Range Resources Ltd. - Oil & Gas - Deals and Alliances Profile

Transcription

1 Range Resources Ltd. (RRS) - Oil & Gas - Deals and Alliances Profile Publication Date: APR 2011 Company Overview Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Financial Deals Landscape Key Facts Range Resources Ltd., Oil & Gas, Key Facts, 2010 Web Address Turnover (US $ million) Number of Employees: NA Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD 2011 Equity Offerings, 4 Divestiture - Assets, Asset Purchases, 5 Partnerships, 1 Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD 2011 No. of Deals YTD 2011 Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD No. of Deals No. of Deals Asia- Pacific North America Europe Middle East and Africa South and Central America 2 0 Exploration & Production Sectors Note: Deals include all announced oil & gas deals from 2005 onwards, Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD 2011 Year No. of Deals Deal Value (US $ million) 2005 NA NA 2006 NA NA NA NA YTD Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed Source : Page 1

2 Table of Contents Table of Contents...2 List of Tables...4 List of Figures...4 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD Range Resources Ltd., Oil & Gas, Deal Details...10 Divestiture - Assets...10 Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project...10 Range Resources To Acquire 10% Interest In Onshore Oilfields...11 Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources...12 Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas...13 Range Resources Acquires Puntland Project From Consort Private...14 Partnerships...15 Range Resources Forms Joint Venture With Canmex Mineral...15 Equity Offering...16 Range Resources Completes First Tranche Private Placement Of $4.8 Million...16 Range Resources Completes Rights Offering Of $6.85 Million...18 Range Resources Completes Private Placement Of $1.81 Million...20 Range Resources Completes Private Placement Of $8.21 Million...21 Divestiture - Assets...22 Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia...22 EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties...23 Key Competitors...25 Key Employees...25 Locations And Subsidiaries...26 Head Office...26 Other Locations & Subsidiaries...26 Recent Developments...27 License Awards...27 Dec 21, 2009: Puntland Government Approves Range Resources' Amended PSAs...27 Dec 14, 2009: Range Resources, Africa Oil And Puntland State of Somalia Amend PSAs...27 Recent Discoveries...27 Jun 30, 2010: Range Resources' Russell Bevly #1 Appraisal Well Confirms North Chapman Ranch Discovery...27 Dec 21, 2009: Range Resources Confirms Oil And Gas Discovery In Texas...28 Drilling and Production Updates...28 Mar 15, 2011: Range Resources Updates On Ross 3H #1 Well In Texas...28 Mar 09, 2011: Range Resources Provides Russell Bevly #1 Update...28 Feb 15, 2011: Range Resources Announces Commencement Of Texas Frac/Stimulation Program...28 Sep 02, 2010: Range Resources Commences Production From Russell Bevly Unit #1 Well...29 Jun 29, 2010: Range Resources Provides Reserves Update...29 Jun 28, 2010: Range Resources Provides Drilling Update...29 Jun 17, 2010: Range Resources Updates On Russell Bevly #1 Appraisal Well In Texas...29 Jun 08, 2010: Range Resources Updates On Russell Bevly #1 Well In Texas...30 May 28, 2010: Range Resources Provides Drilling Update...30 May 21, 2010: Range Resources Provides Russell Bevly #1 Well Update...30 Source : Page 2

3 May 18, 2010: Range Resources Updates On Russell Bevly #1 Well In Texas...30 May 12, 2010: Range Resources Spuds Russell Bevly #1 Well In Texas...30 May 11, 2010: Range Resources' Reserves Report Confirms Find At North Chapman Ranch Field In Texas...31 Feb 25, 2010: Range Resources Updates On Smith #1 Well In Texas...31 Jan 28, 2010: Range Resources' Proved Reserves Increase By 18% In Jan 27, 2010: Range Resources To Commence Production From Smith #1 Well In Texas...32 Nov 19, 2009: Range Resources Updates On Smith #1 Exploration Well In Texas...32 Nov 12, 2009: Range Resources Updates On Smith #1 Well In Texas...33 Oct 23, 2009: Range Resources Updates On Drilling At Smith #1 Well In Texas...33 Oct 13, 2009: Range Resources Updates On Smith #1 Well In North Chapman Ranch Area, Texas...33 Oct 07, 2009: Range Resources Updates On Its Smith #1 Well In Texas...33 Sep 30, 2009: Range Resources Provides Drilling Update...34 Sep 25, 2009: Range Resources Updates On Its Smith #1 Well In Texas...34 May 26, 2009: Range Resources To Two Wells In Puntland Area, Somalia...34 Financial Announcements...34 Mar 16, 2011: Range Resources Reports H1 Fiscal Year Ended 2011 Results...34 Oct 01, 2010: Range Resources Reports Fiscal 2010 Results...35 Mar 16, 2010: Range Resources Reports Revenue Of $5,239 For H1 Fiscal Sep 25, 2009: Range Resources Reports Fiscal 2009 Results...35 Other Significant Developments...37 Mar 24, 2011: Range Resources Updates On North Chapman Ranch Field In Texas...37 Mar 21, 2011: Range Resources Announces Texas Operations Update...37 Feb 25, 2011: Range Resources Updates On Texas Activities...37 Feb 16, 2011: Range Resources Secures Rig For Drilling Program In Georgia...38 Feb 08, 2011: Range Resources Announces Georgian Survey Results...38 Feb 04, 2011: Range Resources Updates On Russell Bevly Well At North Chapman Ranch Project In Texas...39 Jan 17, 2011: Africa Oil, Partners Sign Amending Agreements With Government Of Puntland...40 Nov 29, 2010: Range Resources To Start Helium Survey In Georgia...40 Nov 18, 2010: Range Resources Announces Reserves Estimate Of Two Georgian Blocks...41 Oct 29, 2010: Range Resources Provides Q Operations Update...41 Oct 08, 2010: Range Resources Announces Texas Operations Update...43 Apr 08, 2010: Range Resources Provides Operations Update...43 Mar 16, 2010: Range Resources Provides Operational Update...44 Feb 18, 2010: Range Resources Updates On Texas Operations...45 Feb 17, 2010: Range Resources Updates On US Gulf Coast Operations...45 Jan 04, 2010: Range Resources Announces Suspension Of Trading On ASX...45 Appendix...46 Methodology...46 About...46 Contact Us...46 Disclaimer...46 Source : Page 3

4 List of Tables Range Resources Ltd., Oil & Gas, Key Facts, Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Deals By Sector, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project...10 Range Resources To Acquire 10% Interest In Onshore Oilfields...11 Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources...12 Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas...13 Range Resources Acquires Puntland Project From Consort Private...14 Range Resources Forms Joint Venture With Canmex Mineral...15 Range Resources Completes First Tranche Private Placement Of $4.8 Million...16 Range Resources Completes Rights Offering Of $6.85 Million...18 Range Resources Completes Private Placement Of $1.81 Million...20 Range Resources Completes Private Placement Of $8.21 Million...21 Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia...22 EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties...23 Range Resources Ltd., Key Employees...25 Range Resources Ltd., Subsidiaries...26 List of Figures Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD Range Resources Ltd., Oil & Gas, Deals by Sector, 2005 to YTD Source : Page 4

5 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD No. of Deals Deal Value (US $ million) YTD No. of Deals Deal Value (US $ million) Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Range Resources Ltd. reported two oil & gas deals worth $5.75 million in YTD The company s deal volume increased from two oil & gas deals in 2009 to five oil & gas deals in Range Resources Ltd., Oil & Gas, Deals By Year, 2005 to YTD 2011 Year No. of Deals Deal Value (US $ million) 2005 NA NA 2006 NA NA NA NA YTD Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed, Source : Page 5

6 Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals by Type, 2005 to YTD 2011 Divestiture - Assets, 2 Equity Offerings, 4 Partnerships, 1 Note: Deals include all announced oil & gas deals from 2005 onwards Asset Purchases, 5 Range Resources Ltd. s deals activity has been reportedly focusing on asset purchases with five oil & gas deals during the period 2005 to YTD Range Resources Ltd., Oil & Gas Deals By Type, 2005 to YTD 2011 Deal Type No. of Deals Deal Value (US $ million) Asset Purchases Equity Offerings Divestiture - Assets Partnerships Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Source : Page 6

7 Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD No. of Deals Deal Value (US $ million) Asia-Pacific North America Europe Middle East and Africa South and Central America 0 No. of Deals Deal Value (US $ million) Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Range Resources Ltd. s, oil & gas, deals activity has been reportedly focusing on Asia-Pacific and North America with six deals each during the period 2005 to YTD Range Resources Ltd., Oil & Gas, Deals By Region, 2005 to YTD 2011 Region No. of Deals Deal Value (US $ million) Asia-Pacific North America Europe Middle East and Africa South and Central America Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Source : Page 7

8 Range Resources Ltd., Oil & Gas, Deals By Sector, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals by Sector, 2005 to YTD No. of Deals Exploration & Production Sectors Note: Deals include all announced oil & gas deals from 2005 onwards, Range Resources Ltd. s oil & gas deals activity has been focusing on exploration & production sector with 12 deals during the period 2005 to YTD Range Resources Ltd., Deals By Sector, 2005 to YTD 2011 Sector No. of Deals Deal Value (US $ million) Exploration & Production Note: Deals include all announced oil & gas deals from 2005 onwards, deal values included wherever disclosed. Source : Page 8

9 Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD 2011 Range Resources Ltd., Oil & Gas, Deals Summary, 2005 to YTD 2011 Deal Date Deal Status Deal Type Acquirer (s) / Investor (s) /Surviving Entity 11-Jan-2011 Completed Divestiture - Assets 09-Jan-2011 Announced Divestiture - Assets 12-Jul-2010 Announced Divestiture - Assets Range Resources Ltd. Red Emperor Resources NL Target / Issuer / Partner (s) East Texas Cotton Valley Project, Texas, Oil And Gas Blocks - Georgia, Vendor Undisclosed Company Range Resources Ltd., Strait Oil and Gas Limited Range Resources Ltd. Onshore Oilfields, Undisclosed Company 23-Jun-2010 Completed Equity Offering Undisclosed Investors Range Resources Ltd. 31-Mar-2010 Completed Divestiture - Assets EV Energy Partners, L.P. Oil And Gas Properties - Appalachian Basin, 24-Feb-2010 Completed Equity Offering Range Resources Ltd. 05-Jan-2010 Completed Equity Offering Undisclosed Investors Range Resources Ltd. 21-Sep-2009 Completed Divestiture - Assets 09-Jul-2009 Announced Divestiture - Assets Range Resources Ltd. North Chapman Range Project - Texas, Range Resources Ltd. Blocks Via And Vlb (Republic of Georgia), 30-Oct-2007 Completed Equity Offering Undisclosed Investors Range Resources Ltd. 24-May-2007 Completed Divestiture - Assets Range Ltd. Crest Inc. Resources Resources, Strait Oil and Gas Limited Range Resources Ltd. Puntland Project, Consort Private Limited 04-Mar-2007 Completed Partnership Canmex Minerals Corporation, Range Resources Ltd. Note: Deals include all oil & gas deals from 2005 onwards, deal values included wherever disclosed. Deal Value (US $ million) Source : Page 9

10 Range Resources Ltd., Oil & Gas, Deal Details Divestiture - Assets Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project Range Resources Acquires Additional 8.19% Interest In East Texas Cotton Valley Project Deal Type Deal in Brief Divestiture - Assets Range Resources Ltd., an oil and gas exploration company, acquired an additional % working interest in the East Texas Cotton Valley project for $0.15 million in lease acquisition costs and an overriding royalty retained by the seller. Following the acquisition, the company has increased its total participating interest to 21.75% in the shallow oil project. Pete Landau, managing director of Range Resources said, Increasing our interest in this shallow oil appraisal and development project just prior to spudding the next well makes good strategic sense for Range and adds oil reserves in a period of strong crude oil prices. He added, Overall, the project is expected to be an excellent complement to our North Chapman Ranch interests and should result in additional production and cash flow in the near term. Deal Rationale The acquisition will enable Range Resources to further increase its oil reserves. Deal Information Deal Status Completed Completed Date 11-Jan-2011 % Acquired 8.19 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (US$ m) 0.15 Target Asset Information Asset Name East Texas Cotton Valley Project, Texas Asset Description The project is located in Texas, USA. Source : Page 10

11 Range Resources To Acquire 10% Interest In Onshore Oilfields Range Resources To Acquire 10% Interest In Onshore Oilfields Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an oil and gas exploration company, entered into a binding heads of agreement (HOA) through SOCA Petroleum to acquire 10% interest in onshore oilfields in Trinidad and a major local drilling company, for a purchase consideration of $4.25 million. Under the agreement, the company required to pay $2 million execution of definitive agreements and $2.25 million upon formal completion of the acquisition. The production acreage and the operating wells cover the Morne Diablo, Beach Marcelle and South Quarry oilfields covering 16,253 gross acres on the southern coast onshore Trinidad. In addition, the proposed Range acquisition also includes a 10 percent interest in the parent of a wholly owned drilling company located in Trinidad, which owns five onshore drill rigs, three production rigs, one swab rig and a full workshop and pipe yard, storage tanks and facilities. The acquisition aims to increase the production from 700 bopd to 3,500 bopd within 36 months from known reserves without taking into account any exploration upside. According to Forrest A. Garb and Associates reports the assets have a current production of 700 bopd; proved reserves of approximately 2.6 MMbbls; probable reserves of approximately 2.2 MMbbls; and possible reserves of approximately 2.1 MMbbls. The transaction implies deal values of $60, per boe of daily production, $8.85 per boe of 2P reserves and $2.13 per boe of contingent resources. Deal Information Deal Status Announced Announced Date 12-Jul-2010 % Acquired 10 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (US$ m) 4.25 Target Asset Information Asset Name Onshore Oilfields Asset Description The assets include Morne Diablo, Beach Marcelle and South Quarry oilfields covering 16,253 gross acres on the southern coast onshore Trinidad. According to Forrest A. Garb and Associates reports the assets have a current production of 700 bopd; proved reserves of approximately 2.6 MMbbls; probable reserves of approximately 2.2 MMbbls; and possible reserves of approximately 2.1 MMbbls. Valuation Multiples Information Commodity Daily Production Crude Oil (bbl/d) 70 Total (boe/d) 70 Reserves 1P Reserves 2P Reserves Reserve Life (Years) Crude Oil (MMBbls) Total (MMBoe) Source : Page 11

12 Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources Range Resources Acquires 25% Interest In North Chapman Range Project From Crest Resources Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an oil and gas exploration company, acquired 25% working interest in the North Chapman Ranch project in Texas from Crest Resources, Inc., an oil and gas exploration and production company. As consideration, the company will fund the drilling of Smith #1 well, estimated at AUD1 million ($0.87 million) and fund the costs to production of AUD0.35 million ($0.3 million) in the event of discovery. North Chapman Ranch project area encompasses approximately 1,280 acres and is located in oil and gas producing trends in Texas. Drilling at the project is underway with the Smith #1 well having reached a depth of 8,000 feet with a target depth of 14,000 feet. The North Chapman Ranch field has produced about 250 billion of cubic feet of natural gas and more than 10 million barrels of oil since its discovery in The transaction implies deal values of $3,656.3 per acre of land. Deal Information Deal Status Completed Completed Date 21-Sep-2009 % Acquired 25 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Vendor Company Information Company Name Crest Resources, Inc. Business Description Crest Resources, Inc. is an oil and gas company. The company is engaged in exploration and production of oil and gas properties. The company is headquartered at Tulsa in Oklahoma, United States. Deal Financials Deal Value - Estimated Minimum Value (US $ million) 1.17 Target Asset Information Asset Name North Chapman Range Project - Texas Asset Description North Chapman Ranch project area encompasses approximately 1,280 acres and is located in oil and gas producing trends in Texas. Drilling at the project is underway with the Smith #1 well having reached a depth of 8,000 feet with a target depth of 14,000 feet. The North Chapman Ranch field has produced about 250 billion of cubic feet of natural gas and more than 10 million barrels of oil since its discovery in Valuation Multiples Information Acreage Valuation Multiple Land (Acres) Transaction Implied Value ($ / Acre ) Source : Page 12

13 Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas Range Resources To Acquire 50% Interest In Eastern European Oil And Gas Blocks From Strait Oil and Gas Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an oil and gas exploration company, entered into an agreement to acquire 50% stake in two oil and gas blocks in the Republic of Georgia, Eastern Europe, from Strait Oil and Gas Limited, an oil and gas company. The two blocks subject to the agreement, Blocks VIa and Vlb cover a contiguous area of 7,000 sq km (approx 10% of the surface area of the Country) and were subject to significant exploration in the Soviet era. Under the terms of the agreement, Range will complete 350 kilometers of 2D and 3D seismic before May 2010 and then commence a minimum two well drilling program. Deal Information Deal Status Announced Announced Date 09-Jul-2009 % Acquired 50 Companies Information Acquirer Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Vendor Company Information Company Name Strait Oil and Gas Limited Business Description Strait Oil and Gas Limited is engaged in exploration and production of oil and gas. Target Asset Information Asset Name Blocks Via And Vlb (Republic of Georgia) Asset Description The two blocks VIa and Vlb cover a contiguous area of 7,000 sq km and significant exploration in the Soviet era and located in the Republic of Georgia. Source : Page 13

14 Range Resources Acquires Puntland Project From Consort Private Range Resources Acquires Puntland Project From Consort Private Deal Type Deal in Brief Divestiture - Assets Range Resources Limited, an exploration company, has acquired the remaining 49.9% interest in Puntland Project from Consort Private Limited, for purchase consideration of $10 million. As a result of the acquisition Range owns 100% in the project. Earlier in Oct, 2005 Range acquired 50.1% in the Puntland Project. Deal Information Deal Status Announced Date Completed Date % Acquired Companies Information Acquirer Company Information Company Name Business Description Completed 31-Jul May Range Resources Ltd. Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Vendor Company Information Company Name Consort Private Limited Business Description Consort Private Limited is a holding company operated by two Australian dealbrokers Terry Donnelly and Anthony Black. The company is engaged in explaration and drilling activites for oil. Deal Financials Deal Value (US$ m) 10 Target Asset Information Asset Name Puntland Project Asset Description Puntland Project refers to rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland. Source : Page 14

15 Partnerships Range Resources Forms Joint Venture With Canmex Mineral Range Resources Forms Joint Venture With Canmex Mineral Deal Type Partnerships Deal Sub Type Joint Venture Deal in Brief Range Resources Limited, an oil and gas exploration and development company, has formed joint venture with Canmex Mineral Corporation, a metal ore mining company. Pursuant to the agreement, Canmex acquired 80% participating interest in the licenses and operatorship of the Nogal and Dharoor projects, for a consideration of $50 million in exploration expenditures and the payment to Range of an additional $3.5 million upon commencement of commercial production. The agreement is for a six year period. Deal Information Deal Status Completed Completed Date 04-Mar-2007 Companies Information Partner Company Information Company Name Canmex Minerals Corporation Business Description Canmex Minerals Corporation (now known as Africa Oil Corp.) is primarily a metal ore mining company. It is also into gold and silver mining. Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (US$ m) Deal Tenure 72 (Months) Source : Page 15

16 Equity Offering Range Resources Completes First Tranche Private Placement Of $4.8 Million Range Resources Completes First Tranche Private Placement Of $4.8 Million Deal Type Equity Offering Deal Sub Type PIPE Deal in Brief Range Resources Corporation, an oil and gas exploration company, completed its first tranche private placement of million shares at a price of AUD0.07 per share ($0.06 per share) for gross proceeds of AUD5.6 million ($4.81 million). The company will issue additional million shares in its second tranche of private placement. The company intends to use the proceeds from the offering to fund its spuntland, Texan & Georgian interests and to investigate further acquisitions opportunities. RFC Corporate Finance Ltd. acted as nominated advisor and Old Park Lane Capital plc acted as broker for the transaction. Deal Rationale The company intends to use the proceeds from the offering to fund its spuntland, Texan & Georgian interests and to investigate further acquisitions opportunities. Deal Information Deal Status Completed Announced Date 17-Jun-2010 Completed Date 23-Jun-2010 Companies Information Target Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Financial Advisor Range Resources Ltd. Deal Financials RFC Corporate Finance Ltd. Deal Value (AUD million) 5.60 Deal Value (US$ m) 4.81 Shares Issued 80,090,000 Offer Price (Local) 0.07 Offer Price (US$) 0.06 Share Price Information Share Price Before 30 Days (US$) Share Price Before 1 Day (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2009) Revenue (US$ million) 0.04 Total Assets (US$ million) Total Shares (m) Market Capitalization million) (US$ Source : Page 16

17 Enterprise Value (US$ million) Financial Ratios Information EV/Revenues EV/Total Assets 0.44 Net Assets Per Share Ratio 0.15 (US$) Book Value Per Share (US$) 0.15 Source : Page 17

18 Range Resources Completes Rights Offering Of $6.85 Million Range Resources Completes Rights Offering Of $6.85 Million Deal Type Equity Offering Deal Sub Type Secondary Offering Deal in Brief Range Resources Limited, an oil and gas exploration company, completed non-renounceable rights offering of 140 million new ordinary share at price of AUD0.05 per share ($0.04 per share) for gross proceeds of AUD7.58 million ($6.85 million). As announced on January 5, 2010, the shares were issued on a one for four basis. Max Capital Pty Ltd. acted as underwriter for the offering. The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Rationale The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Information Deal Status Completed Announced Date 05-Jan-2010 Completed Date 24-Feb-2010 Companies Information Target Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Under Writer Range Resources Ltd. Deal Financials Max Capital Pty Ltd Deal Value (AUD million) 7.58 Deal Value (US$ m) 6.85 Shares Issued 140,000,000 Offer Price (Local) 0.05 Offer Price (US$) 0.04 Share Price Information Share Price Before 30 Days (US$) Share Price Before 1 Day (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2009) Revenue (US$ million) 0.05 Total Assets (US$ million) Total Shares (m) Market Capitalization (US$ 5.98 million) Enterprise Value (US$ million) 5.83 Financial Ratios Information EV/Revenues Source : Page 18

19 EV/EBITDA 583 EV/Total Assets 0.07 Net Assets Per Share Ratio 0.69 (US$) Book Value Per Share (US$) 0.69 Source : Page 19

20 Range Resources Completes Private Placement Of $1.81 Million Range Resources Completes Private Placement Of $1.81 Million Deal Type Equity Offering Deal Sub Type PIPE Deal in Brief Range Resources Limited, an oil and gas exploration company, completed a private placement of 40 million ordinary shares at price of AUD0.05 per share ($0.04 per share), for gross proceeds of approximately AUD2 million ($1.81 million) in a rights offering. The offering is subscribed by institutional and sophisticated investors. The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Rationale The company intends to use the proceeds from the offering to fund its Georgia and Texas projects. Deal Information Deal Status Completed Completed Date 05-Jan-2010 Companies Information Target Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Deal Financials Deal Value (AUD million) 2 Deal Value (US$ m) 1.81 Shares Issued 40,000,000 Offer Price (Local) 0.05 Offer Price (US$) 0.04 Share Price Information Share Price Before 30 Days 0.04 (US$) Share Price Before 1 Day 0.05 (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2009) Revenue (US$ million) 0.05 Total Assets (US$ million) Total Shares (m) Market Capitalization (US$ 5.98 million) Enterprise Value (US$ million) 5.83 Financial Ratios Information EV/Revenues EV/EBITDA 583 EV/Total Assets 0.07 Net Assets Per Share Ratio 0.69 (US$) Book Value Per Share (US$) 0.69 Source : Page 20

21 Range Resources Completes Private Placement Of $8.21 Million Range Resources Completes Private Placement Of $8.21 Million Deal Type Equity Offering Deal Sub Type PIPE Deal in Brief Range Resources Limited, a company engaged in exploration of oil, gas and minerals, has conditionally placed million new ordinary shares at a price of GBP0.22 per share for gross proceeds of GBP3.99 million. Fox-Davies Capital Limited is acting as placement agent for the offering. Deal Rationale The company intends to use the proceeds from the offering to fund ongoing exploration costs in Puntland and working capital. Deal Information Deal Status Completed Date Companies Information Target Company Information Company Name Business Description Completed 30-Oct-2007 Range Resources Ltd. Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Placement Agent Range Resources Ltd. Fox-Davies Capital Limited Deal Financials Deal Value (GBP million) 3.99 Deal Value (US$ m) 8.21 Shares Issued 18,180,000 Offer Price (Local) 0.22 Offer Price (US$) 0.45 Share Price Information Share Price Before 30 Days 0.48 (US$) Share Price Before 1 Day 0.51 (US$) Financial Information (Range Resources Ltd.) (Trailing Twelve Months Ended 30-Jun-2007) Revenue (US$ million) 4.58 Total Assets (US$ million) Total Shares (m) Market Capitalization (US$ million) Enterprise Value (US$ million) Financial Ratios Information EV/Revenues EV/Total Assets 0.55 Cash Value Per Share (US$) 0.14 Net Assets Per Share Ratio 0.35 (US$) Book Value Per Share (US$) 0.35 Source : Page 21

22 Divestiture - Assets Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia Red Emperor Resources To Acquire 20% Interest In Two Oil And Gas Blocks In Georgia Deal Type Deal in Brief Divestiture - Assets Red Emperor Resources NL, an oil and gas company, signed a heads of agreement to acquire 20% farm-in interest in two oil and gas blocks which include block VIa and block VIb, from Range Resources Limited, and Strait Oil and Gas UK Limited, both are oil and gas exploration companies. The transaction is valued at approximately $5.6 million. Red Emperor will acquire 10% interest each from Range Resources and Strait Oil. Under the terms, Red Emperor will pay 40% of the drilling costs for the planned two well program, contributing $5.6 million for the acquisition of 20% interest in the blocks. In connection with the transaction, Red Emperor offered Range's shareholders the opportunity to participate in a future capital raising aimed at funding drilling costs associated with the two well drilling program. The blocks VIa and VIb covers a contiguous area of 7000 sq. Km., and are located in the Republic of Georgia, Eastern Europe. The blocks include six ready to drill targets with gross unrisked oil in place of 728 million barrels. Independent estimate of gross, unrisked oil in place across the identified prospects of 2.05 billion barrels. The completion of the transaction is subject to the satisfaction of the directors of Red Emperor, execution of the share subscription agreement by the parties, and all necessary ministerial consent, government and regulatory approvals, in receipt respect of the subscription of shares. Deal Information Deal Status Announced Announced Date 09-Jan-2011 Companies Information Acquirer Company Information Company Name Red Emperor Resources NL Vendor Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Company Name Strait Oil and Gas Limited Business Description Strait Oil and Gas Limited is engaged in exploration and production of oil and gas. Deal Financials Deal Value - Estimated Minimum Value (US $ million) 5.60 Target Asset Information Asset Name Oil And Gas Blocks - Georgia Asset Description The blocks VIa and VIb cover a contiguous area of 7000 sq. Km., and are located in the Republic of Georgia, Eastern Europe. The blocks include six ready to drill targets with gross unrisked oil in place of 728 million barrels. Independent estimate of gross, unrisked oil in place across the identified prospects of 2.05 billion barrels. Source : Page 22

23 EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties EV Energy Acquires 46.15% Interest In Appalachian Basin Oil And Gas Properties Deal Type Deal in Brief Divestiture - Assets EV Energy Partners, L.P. (EVEP), an oil and gas company along with certain institutional partnerships managed by EnerVest, Ltd., completed acquisition of 46.15% interest in oil and natural gas properties in Appalachian Basin, from Range Resources Corporation, an oil and gas exploration company, for a purchase consideration of $137.9 million, subject to customary postclosing adjustments. The acquisition was funded with borrowings under EVEP's existing credit facility. The acquisition assets consist of wells primarily producing from the Clinton and Medina formations, with substantially all of the proved reserves and production in Ohio. In addition, there is significant upside potential for drilling in the Knox group formation, where EnerVest has extensive drilling experience. The asset consists of 3,306 active wells with estimated proved reserves on January 1, 2010 of approximately 69.6 Bcfe (based on recent strip prices plus currently estimated probable and possible reserves primarily in the Knox group formation, of approximately 19.7 Bcfe and have production capacity of approximately 11.3 Mmcfe. The properties cover an area of approximately 465,000 gross acres (193,000 net acres). RBC Richardson Barr acted as financial advisor to Range Resources on the transaction. The transaction implies deal values of $75, per boe of daily production, $11.89 per boe of proved reserves and $ per acre of land. Deal Information Deal Status Completed Announced Date 08-Feb-2010 Completed Date 31-Mar-2010 % Acquired Companies Information Acquirer Company Information Company Name EV Energy Partners, L.P. Business Description EV Energy Partners, L.P. (EV Energy) is a master limited partnership oil and gas company. It is engaged in the acquisition, production and development of oil and gas properties in the US. The company s principal operating areas include the Appalachian basin, principally in Ohio and West Virginia, Michigan, the Monroe field in Louisiana, Central/East Texas; the permian Basin, the San Juan Basin and the Mid-Continent area in the area of Oklahoma, Texas, Kansas and Louisiana. The company s general partner is EV Energy GP, L.P. (EV Energy GP), and the general partner of its general partner is EV Management, LLC. It is headquartered in Houston, The US. Vendor Company Information Company Name Range Resources Ltd. Business Description Range Resources Limited (Range Resources) is an oil and gas exploration company. Range Resources is engaged in finding and delineating natural resources in the oil, gas and mineral sectors in Georgia, Puntland, Somalia, and Texas. Currently, Range Resources holds 100% interest in all mineral and hydrocarbon exploration and development acreage of approximately 100,000 square kilometer in the Somali state of Puntland. Range s primary areas of focus include Puntland, Somalia where it holds a 20% working interest in two production sharing agreements for the Nogal and Dharoor Blocks. In 2009, the company acquired 25% interest in the North Chapman Ranch project in Nueces County, Texas. Range Resources is headquartered in Western Australia, Australia. Advisor Information Company Being Advised Financial Advisor Range Resources Ltd. RBC Richardson Barr Deal Financials Deal Value (US$ m) Target Asset Information Asset Name Oil And Gas Properties - Appalachian Basin Asset Description The oil and gas properties consist of 3,306 active wells with estimated proved reserves on January 1, 2010 of approximately 69.6 Bcfe (based on recent strip prices) plus currently estimated probable and possible reserves primarily in the Knox group formation, of approximately 19.7 Bcfe and have production capacity of approximately 11.3 Mmcfe. The properties cover an area of Source : Page 23

24 approximately 465,000 gross acres (193,000 net acres). Valuation Multiples Information Commodity Natural Gas (MMcf/d) Daily Production Total (boe/d) 3, Reserves 1P Reserves 2P Reserves Reserve Life (Years) Natural Gas (Bcf) Total (MMBoe) Acreage Valuation Multiple Land (Acres) Transaction Implied Value ($ / Acre ) Source : Page 24

25 Key Competitors The following companies are the major competitors of Range Resources Ltd.: Southern Cross Exploration NL Golden State Resources Limited Energy Ventures Limited Tap Oil Limited FAR Ltd Key Employees Range Resources Ltd., Key Employees Name Job Title Board Level Since Age Peter Landau Director Executive Board Anthony Eastman Director Executive Board Joint Company Secretary Samuel Jonah Chairman Non Executive Board Marcus Edwards Jones Director Non Executive Board Jane Flegg Joint Company Senior Management 2009 Secretary Source : Page 25

26 Locations And Subsidiaries Head Office Range Resources Ltd. Ground Floor 1 Havelock Street West Perth WA ZIP: 6005 Tel: Fax: Other Locations & Subsidiaries Range Resources Ltd., Subsidiaries Donnybrook Gold Pty Ltd Australia Westblade Pty Ltd Australia Source : Page 26

27 Recent Developments License Awards Dec 21, 2009: Puntland Government Approves Range Resources' Amended PSAs Range Resources Ltd (Range Resources) said that the Cabinet of the Puntland government approved the amended agreements modifying the terms of the existing Production Sharing Agreements (PSAs) made in respect of the Dharoor and Nugaal Valley exploration areas which was still subject to ratification by the Parliament of the Puntland State of Somalia. Range Resources announced that the Parliament has formally approved and ratified these amended agreements paving the way for Africa Oil Corp. to now commence operations and drilling of the first exploration well in Puntland in over 16 years. Dec 14, 2009: Range Resources, Africa Oil And Puntland State of Somalia Amend PSAs Range Resources Limited (Range Resources), Africa Oil Corp. (Africa Oil) and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements (PSAs) made in respect of the Dharoor and Nugaal valley exploration areas. The revised agreements were signed by the parties in Garowe, Puntland, subsequently approved by the cabinet of the Puntland Government and are still subject to ratification by the Parliament of the Puntland State of Somalia which is scheduled for this week commencing December 14, With the conclusion of the negotiations and the execution of the amending agreements, the PSAs, as amended, now provide for initial exploration periods in respect of both blocks that have been extended from 36 months to 48 months with a revised expiry of January 17, In addition, the terms of the exploration programs have been amended so that Africa Oil can drill one exploratory well in each of the Nugaal and Dharoor valley exploration areas, or two exploratory wells in the Dharoor valley, during the initial exploration period. In consideration of the extension of the exploration period, the parties agreed to voluntarily relinquish 25% of the original agreement area on or before January 17, Upon Parliamentary ratification, Africa Oil plans to immediately commence operations with an intent to spud the first exploration well by mid Onshore Puntland Interest: Range Resources 20%, Africa Oil 65% and Lion Energy Inc 15%. Recent Discoveries Jun 30, 2010: Range Resources' Russell Bevly #1 Appraisal Well Confirms North Chapman Ranch Discovery Range Resources Limited (Range Resources) has provided an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch joint venture's multi-well program in Texas. After drilling to a revised total depth of 14,225' (4,337m), the operator has concluded open hole logging operations that indicate the presence of around 130ft of net oil and gas pay in the Howell Hight formation. This exceeds the net pay thickness of the Smith #1 discovery well (Range Resources interest 25%) and identifies a new, potentially productive interval. The well is currently being equipped with 4 1/2" production casing. The Russell Bevly #1 confirms the company's structural and stratigraphic models across the northwestern flank of the field, which formed the basis of the recently released reserve report. Once completed for production, and depending upon final production test data, the well is expected to add significant proved reserves, production, and cash flow to Range Resources' Texas operations. Peter Landau, executive director of Range Resources, said: "The Russell-Bevly #1 exceeds our expectations for the first appraisal well in the North Chapman Ranch field and sets the stage for additional development drilling across our acreage. As of casing point, the well was significantly under budgeted costs and ahead of schedule, indicating that the company and its joint venture partners are already capitalizing on information acquired during the initial test. We will continue to look for ways to optimize drilling and completion operations in order to keep downward pressure on finding and development costs." Source : Page 27

28 Dec 21, 2009: Range Resources Confirms Oil And Gas Discovery In Texas Range Resources Ltd (Range Resources) said that the Smith #1 well was drilled and logged to a depth of 13,975 (4,260 meters). Based on open-hole logs indicating around 120 (37 meters) of net pay thickness in three zones with no water, 4 ½ production casing was run to total depth (TD) and cemented in place. After an interval of just 20 (6.2 meters) in one of the three zones was perforated, bottom-hole pressure was estimated to be around 11,650 psi. The well was unloaded on a 6/64 choke until gas reached the surface, and subsequently opened to a 10/64 choke for five hours to clean the well up. Despite the small choke size, the average rate during this period was 2.4 million cubic feet of gas and 191 barrels of oil per day with no water. Final flowing casing pressure was 6,354 psi. The well was shut in with a final measured casing pressure of over 9,000 psi. The Smith well remains shut in awaiting production facilities and pipeline connection. Current plans are to perform additional testing of the well into the sales line and finish the completion at that time. Further test data (including reservoir size and reserve figures) will be released once completion operations are finalized, with first production and sales expected to occur in January The well partners (Range Resources 25%) have also purchased an additional 560 acres in the area bringing the total leased area in the prospect to 1,680 acres. Drilling and Production Updates Mar 15, 2011: Range Resources Updates On Ross 3H #1 Well In Texas Range Resources Limited and its partners have drilled the Cotton Valley objective section to a depth of around 5,500ft (1,680m) in the Ross 3H #1 well at the East Texas Cotton Valley project. The partners will now cease drilling in order to log the well before plugging back and initiating horizontal drilling operations. Mud logging results have been encouraging thus far, with oil shows over an interval more than 400f. thick, including oil in the mud pits while drilling. The well has a projected total hole length of 8,200ft (2,500m), including a 2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. Mar 09, 2011: Range Resources Provides Russell Bevly #1 Update Range Resources Limited (Range Resources) said that production on the Russell Bevly #1 well has begun to stabilize following the successful fracture stimulation of the lower two zones. The production rates being achieved are consistent will the targeted rate of 4 MMcfd and 320bopd per well, based on current production of approximately 1.9 MMcfd and 160bopd from the lower two zones. The upper two zones, which have a larger payzone, are still on track to receive fracture stimulation later this month. Pete Landau, executive director of Range Resources, said, "Results to date from the Russell-Bevly frac job have provided encouragement for additional development drilling in the field, which will continue with the drilling of the third well in the coming months. Because North Chapman Ranch wells have a high condensate yield, Range and its partners are able to capture currently high oil prices while remaining positioned for the eventual rise in US natural gas prices." Feb 15, 2011: Range Resources Announces Commencement Of Texas Frac/Stimulation Program Range Resources Limited (Range Resources) said that the fracture stimulation program of the Russell-Bevly #1 well commenced on February 13, 2011 as equipment was moved in and set up at the well site, with the initial stage of the multi-stage stimulation program beginning early this week. Consistent with past fracture stimulations performed within the region, the Russell-Bevly #1 program is expected to yield greatly improved flow rates and recovery, which should significantly increase cash flow from the field. Range Resources also confirmed that the Ross 3H horizontal well in Texas (East Cotton Valley) is expected to spud later this month. Source : Page 28

29 Sep 02, 2010: Range Resources Commences Production From Russell Bevly Unit #1 Well Range Resources Ltd. said that production and sales have commenced from its second well at North Chapman Ranch, the Russell Bevly Unit #1 well. Less than seven weeks after production casing was set in the well and the drilling rig released, the well was turned to sales at around 1,000 mcf of natural gas and 90 bopd with around 8,000 psi flowing tubing pressure on a 6/64" choke from just one of four identified pay zones. The first zone placed in production represents just 11ft of perforated Howell Hight formation within total net pay thickness of approximately 130ft. It is anticipated that, similar to the company's first well (Smith #1), the well will flow naturally for a number of months before it is shut in and a completion rig moved into place. Once the completion rig is in place, the well will be fracture stimulated and additional pay zones added to boost rate. Hydraulically fracturing the reservoirs creates additional permeability paths from the reservoir to the well bore, increasing production rates from the various pay zones, which in turn accelerates payout while improving reserve recovery and overall economics. Jun 29, 2010: Range Resources Provides Reserves Update Range Resources Ltd. (Range Resources) has reported the results of an independent reserves and valuation report on its East Texas Cotton Valley prospect in Red River county, Texas, carried out by Independent Petroleum Engineers Lonquist & Co LLC. The reserves report estimates total gross commercially recoverable reserves (1P, 2P and 3P) of the prospect as 5.4 mbo. Range Resources holds a 13.56% interest in East Texas Cotton Valley prospect, with Crest Resources Inc. as operator. The prospect's project area covers around 1,570 acres encompassing a recent oil discovery. The planned multi-well program is anticipated to move possible reserves into the probable and proved reserve categories, with the drilling of a horizontal appraisal well in the field scheduled for the third quarter of Peter Landau, executive director of Range Resources, said: "Range Resources is pleased that from an initial investment of $256,000 for leasehold acquisition costs, plus an estimated $220,000 (Range Resources' net share) to drill and develop the first well scheduled for the third quarter of 2010, we have been able to achieve a significant uplift in shareholder value, based on independently assessed reserves and valuations reported on the East Texas Cotton Valley prospect. "We feel that the upcoming appraisal activities will add additional value to Range Resources and complement the company's existing Texan interests, as we continue to add reserves, production and cash flow to create a balanced portfolio of lower-risk development and production projects in the US with high potential exploratory prospects in Puntland and Georgia." Jun 28, 2010: Range Resources Provides Drilling Update Range Resources Limited (Range Resources) has announced an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch joint venture's multi-well program in Texas. Drilling has slightly exceeded target depth to 14,222' (4,336m), with mud logs during drilling reporting the presence of hydrocarbons. Open hole well logs will commence shortly to determine the extent of the hydrocarbons present with results to be reported once completed and become available. Russell Bevly #1 was spudded on May 9, 2010 and proposed total depth of the well is ~14,000ft (4,268m). Range Resources holds a 20% working interest in the well. Smith #1 Well Update The artificial fracture stimulation of the Smith #1 well has been completed with the operator now slowly opening the choke diameter to ensure the performance of the well is optimized following the successful stimulation of the well. Jun 17, 2010: Range Resources Updates On Russell Bevly #1 Appraisal Well In Texas Source : Page 29

30 Range Resources Limited (Range Resources) has announced an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch joint venture's multi-well program in Texas. The well has been drilled to the intermediate casing depth of 11,400ft. Following this, open hole logs were acquired and 9 5/8" casing set and cemented. Drilling has recommenced towards the proposed target depth of ~14,000ft (4,268m). Russell Bevly #1 was spudded on May 9, 2010 and reached to a current depth of ~12,671ft (3,863m). Range Resources holds a 20% working interest in the well. Jun 08, 2010: Range Resources Updates On Russell Bevly #1 Well In Texas Range Resources Limited (Range Resources) has announced an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch joint venture's multi-well program in Texas. The well has been drilled to the intermediate casing depth of 11,400ft. Following this, open hole logs were acquired and 9 5/8" casing set and cemented. Drilling has recommenced towards the proposed target depth of ~14,000ft (4,268m). The well was spudded on May 9, 2010 and reached to a current depth of ~11,617ft (3,542m). Range Resources holds a 20% working interest in the well. May 28, 2010: Range Resources Provides Drilling Update Range Resources Limited (Range Resources) has provided an update on the Russell Bevly #1 appraisal well as part of the north Chapman Ranch joint venture s multi-well program in Texas. The appraisal well Russell Bevly #1 was spudded on May 9, It is planned to halt the drilling in the coming days with well logging to be performed followed by the setting of intermediary casing and then the recommencement of drilling. The projected total depth of the well is 14,000ft (4,268m), and located around 1,900ft (570m) north-northwest of the Smith #1. Range Resources holds a 20% working interest in the well, which has an estimated dry hole cost of $3.8 million (Range Resources share $760,000 has been pre-paid). Texas Update Smith #1 Well The initial production from the Smith #1 well was from one zone under natural pressure. The joint venture will shortly shut in the well and commence the opening of the two other zones as well as fracture stimulation of all three zones. May 21, 2010: Range Resources Provides Russell Bevly #1 Well Update Range Resources Limited (Range Resources) has provided an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch Joint Venture s multi-well program in Texas. The well was spudded on May 9, 2010 and reached to a current depth of ~6,425ft (1,959m). The projected total depth of the well is ~14,000ft (4,268m), and located approximately 1,900ft (570m) north-northwest of the Smith #1. Range Resources holds a 20% working interest in the well, which has an estimated dry hole cost of $3.8 million (Range Resources share $760,000 which was pre-paid). May 18, 2010: Range Resources Updates On Russell Bevly #1 Well In Texas Range Resources Limited (Range Resources) has announced an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch joint venture's multi-well program in Texas. The well was spudded on May 9, 2010 and reached to a current depth of ~4,304ft (1,312m). The projected total depth of the well is 14,000ft (4200m), and located around 1,900ft (570m) north northwest of the Smith #1. Range Resources holds a 20% working interest in the well, which has an estimated dry hole cost of $3.8 million (Range Resources share $760,000 - which was pre-paid). May 12, 2010: Range Resources Spuds Russell Bevly #1 Well In Texas Source : Page 30

31 Range Resources Limited (Range Resources) has announced the spudding of the Russell Bevly #1 appraisal well as part of the north Chapman Ranch joint venture's multi-well program in Texas. The company anticipates that the well will provide valuable information regarding the size and geometry of the reservoir and move additional reserves into the proved producing category. The projected total depth of the well is 14,000ft (4,200m), and located around 1,900ft (570m) north-northwest of the Smith #1. Range Resources holds a 20% working interest in the well, which has an estimated dry hole cost of $3.8 million (Range Resources share $760,000 which has been paid upfront). May 11, 2010: Range Resources' Reserves Report Confirms Find At North Chapman Ranch Field In Texas Range Resources Limited (Range Resources) said that it continues the development of its North Chapman Ranch field in Texas, with independent certification by Independent Petroleum Engineers, Lonquist & Co LLC (Lonquist confirming the field contains significant oil and gas reserves. Reserves report estimates total gross commercially recoverable reserves (proved (1P), probable (2P) and possible (3P)) of the field are: bcf of natural gas (attributable to Range Resources 45 bcf) mmbbl of oil (attributable to Range Resources 3.3 mmbbls)and mmbbl of natural gas liquids (attributable to Range Resources 3.2 mmbbls). Range Resources holds a 25% interest in the North Chapman Ranch project's first well Smith #1 and 20% in all subsequent wells assuming the exercise of certain clawback provisions by joint venture partners based on the current success of the Smith #1 well. The project area encompasses around 1,680 acres in one of the most prolific oil and gas producing trends in the state of Texas. Drilling of the first well resulted in a commercial discovery with first production and sales occurring in February The planned multi-well program is anticipated to move 3P reserves into the 2P and 1P reserve categories. The second well on the North Chapman Ranch project, Russell-Bevly Unit #1 is expected to spud in the coming days. Peter Landau, executive director of Range Resources, said: "Range Resources is pleased that from an initial investment of $1.8 million to drill, test and commercialize the Smith #1 well, we have been able to achieve a significant uplift in shareholder value based on independently assessed reserves and valuations reported on the North Chapman Ranch project. "We feel that the upcoming development and appraisal activities will add additional value to Range Resources as we continue to add reserves, production and cash flow to create a balanced portfolio of lower-risk development and production projects in the US with high potential exploratory prospects in Puntland and Georgia." Feb 25, 2010: Range Resources Updates On Smith #1 Well In Texas Range Resources Limited (Range Resources) has provided an update on its US Gulf Coast interests following connection of the Smith #1 well to the sales line earlier this week. Initial production is from the middle of three zones and is better than expected. Flow rates indicate that the currently producing zone may not require fracture stimulation. The well initially flowed from the middle zone at 2.5mmcf/d at a flowing pressure of 8,000 psi on a 6/64ths choke, increasing to 3.3mmcf and 290 bopd without fracturing. The well is currently being stabilized in order to run a 72hr test this week. It is anticipated that the well will be producing from this zone for several months before it will be shut in and a completion rig likely moved in. Once the completion rig is in place, the lower zone is expected to be fracture stimulated and tested, along with the upper zone. All three zones will then be comingled and produced. Each zone is expected to be of similar size. Source : Page 31

32 Depending upon the initial performance of the middle zone over the coming months, the operator may elect to fracture this zone as well. Hydraulically fracturing the reservoirs would create additional permeability paths from the reservoir to the well bore, which should sharply increase initial rates from the various pay zones, which in turn would accelerate payout while improving reserve recovery and overall economics. Jan 28, 2010: Range Resources' Proved Reserves Increase By 18% In 2009 Range Resources Ltd. (Range Resources), an oil and gas company, said that its proved reserves at December 31, 2009 increased by 18% to 3.1 Tcfe. From all sources, the company replaced 486% of production in 2009 with all the reserve replacement occurring through the drill bit and positive performance revisions. Finding and development costs from all sources, including leasehold additions and all price and performance revisions, averaged $0.98 per mcfe. Excluding price revisions, finding and development costs averaged $0.89 per mcfe. Drill bit development costs averaged $0.68 per mcfe. For 2009, Range Resources added 770 Bcfe of proved reserves through the drill bit. No reserves were added through acquisitions. Performance revisions added 90 Bcfe, while price revisions reduced proved reserves by 86 Bcfe. During 2009, Range Resources sold properties containing 140 Bcfe of proved reserves and production was 159 Bcfe. As a result, year-end 2009 reserves totaled 3.1 Tcfeup 18% from the 2.7 Tcfe at year-end At year-end 2009, 84% of Range Resources proved reserves by volume were natural gas, 10% were natural gas liquids and 6% were crude oil. Of the total, 77% of proved undeveloped reserves were located in the Marcellus, Barnett and Nora properties. The percentage of reserves in the proved undeveloped category was 45% at year-end 2009, versus 38% at year-end The increase in percentage of proved undeveloped reserves was primarily due to the recording of additional proved undeveloped reserves in the Marcellus Shale play where Range Resources had outstanding results in As of year-end 2009, for each of its proved developed wells in the Marcellus Shale play, Range Resources recorded on average 1.2 offset drilling locations as proved undeveloped reserves. Range Resources currently estimates that its unproven Marcellus acreage position contains resource potential, net to its interest, of 18 to 25 Tcfe. As noted above, from all sources, Range Resources replaced 486% of production in Excluding the 86 Bcfe of price revisions, reserve replacement would have been 540% of production in The Company s estimate of cash drilling and development costs incurred during 2009 including exploration expenses is $585 million. The Company estimates that it spent $177 million for acreage in Finding and development cost from all sources averaged $0.98 per mcfe with price revisions, or $0.89 per mcfe excluding price revisions. Drill bit development cost (excludes price revisions and acreage cost) was $0.68 per mcfe. In 2009, Range Resources sold properties containing 140 Bcfe of proved reserves. The sold properties included the Fuhrman Mascho field in West Texas and essentially all of the company s properties in the State of New York. These properties included 2,291 producing and non-producing wells. Jan 27, 2010: Range Resources To Commence Production From Smith #1 Well In Texas Range Resources Ltd (Range Resources), a company engaged in the exploration, development and acquisition of oil and gas properties, said that preparations are underway to move in production equipment to the Smith well site. Following recent heavy rains, the site has been built up further in readiness for the production equipment to be installed and production to commence. Georgia The seismic program continues in Georgia, with the seismic contractors well into their planned 350 kilometers of seismic acquisition. It is expected that the acquisition will be completed by end February 2010 or early March 2010, after which the seismic data will be processed and interpreted with results due for second quarter of Nov 19, 2009: Range Resources Updates On Smith #1 Exploration Well In Texas Source : Page 32

33 Range Resources Limited (Range Resources) has provided an update on its exploration drilling program in the North Chapman Ranch area, Texas. The Smith #1 exploration well was spudded on September 4, Surface casing was set and cemented at 1,528ft (465m) and the well was subsequently drilled to the intermediate casing depth of 11,352ft (3,455m). Open hole logs were acquired on October 9, 2009, and 9 5/8" casing set and cemented shortly thereafter. Drilling recommenced and additional open-hole evaluation was undertaken as the well approached target depth. The Smith #1 exploration well has reached its revised total depth of 13,975ft (4,260m) with additional electric logs having been run. A production liner has been run to bottom and the liner has been successfully tied back to the surface. Preparation is underway to move a completion rig in whereby testing of the well can commence. Range Resources holds a 25% working interest in the drilling of the Smith #1 well. Nov 12, 2009: Range Resources Updates On Smith #1 Well In Texas Range Resources Ltd, an oil and gas company, announced that the Smith #1 has now reached its revised total depth of 13,975 feet (4,260 meters) and additional electric logs have been run. A production liner has been run to bottom and the well currently awaits testing. The company holds 25% working interest in the drilling of the Smith #1 well. The Smith #1 exploration well spudded on September 4, Surface casing was set and cemented at 1,528 feet (465 meters) and the well was subsequently drilled to the intermediate casing depth of 11,352 feet (3,455 meters). Open hole logs were acquired on October 9, 2009, and 9 5/8' casing set and cemented shortly thereafter. Oct 23, 2009: Range Resources Updates On Drilling At Smith #1 Well In Texas Range Resources Ltd (Range Resource), an oil and gas company, has provided an update on its exploration drilling program in the North Chapman Ranch area, Texas. The exploration well Smith #1 spudded on September 4, Surface casing was set and cemented at 1,528 feet (465 meters (m)) and the well was subsequently drilled to the intermediate casing depth of 11,352 feet (3,455m). Open hole logs were acquired on October 9, 2009, and 9 5/8" casing set and cemented shortly thereafter. Range Resources holds a 25% working interest in the drilling of Smith #1 well. The well shall be drilled to an approximate depth of 14,200 feet (4,329m) or to a depth sufficient to test the Howell Hight formation. If successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the US have dropped dramatically. Oct 13, 2009: Range Resources Updates On Smith #1 Well In North Chapman Ranch Area, Texas Range Resources Ltd (Range Resources), an oil and gas company, said that the Smith #1 exploration well was spudded on September 4, Surface casing has been set and cemented at 1,528 feet (465 meters) and the well was subsequently drilled to the intermediate casing depth of 11,352 feet (3,455 meters). Open hole logs were acquired on October 9, 2009, and 9 5/8' casing set and cemented shortly thereafter. The well is currently being prepared for drilling to the proposed total depth of 14,200 feet (4,329 meters). Range Resources holds a 25% working interest in drilling Smith #1 well. Oct 07, 2009: Range Resources Updates On Its Smith #1 Well In Texas Range Resources Ltd (Range Resource), an oil and gas company, has provided an update on its exploration drilling program in North Chapman Ranch, Texas. The Smith #1 exploration well was spudded on September 4, Surface casing has been set and cemented at 1,528 feet (465 meters). During the week, there were some delays in drilling due to problems associated with the casing. The operator has now resolved these issues and drilling has recommenced. Range Resources holds a 25% working interest in the drilling of Smith #1 well. The well shall be drilled to an approximate depth of 14,200 feet (4,329 meters) or to a depth sufficient to test the Howell Hight formation. If Source : Page 33

34 successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the US have dropped dramatically. Sep 30, 2009: Range Resources Provides Drilling Update Range Resources Ltd., an oil and gas company, has provided an update on its exploration drilling program in North Chapman Ranch, Texas. The Smith #1 well was spudded on September 4, Surface casing has been set and cemented at 1,528 feet (465 meters). The well is currently at a depth of 10,918 feet (3,329 meters). The well shall be drilled to a depth of around 14,200 feet (4,329 meters or to a depth sufficient to test the Howell Hight formation. The company has 25% working interest in the well. Sep 25, 2009: Range Resources Updates On Its Smith #1 Well In Texas Range Resources Limited, an oil and gas company, has provided an update on its exploration drilling program in North Chapman Ranch, Texas. The Smith #1 exploration well was spudded on September 4, Surface casing has been set and cemented at 1,528 feet (465 meters). The well is currently at a depth of 10,166 feet and the target depth is 14,200 feet (4,329 meters). The company holds a 25% working interest in the drilling of Smith #1 well. If successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the US have dropped dramatically. May 26, 2009: Range Resources To Two Wells In Puntland Area, Somalia Range Resources Limited (Range Resources), together with the operator, Africa Oil Corporation (Africa Oil), will explore two wells on their onshore concessions in Somaliland. Range Resources has also started work to explore the Puntland outer continental shelf (OCS) where it owns 100% of the exploration rights. Geological studies are being performed out of Range Resources Dallas offices with the short term objective of acquiring new 2D seismic data offshore. Range Resources is offering those companies interested in exploring the Puntland a chance to do so. The company is looking for potential joint venture partners to assist it in the exploration of offshore Puntland. It plans to test that potential by acquiring latest seismic data and ultimately drilling one or more exploration wells offshore. Range Resources has accessible 2D seismic data from several older surveys, which it is assessing and interpreting along with previous drilling results to facilitate focus on future exploration efforts on areas that are considered to have the highest potential for commercial reserves. In connection with continuing pirate activity, recent 2D acquisition by TGS offshore Somaliland in the Gulf of Aden verifies Range Resources belief that seismic data can be safely acquired offshore without interference by pirate groups. In October 2006, Range Resources entered into a memorandum of understanding with Africa Oil in relative to a $50 million 80% farm in right in the Nogal basin and Darin basin blocks. This has affected joint venture project being formalized between Range Resources and Africa Oil which saw the formal signing of the product sharing agreement (PSA) between Range Resources, Africa Oil and the Puntland government take place on January 17, The formal signing of the PSA covered the continuing co-orperative and committed relationship between Range Resources, Africa Oil and the Puntland government and confirmed the keenness of all the parties concerned to expand the natural resources of Puntland. Financial Announcements Mar 16, 2011: Range Resources Reports H1 Fiscal Year Ended 2011 Results Source : Page 34

35 Range Resources Ltd (Range Resources) has reported revenues from sale of goods of AUD1.1m for the first half of fiscal year ended 2011, compared with the nil revenues from sale of goods in the year-ago period. It also reported loss attributable to equity holders of AUD2m, or 0.19 cents loss per share, for the first half of fiscal year ended 2011, compared with the loss attributable to the equity holders of AUD1.5m, or 0.4 cents per share, in the year-ago period. Oct 01, 2010: Range Resources Reports Fiscal 2010 Results Range Resources Ltd. has reported revenue from continuing operations of AUD581,102 for fiscal 2010, compared with the revenue from continuing operations of AUD155,016 in the previous year. It also reported a loss of AUD8.8 million for fiscal 2010, compared with the loss of AUD8.5 million in the previous year. Mar 16, 2010: Range Resources Reports Revenue Of $5,239 For H1 Fiscal 2010 Range Resources Limited has reported revenue from continuing operations of $5,239 for the first half of fiscal 2010, compared with the revenue from continuing operations of $126,524 in the year-ago period. It also reported net loss of $1.5 million for the first half of fiscal 2010, compared with the net loss of $4.8 million in the year-ago period. Sep 25, 2009: Range Resources Reports Fiscal 2009 Results Range Resources Limited (Range Resources ), an oil and gas company, has reported consolidated revenue from continuing operations of AUD155,016 for the fiscal 2009, compared with the consolidated revenue from continuing operations of AUD in the previous year. It has also reported loss attributable to members of AUD8.52 million for the fiscal 2009, compared with the loss attributable to members of AUD13.3 million in the previous year. Georgia On July 9, 2009, the Company signed a Heads of Agreement with unlisted UK Company, Strait Oil and Gas (UK) Limited ( Strait ), to acquire a 50% farm-in interest in two key oil and gas blocks in the Republic of Georgia, Eastern Europe. The two blocks subject to this agreement, Blocks VIa and Vlb, cover a contiguous area of 7,000 sq km (approx 10% of the surface area of the Country) and were subject to significant exploration in the Soviet era. Led by Range s seasoned international energy executives, Mark Patterson and Greg Smith, the Company is well placed (in conjunction with Strait s established team) to find and produce commercial volumes of oil and natural gas on the Georgian Blocks. Blocks VIa and Vlb Background A significant number of wells were drilled during the Soviet era (mainly in the 1980 s and early 1990 s) in and adjacent to the Blocks. Strait has undertaken a large scale review of all available data over the last two years with the assistance of recognised international oil and gas consultants RPS Energy. Key findings of the technical review include: Very few of the approximately 200 wells were drilled with the specific objective of finding oil and gas reservoirs. Certain wells were drilled to relatively shallow depths, to further define structural features identified from surface geological mapping, and to assist in planning the location and design of water reservoirs. Deeper wells were drilled for the purpose of detailed identification of the stratigraphy of the area. Many of these wells found oil and gas shows, in which case they were shut in and abandoned without testing. Much of the work carried out by the technical staff of Strait has been to collate information from these diverse databases and to integrate the data into their own regional interpretation. Data reviewed includes seismic, gravity and magnetic, well, structural mapping and field analogues and reservoir data. An initial analysis of 24 areas identified 11 structures suitable for oil in place estimates and key targets for future drilling. Of these structures two are deeper than 2,500 metres and the rest are shallow features between 600 and Source : Page 35

36 2,500 metres. Range intends to release an announcement detailing the oil in place potential of the identified leads and prospects following completion of its final stage due diligence review. In compliance with the terms of the applicable PSA, whereby Range will pay USD 1million and Euro 600,000 over a 12 month period, along with 70m shares and 70m options (to be issued conditional to certain milestones), Range proposes to complete 350km of seismic before May 2010 and then commence a minimum two well drilling program. In addition to the oil potential of the Blocks, there are numerous prospective gas fields, which include highly prospective natural gas and coal bed methane targets. Of the 161 wells drilled for gas, 22 displayed potentially commercial flow rates. Early production could be attained by supplying the local city of Kutaisi (second biggest city in Georgia) with a dedicated natural gas supply. Texas On 16 September 2009, the Company signed a Exploration/Development Agreement with U.S. Based, private oil and gas company, Crest Resources, Inc ( Crest ), to acquire a 25% working interest in the North Chapman Ranch project located in Nueces County, Texas. The project area encompasses approximately 1,280 acres in one of the most prolific oil and gas producing trends in the state of Texas. Smith #1 Well Currently Drilling Range will participate in the Smith #1 well, which has already commenced drilling and is expected to confirm an apparent discovery made by Crest and its partners earlier this year. The well is currently at 10,160 feet with a target depth of 14,000 feet. Range anticipates target depth being achieved by mid- ctober and will provide updates to the market as they are received. North Chapman Ranch Background North Chapman Ranch is situated within the prolific Frio producing trend just north of the Chapman Ranch in the Mobil David and Doughty Fields. The Mobil David field was discovered in 1965 when Mobil drilling the Chapman #1B well and completed the well in the Laureles Sand (now the Howell Hight). Since then, an estimated 250 billion cubic feet of natural gas and more than 10 million barrels of oil have been produced from this field, primarily from the Anderson sandstone. Recently, several operators in the area have been successfully developing the deeper Howell Hight formation, with some wells exhibiting flow rates in the 6-9 million cubic feet per day range. The currently drilling Smith #1 well is programmed to test the Howell Hight formation in a location near that of the recently drilled Zdansky #1 well. Crest was unable to complete the Zdansky well due to hole problems. If successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the US have dropped dramatically. In addition, the favourable operating and regulatory environment in Texas serves to mitigate perceived political risk associated with Range s other international exploration projects. Benefits for Range The cost for Range is AUD$1 million, which includes the cost of the current well. In the event of a discovery, costs to production will be approximately AUD$350,000. The low cost relates to the significant infrastructure (e.g. pipelines) already in place. Timing to first sales will be approximately three months upon a discovery being made with an estimated payback period of 8 to 10 months. With winter approaching in the US, timing may be expedited with increased gas prices. Range can limit its exposure to the Smith #1 well or continue with its participation interest in an exploration area. Capital Raising The Company successfully completed a fully subscribed non-renounceable rights issue, raising $1.5m earlier this year. 104,652,472 unlisted options exercisable at 1.5 cents on or before 31 May 2009 and 26,163,118 free attaching listed options exercisable at 5 cents on or before 31 December 2011 were issued. All of the 104,652, cent options were exercised raising a further $1.5m. Source : Page 36

37 Shareholders at the Company s General Meeting on 4 September approved the issue of 100,000,000 ordinary fully paid shares at $0.035 per share with a free attaching option exercisable at $0.05 on or before 31 December 2011 to sophisticated and institutional investors to raise $3.5m. Other Significant Developments Mar 24, 2011: Range Resources Updates On North Chapman Ranch Field In Texas Range Resources Limited (Range Resources) said that whilst fracture stimulation operations continue at the North Chapman Ranch field combined test rates (on a 100% basis) from the Smith #1 and Russell-Bevly #1 wells reached 9.2 MMcf of gas and around 769bopd this week, compared to the earlier peak combined rate of 3.3 MMcf of gas and 247bopd achieved in September Pete Landau, executive director of Range Resources, said, "Results of the frac program are encouraging, but we have yet to see the full potential of these wells. At least one zone in the Russell Bevly remains to be frac'd, and we are still unloading frac fluid from the recently stimulated zones. We are pleased with the results thus far and look forward to further long term stabilized data and additional development drilling later in the year." Mar 21, 2011: Range Resources Announces Texas Operations Update Range Resources Limited said that the fracture stimulation program has recommenced on the North Chapman Ranch project, with the arrival on site of Frac Tech. The zone (second from top) on the Russell Bevly well is currently being fracture stimulated with initial results looking promising. Once successfully completed, Frac Tech will move across to the Smith #1 well and frac the upper zone, which was perforated on March 18, 2011 and this zone currently flowing at more than 1.3 MMcfpd. Frac Tech will then move off site and look to return in the comings weeks to complete the fracture stimulation of any remaining zones in the Smith and Russell Bevly wells. Consistent with past fracture stimulations performed within the region, this program is expected to add to the success of the lower two zone frac of the Russell Bevly well and further improve flow rates and recovery, which should increase cashflow from the field. East Texas Cotton Valley The company and its partners have drilled the East Texas Cotton Valley objective section to a depth of around 5,500ft (1,680m) in its Ross 3H #1 well at the East Texas Cotton Valley project. Electric logs and sidewall cores confirm approximately 130ft of gross oil pay in the objective section. Directional drilling operations have now commenced, with the well currently drilling ahead at approximately 4,550ft (1,390m) measured depth. The well has a projected total hole length of 8,200ft (2,500m), including a 2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. The company will continue to provide further updates as information becomes available. Feb 25, 2011: Range Resources Updates On Texas Activities Range Resources Limited (Range Resources) has announced the following updates with regards to its two Texas interests at East Cotton Valley and North Chapman Ranch. The company has commenced drilling operations at its East Texas Cotton Valley prospect, with the arrival of the Key #66 rig to site during the week. The Ross 3H well will be the company's first horizontal well and first in the shallow oil prospect, which covers around 1,570 acres and encompasses a recent oil discovery. The well has a projected total depth of 8,200ft (2,500m), including a 2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. If successful, the Ross 3H well would provide an immediate increase to the company's oil reserves, production and cash flow, with the impact to reserves to be reported at a later date. North Chapman Ranch - Russel Bevly Well Fracture Stimulation Source : Page 37

38 The company would also like to announce that the lower two pay zones in its Russel Bevly #1 well have been successfully fracture stimulated The frac team has moved to another site and will return to Russel Bevly within the next three weeks to complete fracture stimulation of the upper two zones. This has allowed the company to test and clean the lower zones, with the well currently flowing in line with expectations, based on successful frac jobs that have been performed in the region. The company will look to announce the achieved flow rates from the lower two zones once production has been stabilized. Peter Landau, executive director of Range Resources, said, "The recent activities and anticipated results in the Company's Texas interests will further strengthen the Company's reserves, production and cashflows at the same time as the Company embarks on its exciting exploration program in both Georgia and Puntland." Feb 16, 2011: Range Resources Secures Rig For Drilling Program In Georgia Range Resources Limited (Range Resources) has announced, along with its Georgian partners Strait Oil and Gas Ltd. and Red Emperor Resources NL, that a drilling rig has been secured for the upcoming Georgian drilling program. Range Resources has entered into an agreement with Edeco Petroleum Services Limited to provide the drilling rig, with operations currently underway on preparing and servicing the rig and associated inventory in readiness for mobilization, currently scheduled to commence in March 2011, with spudding in April The company undertook a comprehensive approach in securing the rig, engaging an experienced drilling project manager First Drill Limited to assist in identifying the most appropriate rig for the proposed Georgian drilling program and to help supervise the program. Peter Landau, Range Resources's executive director, said, "This is a significant and exciting milestone for the company, as it paves the way for the Range Resources's first exploration well in Georgia, following the successful seismic program and helium survey." Feb 08, 2011: Range Resources Announces Georgian Survey Results Range Resources Limited (Range Resources) along with its Georgian partners, Strait Oil & Gas Limited and Red Emperor Resources NL, said that it has received the results from the helium survey across three prospects in Block VIa and Block VIb completed by Actual Geology International (AGI). Helium Survey A surface helium survey was carried out at three areas (Mukhiani, Kursebi and Sachkhere - 10 sq. km for each survey) on prospecting blocks VIa and VIb using a 100x100m grid. It is important to realize that the 10 sq. km grid used only covered a portion of each of the main structures identified by the RPS Group - the 10 sq. km grid was used to evaluate proposed drill locations within these structures. A detailed helium survey was then carried out at contrasted helium anomalies, which had been discovered, using a 25x25m grid. Maps were compiled zoning the area by levels of helium concentration in surface and sub-soil gas, by overall concentrations, by respective helium anomalies in surface and sub-soil gas, as well as maps of helium variations at measurement points and areal helium variations. Maps of prospective oil and gas presence were compiled, showing zones with high gas saturation and zones with enhanced fractured reservoirs, as well as prospective territories and priority locations for construction of prospecting wells. AGI reported that the helium survey work at Mukhiani, Kursebi and Sachkhere has: Zones at the Mukhiani and Kursebi areas, which are recommended for exploration and potentially development drilling for oil, can be qualified as being likely to be oil and gas bearing by four principal criteria: -- Heightened levels of helium content, intensive helium flow -- Significant positive helium anomalies Source : Page 38

39 -- Contrasting helium variations -- High anomaly levels are simultaneously associated with various geological elements - Established the environment of hydrocarbons at the area and localized the most mobile reserves - Identified distribution structure of reservoirs with enhanced vertical permeability and high gas factor - Defined and localized zones of tension and compression, and drainage systems, discovered zones with reservoirs characterized by enhanced permeability, hydrodynamic connectivity, efficient drainage (zones that should be the basis for future development work) - Identified non-prospective and high-risk territoriesand - Enabled construction of maps of oil and gas prospects at the Mukhiani, Kursebi and Sachkhere areas with 1:10,000 scale, which geometrize the contours of compact and prospective pools for future development, and recommended coordinate points for priority construction of search and development wells. Maps of zones where detailing work was carried out (1:5,000) define and localize priority points for drilling, based on 1:2,500 detailing work. The productive zones, which have been distinguished at the Mukhiani and Kursebi areas, are suitable targets for exploration and potential development drilling, and well testing should provide the clients with delineation and growth of active reserves high flow rates at launch, and considerable accrued production. Main result at the Mukhiani area A total of seven significant systems of positive helium anomalies have been prepared for verification in the southeastern, central-eastern, central-western and south-western parts of the work territory. The anomalies have high levels of helium content, intensive helium flow, contrasting helium variations, and high anomaly levels are simultaneously associated with various geological elements. The results provide a basis for proceeding with oil exploration and potential development drilling, closure of discovered anomaly zones, and geometrization of the geological targets, which have been discovered. The coordinates of eight priority wells show recommended coordinates of zones for detailed 3D seismic work. Wells should have depth of about 2,500m, reaching the porphyritic series (J2bj). Main result at the Kursebi territory A total of seven significant systems of positive helium anomalies have been prepared for verification in the southeastern, central-eastern, central, central-western and northern parts of the work territory. The anomalies have high levels of helium content, intensive helium flow, contrasting helium variations, and high anomaly levels are simultaneously associated with various geological elements. The results provide a basis for proceeding with gas exploration and potential development drilling, closure of discovered anomaly zones, and geometrization of the geological targets, which have been discovered. The purpose of drilling is discovery of gas pools. The wells should have depth of about 800m, reaching the porphyritic series (J2bj). Main result at Sachkhere area One significant positive helium anomaly in the south-western part of the territory has been prepared for further actions. The anomaly has a high level of helium content, intensive helium flow, contrasting helium variations, and high anomaly levels are simultaneously associated with various geological elements. The results provide a basis for proceeding with work to close and geometrize the discovered feature. Rig Mobilization Following on from the successful results of the Helium survey, Range Resources's and its Georgian partners are looking to finalize the awarding of a rig contract in the coming weeks, with expected mobilization to commence late February/early March 2011 with a target spud date in April Feb 04, 2011: Range Resources Updates On Russell Bevly Well At North Chapman Ranch Project In Texas Source : Page 39

40 Range Resources Limited (Range Resources) said that preparations have begun on site in anticipation for the arrival of the team to perform the fracture stimulation on the Russell Bevly well (Range Resources 20% interest) at the North Chapman Ranch project in Texas. The fracture stimulation is expected to significantly increase hydrocarbon flow rates and recoveries from the well. It is anticipated that the team will arrive on site on or around February 10, 2011 and will then take around a week to complete the fracture stimulation operation. The operation will be performed in four stages consecutively, during which the fracturing fluid and proppant (support medium) will be placed in each of the four sand reservoir pay zones that have been previously logged in the well. Assuming the successful completion of the fracture stimulation, it is planned that all four sand pay zones will be brought into production simultaneously. It is expected that the facture stimulation will result in a significant increase in production, given that the well is currently only producing under natural pressure from 11ft out of a total pay across the four sand pay zones of approximately 130ft. It is then planned that the team will return to potentially undertake a similar stimulation operation on the nearby Smith #1 well in April 2011, once the joint venture has had a chance to observe the performance of the Russell Bevly well following the fracture stimulation. On the company's East Texas Cotton Valley play, where Range Resources recently increased its participating interest to 21.75%, preparations are being made to mobilize a rig onto the drill site for the Ross 3H well. Following delays due to complex title and regulatory work, Range Resources and its partners expect to spud the well this month. Ross 3H is another milestone in the company's history as it represents Range Resources's first horizontal well. Ross 3H and fracture stimulation of Russell Bevly #1 demonstrate Range Resources's commitment to application of the best drilling and completion technology available in order to optimize oil and gas recovery and maximize the economic returns from its portfolio of projects. Jan 17, 2011: Africa Oil, Partners Sign Amending Agreements With Government Of Puntland Africa Oil Corp. (Africa Oil), together with its joint venture partners - Range Resource Ltd. and Lion Energy Corp., has entered into amending agreements with the government of Puntland, represented by the Puntland Petroleum and Mineral Agency, in respect of the production sharing agreements (PSAs) for the Dharoor Valley exploration area and the Nugaal Valley exploration area. Under the PSAs, as amended, the first exploration agreement has been extended for a further 12 months, from January 17, 2011 to January 17, Under the amended PSAs, Africa Oil is obligated to spud a minimum of one exploratory well in the Dharoor Valley exploration area by July 27, A second exploratory well is required to be spudded in the Nugaal Valley exploration area or, at the option of Africa Oil, in the Dharoor Valley exploration area, by September 27, In addition, the proposed farmout to Red Emperor of a 20% interest in each of the PSAs, previously announced on June 15, 2010, has been approved by the government. Under the Red Emperor farmout, Red Emperor is committed to pay a disproportionate share of the costs related to Africa Oil's drilling commitments in the first exploration period. Keith Hill, president and CEO of Africa Oil, said: "We look forward to the upcoming wells in the rift basins of Puntland which we believe could hold similar potential to the geologically related basins in Yemen which contain more than six billion barrels of discovered reserves. We appreciate the cooperation and efforts from the government in granting this extension and are in advanced negotiations with a drilling contractor to meet these obligations. We also would like to welcome our new partner Red Emperor to the joint venture." Nov 29, 2010: Range Resources To Start Helium Survey In Georgia Range Resources Limited (Range Resources) has engaged Actual Geology International Limited (AGI) to carry out a helium survey on the three top multi-stacked prospects as identified by RPS Energy which have in excess of 450 mmbbls in place. Source : Page 40

41 AGI has been given the co-ordinates of three of the six identified ready to drill prospects and will commence mobilization of its team into Georgia in the coming days, ready to commence field operations early December AGI's timetable is that field work will take around three to four weeks to complete and another three weeks to complete the laboratory analysis and results. The survey will be a blind test where AGI will shoot the survey without any prior seismic info on the co-ordinates provided by Range/Strait. After the survey and results are compiled by AGI they are integrated with the existing seismic results to produce the best possible target locations to be drilled. Given the successful results that the geochemical technology has demonstrated, Range Resources believes that, for the cost of around 3% of the current proposed budget for drilling two wells, the survey will increase the probabilities in ensuring that the two-well drill program is successful. Nov 18, 2010: Range Resources Announces Reserves Estimate Of Two Georgian Blocks Range Resources Limited has announced the initial results from the draft report entitled Seismic Interpretation, Field Mapping and Evaluation of Prospective Hydrocarbon Volumes across the company's two Georgian blocks (Block VIa and Block VIb) completed by RPS Energy (RPS). RPS has identified a total of 68 structural culminations across the two blocks each of which potentially contains stacked reservoirs. Total combined best estimate of gross unrisked oil-in-place across these 68 indentified structural culminations amounts to 2,045 million barrels. Recovery factors for oil-in-place can be conservatively estimated at 30%. Of the 68 identified prospective targets across the two blocks, six structures have been prioritized as being ready for drilling. Of these six structures, total gross unrisked oil-in-place has been estimated at 728 million barrels. A breakdown of the gross unrisked oil-in-place for these six ready to drill prospects are: Kursebi million barrels Kursebi million barrels Kursebi 3-42 million barrels Vani million barrels Vani 2-89 million barrels Vani million barrels. Oct 29, 2010: Range Resources Provides Q Operations Update Range Resources Ltd. (Range Resources) has provided an update on its third quarter of 2010 operations. Following the successful acquisition of 410km of seismic at the end of March 2010, the seismic processing and interpretation of the data has been completed by industry leaders Spectrum (processing) and the RPS Group (interpretation). During this process, regional field mapping was completed over the entire two block area on a 1:100,000 scale which was followed up by state of the art remote sensing applications and satellite imaging by Fugro-NPA which were integrated with all available historical Soviet era data to produce a refined surface geology map of the two blocks. Detailed geological and structural mapping along all seismic profiles have been completed with 75% of the terrain between the seismic profiles having been mapped in detail with the primary focus on the most prospective areas. The results of the above have identified a total of 58 potential drilling targets across the two license areas, with a comprehensive map of the initial identified potential hydrocarbon bearing structures having been prepared. These 58 targets have been refined down to the most prospective 6 specific targets with the company awaiting the final report from RPS, which will provide an assessment of the potential recoverable volumes of these targets. Source : Page 41

42 The company is extremely excited about the identified prospects and is eagerly awaiting the final report from RPS, which is anticipated to be received in the coming weeks. As previously reported, in support of the identification of drill targets, initial logistics planning has commenced. The six initial identified drilling target locations have been surveyed and a logistics review in relation to local infrastructure and local contractors for site services having been prepared. Identified Drilling Prospect Location (note access to railway/power) Central Geological Cross-section of One Identified Drilling Prospect In conjunction with the site surveys on the prospective drilling target locations, a drilling plan has been developed which has included: Identification of materials and service suppliers for the drilling program Initial design of well / well heads with associated structures for storage, access and transportanddesign of engineering items for the drilling programtender documents have been circulated to identified contractors to supply/operate drilling rigs and associated engineering services with a shortlist of suitable candidates having been established and suitability audit performed on these potential contractors. Following the receipt of the report from RPS and the assessment of the drillable targets, the company will elect to either: progress the targets at the current 50:50 equity basis with its partner Strait Oil and Gas (UK) Limitedorlook to finalize arrangements with potential farm-in partners to joint fund a drilling program - however the company at this stage would look to maintain a minimum 40% interest in the two licensesshould the company elect to drill the targets on the current 50:50 equity basis, given the extent of the well logistics and planning that has been performed in parallel to the seismic processing and interpretation, following receipt of the RPS report and Budget approval, site preparation work cancommence shortly there after in conjunction with the finalization of the drilling contractor with mobilization expected December 2010/January The Company has sufficient funds to complete the first well as operator. The minimum requirements of Phase III of the PSA involves the drilling of one well in each licence block by April Texas - North Chapman Ranch Less than seven weeks after production casing was set in the well and the drilling rig released, the Russell Bevly was turned to sales at approximately 1,000 mcf of natural gas and 90 bbl of oil per day with approximately 8,000 psi flowing tubing pressure on a 6/64" choke from just one of four identified pay zones. The first zone placed in production represents just 11ft. of perforated Howell Hight formation within total net pay thickness of approximately 130ft. This well has continued to perform above expectations under natural flowing pressure and has averaged circa 1.4mmcf and 100bbls per day from just the 11ft thick first zone from first production to date of this report, which is extremely pleasing to the company. It is anticipated that, similar to the company's first well (Smith #1), the Russell Bevly well will flow naturally for a number of months before it is shut in and a completion rig moved into place. Once the completion rig is in place, the well will be fracture stimulated and additional pay zones added to boost the flow rate. Hydraulically fracturing the reservoirs creates additional permeability paths from the reservoir to the well bore, increasing production rates from the various pay zones, which in turn accelerates payout while improving reserve recovery and overall economics. Gross production from the Smith #1 Well for the September 2010 quarter was 132k mcf of gas and 9,345 bbls of oil. However, recent production logs acquired by the Operator indicate that only the upper of the two perforated zones is contributing to the current production, which implies that two of the three pay zones in the Smith #1 well are still virtually untapped and represent additional potential rate. It is anticipated that whilst the completion rig is moved into place on the Russell Bevly, it will also be moved to the Smith #1 well, where all remaining pay zones will be placed into production. Source : Page 42

43 As stated previously, this will not result in any reduction in forecast total revenue being received by the Company, rather a longer payback period and an extended individual well life, however, given the short term decline rates of these wells and the multi-well development of the field, it is not considered to be a significant hindrance to the company, especially given the better than forecast performance from the Russel Bevly well. Revised Reserve Report Also during the quarter, Independent Petroleum Engineers, Lonquist & Co LLC (Lonquist) prepared a revised reserve report on the North Chapman Ranch field in Nueces County, Texas, following the successful drilling and completion of the Russell-Bevly #1 appraisal well. As previously reported, the Russell-Bevly well confirmed the company's structural and stratigraphic models and established additional proved oil and gas reserves across the northwest flank of the closure. After integration of data obtained from the Russell-Bevly #1, and as shown in the tables below, oil, natural gas, and natural gas liquids reserves net to the company's interest, are detailed below. Lonquist's independent reserves report has estimated the following gross commercially recoverable reserves (100% basis) from the North Chapman Ranch field: Oct 08, 2010: Range Resources Announces Texas Operations Update Range Resources Ltd. (Range Resources) said that it has a revised reserve report on the North Chapman Ranch field in Nueces County, Texas, following the successful drilling and completion of the Russell-Bevly #1 appraisal well earlier this year. The Russell-Bevly well confirmed the company's structural and stratigraphic models and established additional proved oil and gas reserves across the northwest flank of the closure. The updated reserves report from Independent Petroleum Engineers Lonquist and Co., LLC, boosts proved (P1) to 12.7 bcf (natural gas) and 1.9 mmbbls (oil and natural gas liquids). The Russell-Bevly well has recently confirmed the company's structural and stratigraphic models and established additional proved oil and gas reserves across the northwest flank of the closure. There is now total commercially recoverable reserves (P1, P2, P3) attributable to Range Resources of 48.1 bcf (natural gas) and 7.2 mmbbls (oil and natural gas liquids) and an independent (PV10) DCF valuation of Range Resources' net interest of $248 million. The well averaged 1.3 mmcfd and 104 bopd during the month of September 2010 from just 11ft of perforations in one of four identified pay zones totaling roughly 130ft in thickness. Early October 2010 results have already increased to approximately 1.8 mcf and 140 bopd over the same zone following the increase of well head pressure. East Texas Cotton Valley Prospect The first horizontal well (Range Resources holds 13.56% interest) in the East Clarksville oil field will be spudded later this month. The Ross 3H horizontal well will be drilled to 8,200ft (2,500m) measured depth, with a horizontal section approximately 2,500ft (762m) in length. The well will test the Cotton Valley formation and offset the Morris 2H well that previously found good quality oil and reservoir rock approximately 500ft (152m) to the west. If successful, Ross 3H could trigger an oil development drilling program of wells, with estimated recoveries of between 200, ,000 bbls per well. Ross 3H is expected to cost $2.8 million to drill and complete, or $380,000, net to Range Resources' 13.56% working interest. Peter Landau, executive director of Range Resources, said: "As expected, the Russell Bevly #1 well has added new reserves, production and cash flow to the company's portfolio, while helping to calibrate our development plans for the North Chapman Ranch field going forward. Similarly, we are confident that the Ross 3H well will not only add additional crude oil to Range Resources' growing reserve base, but will give us valuable experience in the area of horizontal drilling applications for future upstream projects." Apr 08, 2010: Range Resources Provides Operations Update Source : Page 43

44 Range Resources Limited (Range Resources) has provided an update on its operations. The company said that the site preparations have commenced in readiness for the upcoming drilling of the Russell-Bevly Unit #1 well in Nueces County, Texas. The well will be the company's second to date in the North Chapman Ranch Field, where the Smith #1 discovery well recently commenced production. With a projected total depth of 14,000 ft. (4,200m), the Russell Bevly #1 well will be an appraisal well located approximately 1,900 ft. (570m) north-northwest of the Smith #1. The well is expected to add reserves and production while helping to delineate the overall size of the reservoir. Range Resources holds a 20% working interest in the well, which has an estimated dry hole cost of $3.8m (Range Resources share $760,000). Range will provide regular updates on the progress on the drilling of the Russell-Bevly. Georgia - Seismic Acquisition Completed Range Resources also said that the seismic survey conducted on the License Blocks VIa and VIb in the Republic of Georgia has been completed and signed off by the company's Georgian Partner, Strait Oil and Gas Ltd (Strait) with the Seismic Contractors. Strait had engaged the seismic contractors to conduct a minimum of 350 km 2D Seismic survey over the license area in accordance with the Phase II provisions of the PSA governed by a contract signed in September The seismic programme was acquired using the vibroseis technique and in total 410 kms of 2D seismic data were recorded. From the onset the character of the data observed in the QC brute stacks was good to very good and remained so throughout the programme. Processing and interpretation of the data will be undertaken during second quarter of 2010 with the aim of identifying potential drilling targets and work to develop a drilling programme to commence in the fourth quarter of Puntland Update Range Resources' Onshore Puntland Joint Venture Partner and Operator, Africa Oil Corp. (Africa Oil) announced an update on the joint ventures interest onshore Puntland: Dharoor Block: Africa Oil has completed a comprehensive interpretation of newly acquired 2D seismic data over the Dharoor Block. Several large prospects have been identified. Africa Oil and its joint venture partners have agreed to initially drill one prospect in Dharoor. The well is expected to commence drilling before the end of Nugaal Block: Africa Oil has completed a re-interpretation of the existing 2D seismic data over the Nugaal Block. Several large prospects have been identified. Africa Oil and its joint venture partners are in discussion regarding drilling plans for Mar 16, 2010: Range Resources Provides Operational Update Range Resources Limited has provided an update on its US Gulf Coast interests following the successful connection of the Smith #1 well to the sales line late last month. After commencing production late in February 2010, the well has been stabilized and producing into the sales line at rates of between mmcfpd and bpd. The well remains on track to be shut in during the second quarter of 2010, where the remaining two zones will be fracture stimulated (if needed), comingled with the currently producing zone, and then introduced to the sales line. It is anticipated that completion of an independent reserves report on the Smith #1 well will be completed in the coming weeks with the results announced once available. Based on the success of the Smith #1 well and the expanded acreage, the joint venture anticipates a multi-well program across the lease area with the spudding of a second development well scheduled to commence in April Georgia Source : Page 44

45 The seismic acquisition program is nearing completion, with sign-off of the acquisition schedule to occur before the end of the month. Following completion of the seismic acquisition, the seismic data will be processed and interpreted with the aim of identifying drill targets by late second quarter of 2010/early third quarter of Assuming the successful identification of drillable targets, the company will elect to either: - progress the targets at the current 50:50 equity basis with its partner Strait Oil and Gas (UK) Limitedor - look to attract potential farm-in partners who could also potential act as operator of a drilling program. Feb 18, 2010: Range Resources Updates On Texas Operations Range Resources Limited (Range Resources) has announced a further update on its US Gulf Coast interests leading into the closing date of the rights issue, February 19, The pipeline has now been connected to the sales meter and is in the process of being connected to the well meter. Once this is completed, the line will be cleaned and hydro pressure tested. Following purging of the test fluid, gas sales can commence, which is currently forecast to occur over February 21/22, Feb 17, 2010: Range Resources Updates On US Gulf Coast Operations Range Resources Limited has provided an update on its US Gulf Coast interests. The production facilities are in place with the flow line and connection to the sales line now being installed in readiness for the first production. Pumps have been running continuously over the past few days draining the surface water next to the facilities to allow for the successful installation of the flowline to the sales line. Whilst the water has been drained work crew have been welding the flowline together in 500ft sections on the well/tank location (which is now built up and dry). With the water drained the work crew will be preparing trenches for the laying of the flowline and connection with the sales line. Following the tie-up, next stages will include commercial sales, production rates, independent reserve report and drilling of the second development well scheduled for April Georgia The seismic acquisition program is progressing well with the seismic contractor having completed the majority of the mountainous and elevated acquisition. To date around 220km has been completed, with around 140km remaining. Given the majority of the remaining kilometers to be acquired is on the lower ground, it is envisaged that the total program will be completed towards the end of March Jan 04, 2010: Range Resources Announces Suspension Of Trading On ASX Range Resources Ltd (Range Resources), a company engaged in the exploration, development and acquisition of oil and gas properties, said that trading of its shares on the Australian Securities Exchange (ASX) has been suspended whilst it finalizes details of an entitlements issue. Trading will resume when the company is in a position to announce the details of the issue. Range Resources' shares will continue to trade on AIM during this period. Source : Page 45

46 Appendix The data and analysis within this report is driven by. gives you the key information to drive sales, investment and deal making activity in your business. Our coverage includes 165,000 + reports on 150,000+ companies (including 100,000+ private) across 200+ countries and 29 industries. The key industries include Alternative Energy, Oil & Gas, Clean Technology, Technology and Telecommunication, Pharmaceutical and Healthcare, Power, Financial Services, Chemical and Metal & Mining. Methodology company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of data. The key sources used include: Company Websites Company Annual Reports SEC Filings Press Releases Proprietary Databases Notes Financial information for the company is taken from the most recently published annual reports or SEC filings The financial and operational data reported for the company is as per the industry defined standards Currencies are converted at current rates, with average annual rates taken for historic conversions Deals includes all announced deals from 2004 onwards, deal values are included wherever disclosed. Deals coverage includes oil & gas deals including upstream, midstream, downstream, oil & gas equipment & services Deals covered are financings of, partnerships with, acquisitions (including divestitures) of Oil & Gas companies About is one of the world s leading providers of company operational data and strategic analysis, providing detailed information on tens of thousands of companies globally. Our highly qualified team of Analysts, Researchers, and Solution Consultants use proprietary data sources and various tools and techniques to gather, analyze and represent the latest and the most reliable information essential for businesses to sustain a competitive edge. Data is continuously updated and revised by large teams of research experts, so that it always reflects the latest events and information. With a large dedicated research and analysis capability, employs rigorous primary and secondary research techniques in developing unique data sets and research material for this series and its other reports. offers comprehensive geographic coverage across world s most important sectors, focusing particularly on energy and healthcare. Contact Us If you have any queries about this report or would like further information, please contact [email protected] Disclaimer All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, The data and analysis within this report is driven by from its own primary and secondary research of public and proprietary sources and does not necessarily represent the views of the company profiled The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect. Source : Page 46