present in the reservoir but the rock may lack sufficient oil saturation and/or permeability to yield commercial tests or flow rates. The operator determined that enough data had been collected to warrant suspension of drilling and completion of testing prior to drilling ahead to target depth.
6)
Will we go to Nugal regardless of Dharoor results? Until the full results are known with respect to the current two well program, the Joint Venture will only then look to determine the next step in the Puntland exploration program in conjunction with the Puntland Government. As per previous Q&A, operating updates for the Puntland project, including future drill program plans, will be provided in Company announcements as and when such information becomes available through the project operator, Horn Petroleum.
7)
Have you cased the well? To a level just above the Jessoma formation (above the previous testing point).
General
1)
Can you guarantee that no more price sensitive "information" such as consolidation/buyback will be supplied to the public without using the correct channels? All companies are constantly considering different capital management strategies and corporate structuring mechanisms, and stating that certain strategies and mechanisms are being considered is not typically seen as price sensitive information. Questions were asked as to what possible mechanisms the Company has available to address a poorly performing share price despite strong operational value on the Company’s Texas and Trinidad asset. Questions also related to where the Company wants to be in 6 ‐12 months. When determinations are made as to the exact nature and mechanics of a potential share consolidation, buyback and / or spin off ‐ the Company will formally advise the market.
2)
What avenues have you researched that might put a stop to the so‐called "penny share" perception of Range and the consequent manipulation of the share price? The last Q & A addressed possible mechanisms being considered by Range with respect to potential spin out, consolidation with on market buy back etc. Unfortunately, derivative (and quantitative) trading is a large part of all market trading in today's world and, as such, the keys to Range are always ongoing operational and exploration success number one and then putting into effect the initiatives already referred to.
3)
Have you had any dialogue with the market makers and can you control how the market is run in Range? Can you request that Range is excluded from short‐selling? What would this involve? We speak to market markers on a regular basis but have no control over how the market is run.
4)
Have you considered that a price consolidation might be playing right into the hands of derivatives traders, enabling easier get‐in and get‐out points on small price movements and tighter spreads? Traditionally the more shares that a Company has on issue has seen them being subject to more volatile derivative trading than a Company with less shares on issue, hence why the Company is looking at the possibility of a share consolidation. However, a commitment has yet to be made to such a consolidation and the details and exact nature are still yet to be determined. An on‐market buyback may also have a big impact on derivative trading in the short‐term.
5)
Given the recent negative update about Shabeel North and the effect on the share price is it still your intention to sell Texas and if so do you not think it beneficial to Range to make the investment to turn some of those targets to the P1 proved category to increase its re‐sale value? As the Company has stated previously, we will look at offers that are presented to us and if we believe the funds to be received can be deployed more effectively on our existing assets we will look seriously at accepting the offer, however if we believe that it would be more beneficial to continue to develop the North Chapman Ranch Asset will we move down that path. At some stage we will need further funding and with our current share price, debt and a potential Texas sale are the preferred options moving forward relative to raising new equity. As mentioned above we think that, subject to the sales price, selling Texas to fund Colombia and a possible buy back could be a more effective deployment of capital when compared to holding on to the asset.
The next Investor Q&A session is proposed for Friday, 10th August 2012 and on a fortnightly basis thereafter.
Answers will be uploaded to the Investors section [Investor Q&A sub‐section] of our website by the close of business of the day of the forum.
Questions should be emailed to Eva Bezruchko, Investor Relations – eva@okapventures.co.uk

Horn down 11.69%

from ll

http://www.proactiveinvestors.co.uk/companies/news/46155/range-resources-aims-to-have-psa-for-offshore-puntland-signed-and-sealed-by-quarter-end--46155.html

Should be a quarterly report today

Will be tomorrow I believe.

Thanks mitzy. Was today on time or tomorrow late? lol

QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2012

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

Horn up 4.55%

Somali leaders back new constitution

http://www.bbc.co.uk/news/world-africa-19075685

Excellent news dreamcatcher.

:-)), Im thinking like a lot of investors that we have been played for time. Lets see in the next few weeks.

Horn on the move up 7.58%

From 11,


http://www.express.co.uk/money/view/336160/Black-mountain-hopes-for-silver-lining-

Horn flying up 13.64%

DC, hmmm drilling extended 20 days - new govt elections around 20th Aug, dates are very close ! Lets see ehat happens in the coming days

very hmmmmmmmmm pumben.

Up 6.49% on the ASX

DC I think we are hoping that they have been holding this back because if they did, it would be not different to the Barclays Libor case. Think of the people who have lost money on this share, if they did this I think they would be slaughtered !

pumben, I think as you say the 20th Aug is a key date. If they announced a oil find there would be major unrest. I still feel this has been held back, lets say in a legal way. ie not the right testing gear, stretching the drill time etc. We still need the oil to flow in a commercial form ? In the last quarter report I see the 5 mill given for the runway/ airport. Would we have committed to offshore with no oil onshore ?
Fingers crossed.