Range Resources Executive Director Interview Q3 2011 Tuesday, Jul 26 2011 by Elias Jones 0 comments 8 Range Resources (LON:RRL) is a dual listed (ASX: RRS) Exploration and Production company with interests covering 4 geographical areas; onshore Texas USA, The Republic of Georgia, Puntland Somalia and Trinidad. The major near term focus for Range Resources and its partners will be the high impact exploration drilling in Puntland and Georgia, targeting combined potential structures amounting to multi billion barrels of oil. However, for many, the Range Resources investment case became even more appealing recently when the company announced it had completed the acquisition of SOCA Petroleum which holds 100% ownership of three exploration and production onshore Trinidad oil and gas licences, along with its wholly owned drilling company, including operational staff, rigs and equipment. Following on from an earlier ‘Could Trinidad be the Game Changer’ article and the recent busy period for Range Resources and its partners which also includes the successful spudding of Mukhiani 1 well in Georgia targeting a prospect with a mean estimate of undiscovered oil in place of 115 million barrels, Peter Landau, the Range Resources Executive Director, has taken time out to discuss various aspects of the business, including the Trinidad acquisition, their stakeholder approach, possible expected news flow, potential new farm-in opportunities, returning value and a potential market capitalisation target. Q1. Earlier this year it was indicated that Range would not be looking to acquire the whole of the Trinidad asset, and that potentially 20% would be its maximum share, so what changed? In essence, Range’s market cap – doing a $60-$70m deal with a cap of $90m is vastly different to a cap of $400m. We always loved the asset and the play but were conscious of dilution with upcoming drilling in Georgia and Puntland. Q2. Does the additional number of shares issued to fund the Trinidad deal hinder the potential upside to shareholders from the Puntland and Georgia prospect? As per the above, we think we found a good balance between preserving the upside of Georgia and Puntland (15% placement and equity on the deal), providing a genuine underpin to a base valuation of circa $400m for Range and also providing shareholders with significant upside with Trinidad in the form of P1 and P2 development and Herrera exploration success. From our perspective there is no hindrance – the upside is preserved (through additional lower risk exposure in Trinidad) and exploration and delay risk reduced significantly. Q3. For many investors, they have invested in Range for the deal making ability and for a non-operational role. However, Range now own three producing oilfields, a drilling company and have around 150 staff on its books in Trinidad. How ready is Range for this strategic change? And what approach will Range have towards its various stakeholders in Trinidad? I don’t necessarily agree with the non-operational role assessment. We have managed Georgia and, like with anything, the key question is not whether you are operator or not but who is doing the job. In Trinidad’s case, we get the whole team who have been operating the projects for plus 5 years – from general manager, exploration manager, accounts and government liaison through to drilling crews and workshop mechanics. They have been desperate for development capital as opposed to simply extracting the greatest amount of oil for the lowest possible cost and Range has stepped in with the key aim of providing all necessary financial and technical support to ensure that the 2-3 year plan to get to between 4,000 and 10,000 bbls / day (the latter on the basis of Herrera developments) will be achieved. We adopt a “win – win” approach for all of our stakeholders (not just in Trinidad) which ensures that relevant incentives are in place to make sure everyone benefits – the bottom line to any incentives is that they have to be aligned to what will deliver genuine value and upside to Range shareholders Q4. Many view the Trinidad acquisition as a potential game changer for Range Resources, do you share this view? Game changer is probably not the right term. As you know any of the 3 big plays we have – Georgia, Puntland or Trinidad - could be the “game changer”. Wwhat Trinidad does is change the way Range is perceived in the market place from an investment perspective and attract a far greater investment audience (both institutional and retail) because of what we call the “valuation underpin” that Trinidad brings to the table. Q5. Briefly could you touch on the expected near term news flow for the Puntland, Georgia and Texas assets. Rig mobilisation Q3 and spud date early Q4 for Puntland, completion of the first well in Georgia (Mukhiani) this Quarter, Ross 3H (Cotton Valley) update Q3 and spudding of the Albrecht well (North Chapman Ranch) late Q3, early Q4. Q6. Bar the Texas, Trinidad, Georgia and Puntland projects, do you expect to acquire other any other projects over the short to medium term? Not so much acquisitions but we are looking at a few farm in opportunities (not massive cash out flows). We wouldn’t do more than 1 or 2 (onshore and oil only) and clearly timing is paramount. As with Trinidad, we think we can complete some very good plays (probably higher risk spectrum than Trinidad which means a lot greater potential from a reserve perspective eg. the billion barrel plus type plays) but we will always adopt a prudent approach on timing based on market circumstances. Q7. Going forward, how do you see the financial demands regarding working capital and capital expenditure being met over the next 12 months? We have a number of fund raising mechanisms being offered to us – equity, convertible and pure debt. As stated above, market circumstances will dictate to a degree how we play it from a size, pricing and timing perspective. I know the response sounds a bit obtuse but, at the end of the day, we like to think we know how to manage the financial demands and will always have shareholder interests front and centre in our considerations. Q8. Would you consider at some stage, crystallising assets such as the Texas NCR or ECV and returning shareholder value through a special dividend? Absolutely – whether it be special dividend, capital return, share buyback. Any number of mechanisms are available and would definitely be an option as opposed to keeping all the cash and looking for another suite of assets (we like the assets we have and the value proposition they represent over the next 12 months). Q9. Going forward, what’s your vision for Range Resources and what’s your aim in terms of a future market capitalisation for the company? Without pigeonholing the vision, it actually is pretty simple – get a minimum market cap of $1bn in 12 months with only spending between $25-$40m in development and exploration. Thanks for taking the time to discuss the various business aspects and for sharing your thoughts.

^^^Somalina, stop that you will make XX lose the few hair he has left. Imagine, the Britsh Foreign Secretary stating that “The British Foreign Secretary, William Hague, today announced his intention to reopen a British Embassy in Somalia..... and “The Foreign Secretary’s announcement reflects the strategic importance of Somalia for regional stability and the fight against terrorism and piracy Again no mention of Somaliland.. Yeah

^^^Not just the map, the whole country profile that mentions Somaliland as a province, and the way they your beloved British Colonisers only recognise one Somalia. You just got mugged........

^^^XX you are losing your cool now. The British stated they will open an embassy when Mogadishu is secure, they did not say they will ever open an embassy in Hargaysa regardless. Their maps, press releases and country profiles have Hargaysa inside Somalia, part of Somalia with Mogadishu as its capital.. Outch

^^^lool. So now you are getting angry at me, while you know that a US Sentor had a walk about in Bossaso, does that men the US are advising their citizens to visit Somalia now? Poor secessionist dont get angry with me, go and tell Bellingham and others to stop telling you those sweet stories. I just copied and pasted from their website, the links are there for you if you are able to read it.

^^^Its seems like the official British Government documents and websites are allergic to the word Somaliland. They only mention it as part of Somalia and with a regional admin like Puntland..

^^^No the Migged ones sent a high level delgation of elders and merhcants to beg Somalinimo in Garowe, what happened to Somalilandnimo and the British Royal Navy?

British Office for Somalia British High Commission Upper Hill Road PO Box 30465-00100 Nairobi Communications Section Telephone: (254) (0) 20 2844 000 Direct dial: (254) (0) 20 2844 292 www.ukinkenya.fco.gov.uk 23rd July 2011 PRESS RELEASE For Immediate release. UK MINISTER FOR AFRICA VISITING HARGEISA Britain's Minister for Africa, Henry Bellingham MP, is today visiting Hargeisa. His visit is the first to a Somali city by a British Foreign Office Minister for over three years, and follows the visit of International Development Secretary Andrew Mitchell last February. Ahead of the visit Mr. Bellingham said, "Somalia really matters to the UK. We are playing a leading role in mobilising the international response to the current grave humanitarian crisis. During my visit I hope to look to long term systemic challenges, to how we can partner in nurturing Somali stability and development, to enhance resilience to humanitarian crises. That will only happen when all Somalis, both inside and outside of Somalia, including in the UK, come together to support a process of reconciliation and an enduring political settlement." NOTES FOR EDITORS 1. Mr Bellingham's visit is the first by a Foreign Office Minister to a Somali city during the current Government. The last British Foreign Office Minister to visit was Kim Howells in 2008. 2. During his visit in February 2011, International Development Secretary Andrew Mitchell announced an increase in aid to help build peace and stability, from £26m in 2010/11 to £80m in 2013/14. 3. In response to the current humanitarian crisis the UK has announced further emergency humanitarian aid that will provide assistance to 500,000 people inside Somalia, as well as 130,000 Somalia in Dadaab Refugee Camp in Kenya and 100,000 Somalis in Dolo Ado Refugee Camp in Ethiopia. The UK continues to scale up its response, but also needs others to do more urgently. For further details on this please contact: Abdilatif Maalim Tel. +254 (0)202844292 Mob +254 (0)723040125

Xaaji Xunjuf;737028 wrote: The Brits Come and deal with Somaliland government they made that clear the brits differenate between Somaliland . The British PM, invited the President of Somalia and this was posted on the British Foreign office Website. No adeer, the Britsh tell you lies, sweet lies and nothing more... Poor secessionist the map, and the travel advice highlight the sheer ignorance of your stance..

^^^Nassir adeer do you have a picture of your hero Attam? Anyhow this is over and the attam group have disbanded and been pardoned. As for the Oil drilling adeer I am not sure why you think Ufain & Garowe are parts of your sub clans regions, for a learned man you do attach things together.,, Again we will all take Attam seriously when he is brave enough to show his face.. Maybe after this pardon he will give a video inteview on one of those sites that love him so much and yet unable to provide any evidance that he even is living. Also did Qorsheel resign? No he accepeted being a deputy Minister in the government, so much for all your rants and many articles writen on those sites..

^^^You know something we dont, did all that begging and cries of Somalinimo from the Hargaysa Mugged ones paid off.

^^^lool. Like little children your old beloved colonials tell you lies, sweet little lies and you belive it. The cold truth is in their own government websites which mention "Somaliland" as Self declared republic with their own regional admin along with Puntland Not my words, I copied and pasted that from the British Foreign office websites.. and the maps? Ahhhhhhhhhhhhhhh Somalia is one and the secessionist can all jump..

lool. XX, it seems with all that propaganda and tough talk. The British your beloved colonial masters don’t recognize you as anything other than a region of Somalia which is not worth or safe for its citizens to travel to.

Travel Summary We advise against all travel to Somalia, including Somaliland. In the Southern and Central regions, there is ongoing serious violence, dangerous levels of criminal activity and general internal insecurity. We advise any British citizens in Somalia to leave.

Xaaji Xunjuf;737015 wrote: loDuke is really lost now he is posting Maps as if that will safe his failed Somalia [/img] This advice has been reviewed and reissued without amendment. The overall level of the advice has not changed; we advise against all travel to Somalia..British Government..

Waxgaradka Puntland oo baaq u diray burcadbadeeda qafaalatay markabka shidaalka usiday Soomaaliland Boosaaso (RBC Radio):- Qaar ka mid ah Waxgaradka Puntland ayaa maalmihii u dambeeyay ku mashquulsanaa waan waan iyo baaqyo ay u jeedinayaan burcadbadeeda Soomaalida ee soo qafaashay markab ganacsi oo shidaal u siday magaalada Berbera. Waxgaradku waxay burcadbadeeda ugu baaqeen in ay si shuruud la’aan ah ku sii daayaan markabka ganacsi ee ay haystaan iyagoo tixgelinaya sumcada iyo deris wanaaga kala dhexeeya dadka Puntland iyo Soomaaliland. Garaad C/laahi Cali Ciid oo ka mid ah Isimada Puntland ayaa fariin u diray burcadbadeeda heysata markabka shidaalka usiday Soomaaliland, wuxuuna ugu baaqey in ay sii daayaan markabkaasi oo u rarnaa ganacsato Soomaaliyeed. Garaadku waxaa uu burcadbadeeda ugu baaqey in ay tixgeliyaan Islaantinimada iyo Soomaalinimada, isla markaana ay ka fogaadaan wax kasta oo sumxad xumo iyo dhibaato u keeni kara dadka iyo dalka, loona baahan yahay in dhalinyaradu joojiyaan falalka xun xun ee ay ka mid tahay burcadbadeednimadu. Markabka Mv Jubba XX ayaa gacanta burcadbadeeda ku jira iyadoo shaqaalihii markabkaasi saarnaa na sidoo kale ay burcadbadeedu gacanta ku heyso, waxaana weli isa soo taraya baaqyada ay jeedinayaan Waxgaradka Puntland kuwaasi oo dalbanaya in la sii daayo markabkaasi. Qafaalka markabka ayaa ku soo beegmaya xilli Soomaaliland ay ka jirto shidaal yari aad u baahsan iyadoo markabkani uu waday shidaal fara badan oo laga dalbadey magaalooyinka Hargeysa iyo Berbera ee Soomaaliland, waxaana qafaalka markabkani kadib magaalada Garowe soo gaarey Waxgarad iyo Isimo ka socda Soomaaliland oo Puntland ka codsanaya in burcad badeeda looga sii daayo markabka shidaal ee Soomaaliland u rarnaa. The people areunited in calling for the release of that Somali cargo heading for the Somalia port of Berbera. I hope it turns out nicely.

Abdiweli is doing well in Mogadishu..

source, British Government Website

Sub Saharan Africa Country Profile... Somalia Full Country Name: Somali Democratic Republic Area: 637,657sq km Population: 9.36 million (2010 UN estimate) Capital City: Mogadishu People: Somali (85%), Bantu, Arabs Languages: Somali (official), Arabic, Italian, English Religion: Sunni Muslim Currency: Somali shilling. Although there is no central bank, various currencies are used. The self declared Republic of Somaliland has its own currency, the Somaliland shilling. Government: The Transitional Federal Government (TFG) was formed in July 2005. Sheikh Sharif Sheikh Ahmed was appointed President of the TFG in January 2009. Regional governments exist in Somaliland and Puntland. International Organisations: There has been no effective government since 1991. The TFG and its predecessor, the Transitional National Government (TNG) have represented Somalia in the UN, the League of Arab States, the African Union, the Inter-Governmental Authority for Development and the Community of Sahal-Saharan States.

XX, again this is from the British Foreign Office, let me repeat... " We advise against all travel to Somalia, including Somaliland. In the Southern and Central regions, there is ongoing serious violence, dangerous levels of criminal activity and general internal insecurity. We advise any British citizens in Somalia to leave.

Travel Summary We advise against all travel to Somalia, including Somaliland. In the Southern and Central regions, there is ongoing serious violence, dangerous levels of criminal activity and general internal insecurity. We advise any British citizens in Somalia to leave. Source Foreign Office The British Government does not differentiate between regions of Somalia. The map & the travel advice are on the Foreign office site. Also Somaliland is shown on the map as part of Somalia and in writing.. I await Ibti & Oodweyne's clannish response with glee...

Ibti, my dear why do I need to Google when I can go to his very own Foreign Office site? Tell Bellingham to update his website with regards to "Somaliland" Somalia Travel advice Still current at: 27 July 2011 Updated: 19 July 2011 Map of Somalia on the British Foreign Office site on... source

Oodweyne, has any secessionist leader ever recieved an invitation to the UK by the government? loooooooooooool. Also there is no mention of "Somaliland" in that press release I read it a couple of times just to make sure that the secessionist have been Mugged again...

Oodweyne;736124 wrote: "scan" the word "Somaliland" in the press release, you missed the elephant in the room. And, yet, Sh. Hotel (who presumably is in charge of Somalia) in Mogadishu, doesn't get the same courtesy from the UK's government, President of Somalia visits UK 08 March 2010 The President of the Somali Transitional Federal Government, Sheikh Sharif Sheikh Ahmed is visiting the UK between 8-11 March for a series of meetings. The President, accompanied by other senior Somali Government ministers, is in the UK at the invitation of Prime Minister Gordon Brown. The delegation was greeted on arrival by Rob Macaire CMG, the High Commissioner to Kenya ;)who has responsibility for Somalia. During the visit Sheikh Sharif Sheikh Ahmed will meet with a range of UK ministers to discuss the Transitional Federal Government's plans for transition and further reconciliation as well as shared bilateral and regional interests, in particular on piracy, counter-terrorism and migration. President of Somalia Visits UK, foreign office site

N.O.R.F;736113 wrote: SL Coast guards (not the Navy) patrol their own waters. Waar isla yaab. PL has been SL's 'spoiler' (does it have any other purpose horta?) . Forever the honest secessionist. Adeer, The poor desperate merchants have now arrived in Unionist Somalia, Puntland State to get help from their fellow Somalia Nationals. Its great that you admit PL is a secessionist problem and it will continue to be so. However this issue is one that all members of Somalia, Hargaysa, Garowe, Mogadishu and others to come together and deal with. As this example of cooperation shows. Hargaysa Somali's, seeking the help of Garowe Somali's without any fake Somaliland singing. Is a great thing. As you were secessionist.