showman, page-11

Range Primer

Range Resources Limited: ASX Code - RRS, AIM Code - RRL

Website: www.rangeresources.com.au

Capital Structure
- Fully Paid Shares
(includes recent Placement to UK investors): 195 440 024
- Partly Paid Shares: 5 000 000
- $1.00 Share Entitlement Issue Options Expiring 1 Oct 2010 : 24 430 003 (expected allotment date 5 Dec 2007)
- $1.00 Placement Options Expiring 1 Oct 2008: 69,185,660 (expected allotment date 5 Dec 2007)
- $1.00 Options Expiring 1 Oct 2010: 50 823 029 (not listed yet)
- $0.50 Broker Options Expiring 30 Jun 2012: 2 952 029

Fully Diluted: 347 830 745 shares

Current Market Cap based on 177m shares trading: $100m as per ASX Friday 2 Nov, 2007
Fully Diluted Current Market Cap based on 347m shares: $196.5m as per ASX Friday 2 Nov, 2007

Current Cash Position: Approx $AU 7.6m (Does not include $9m expected from recent placement + $936K expected from Entitlement Issue/Options Issue)

Peer Comparison:
AIM Listed White Nile (WNL)
WNL Interests: Key Project is disputed Oil exploration leases in Southern Sudan, which are estimated to contain between 3-5million barrels of oil
WNL Market Cap: $AU 489 million as per AIM Nov 2, 2007

Range’s Main Assets
Exclusive rights to the greater majority of all onshore and offshore oil, gas and minerals in Puntland (semi-autonomous state of Somalia)

Current Focus: Oil & gas. Key focus currently is on previously explored Nogal and Dharoor (also called Darin) Blocks.

Approx $US150 million of Seismic work has already done by companies such as Conoco, exploring in the 1990’s. This information has been made available to Range/Africa Oil Corp.

Quote from Peter Landau, Range Director, in Upstream publication, October 26 2007:

"The offshore is a bonus to us but the real benefit is going to our 20% of the onshore, including areas formerly demarcated as Blocks 28 and 29, where Sproule International this month reported to us an upside potential of 10.4 billion barrels on today's data alone."

Note- Potential of 10.4 billion barrels is for Nogal Block alone.

Range’s Potential Mineral Assets in Puntland

- Silver Rich Lead/Zinc
Historic silver rich lead/zinc mines in the Jurassic limestones at Qandala, 80 kms east of Bosasso. Geology analogous to the Jabali silver lead zinc deposit in Yemen.
Jabali was reputedly one of the ancient world’s richest sources of silver.
Significant lead/zinc anomaly identified at Magia Yahan, 30 kms south of Bosasso

- Iron Ore
Interesting iron ore occurrence located south west of Bosasso

- Uranium
A historic (1954) geological report identified Aantarra (on the coast 60kms east of Bosasso) as the “largest Uranium anomaly located in Somalia”

Other Interests
Approx 10% of Contact Uranium (ASX:CTS). Key Project for CTS is a very promising Uranium lease in Peru

Key Board & Senior Management:
Sir Sam Jonah – Non-Executive Chairman (Ex Chairman Anglo Ashanti, Extremely successful and well known African Identity)
Michael Povey – Managing Director (Mining Engineer, 25 years experience including Rio Tinto and Anglo American)
Peter Landau – Executive Director (Corporate Advisor and lawyer, Director of a number of ASX / AIM Resource Companies with African Focus)
Liban Bogor – Executive Director (Key Advisor to Puntland President and Parliament)
Marcus Edwards-Jones – Non-Executive Director (Co-Owner of a Paris-based broking house specialising in natural resources)
Geoff Blackburn – Senior Minerals Exploration Consultant
David Archibald – Technical Consultant – Oil & Gas


High Profile Backer
- Lukas Lundin (controls African Oil Corporation (TSX:AOI), Range’s Joint Venture Partner). Lundin is a powerful Swiss based mining magnate who also sits on the board of Lundin Mining and Lundin Petroleum, two companies with long histories of African interest and involvement.

High Profile Share Holders
- Consort Private (16.9%) - a group who formerly owned the rights to oil & mineral rights in Puntland and who on sold them to Range Resources
Plus
- UBS Nominees (10.38%) {appears that UBS sold around 1 million shares recently to UK investors on AIM}
- Toscafund Asset Management (6.9%): managed by Toscafund Holdings, a global hedge fund Manager. Information on funds under management is not available – however, the founder of Toscafund, Martin Hughes, a former analyst at Credit Lyonnais, received a whopping 41.6mPounds salary this year from Toscafund. Toscafund Chairman is George Mathewson, former boss of the Royal Bank of Scotland.
- Firebird Global Master Fund (6.6%): managed by US Fund Manager Firebird Management, has US$3.5Bn in Managed Funds. James Passin runs Firebird, specializing in Russia but also seeking to invest in oil and mining companies operating in Africa.
- Tudor Capital UK (5.5% ): part of the Tudor Investment Group, controls US$11bn in Managed Funds. Tudor Investment Group is run and owned by US billionaire Paul Tudor Jones II.
- RAB Capital: London-based, listed Investment Manager. $7.1bn dollars in Managed Funds.
- J P Morgan also is a Top 10 holder

- The Top 40 Share Holders comprise approx 70% of the Register

Reports:
Independent technical reports suggest that there is potentially ‘Between 5 and 10 Billions of Barrels of Oil’ in Puntland.
- Sproule International Independent Geological and Petroleum Engineering Consultants Report Jan 31 07 http://www.africaoilcorp.com/i/pdf/Canmex_Report_3712_70399.pdf

- Competent Person’s Report (based on the Sproule Report above) 31 Aug 07 http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/Competent_Persons_Report___Sproule_International_Limited.pdf

- Lloyd-Jones Report (Assigns a value of up to $7 per share on Range, based on Nogal Valley prospects alone) 24 May 07 http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/Research_Note_-_May_2007.pdf

- Fox-Davies Broker (UK-Based, Oil & Gas Specialist) initiated coverage on Range 25 Oct 07 http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/RangeResourcesFDCInitiationofCoverage25October2007.pdf


Existing Joint Venture Partner:
Africa Oil Corporation (TSX:AOI)
Website: www.africaoilcorp.com/s/Home.asp
JV details:
$US50 million JV over 5 years to earn an 80% interest in the Nogal Basin and Dharoor Basin oil leases, while Range retains the remaining 20%.
Four drill holes are fully funded, 2 holes in each of the two Basins.
Of the Africa Oil Corp. 80% farm in right, 20% (in one or both basins) is available to farm out to third parties on terms to be agreed between Range and Africa Oil Corp. Any sign on bonuses with third parties will be split 60% Range , 40% Africa Oil Corp.
Africa Oil Corp. has completed their seismics reprocessing program for Nogal Block, with drilling scheduled for two wells in 4Q07/1Q08.

About Africa Oil Corporation (TSX:AOI)
Formerly Canmex Minerals Corporation, Africa Oil Corp. was a Lundin shell company waiting for a project. Lukas Lundin scoured the world for projects to put into this vehicle. It has been stated many times at various trade shows that whatever he places in Canmex it will be big and it will be good. The Project chosen was the Puntland Oil & Gas play with Range Resources.
CEO: Richard Schmitt.
Rick has spent a significant part of his career managing and developing projects in the prolific oil basins of Yemen. His expertise and experience in this region will be of great benefit as the Company pursues a major oil exploration program in Puntland, Somalia, an area geologically and structurally similar to Yemen.

The Korean National Oil Company (KNOC)
State-owned KNOC contacted the Company in late 2005 expressing an interest regarding the exploration and development opportunities in Puntland. KNOC's preference is to be part of a Consortium with another company as an operator in the area. To that end, the Company has had discussions with several parties and in 2006 was hopeful that a significant joint venture partner might be procured. Hasn’t happened yet.

CNOOC (The China National Offshore Oil Corporation)
State-owned CNOOC has signed an agreement with the TFG for exploration rights in the Mudug Province of Puntland. These leases are not owned by Range.

Current Political Situation:

The clan system is the basis of society in Somalia.
The Somali political system is based on a “4.5” formula, which gives equal quotas for government representation to the four major clans - Hawiye, Rahanweyn, Dir (including Isaaq) and Darod - and a half-point to the fifth which is the collective of minority clans.

The Transitional Federal Government (TFG) is headed by President Abdullahi Yusuf Ahmed. It is important to note that President Yusuf is from the Darod clan, and is a former President of Puntland.

Puntland is an independent state with its own autonomy and its own recognized Government, headed by President Mohamud Muse Hersi.
The official Puntland Government website is http://www.puntlandgovt.com/indexeng.php
The dominant clan of Puntland is the Darod. It is the most stable region in Somalia. Without backing by the Puntland Government, the Transitional Federal Government (TFG) of Somalia would be ineffective.
Note that the World Bank and International Aid Agencies deal directly with the Puntland Government.

In the last week, the Prime Minister of the TFG, Prof Ali Mohammed Gedi, resigned. PM Gedi was a driving force behind the attempt to introduce a National Somalian Oil Law which could have had implications for agreements already negotiated by private companies in Somalia. However, TFG President Yusuf is closely allied with Puntland, and is the only person authorised to sign off any law, which effectively negated the possibility of the Prime Minister’s law being passed.

PM Gedi’s resignation has resulted in an interim PM, Prof Salim Aliyow Ibrow, being appointed by President Yusuf. Both Ibrow and Gedi are members of the Abgaal subclan of the Hawiye clan.

Recently, border tensions have erupted in Las Anod, the capital of the disputed Sool region between Puntland and Somaliland. Puntland President Hersi has reaffirmed in Parliament this week that these tensions will not impact on exploration efforts and his government will ensure that borders will remain secure to aid the exploration fast tracking process.


Of Relevance:
- The USA appear to be lurking in the background in Somalia, taking an interest in the country generally, helping with quelling conflicts, providing aid, encouraging reconciliation and generally playing a low key role. One wonders why they would bother, particularly since the US has a track record of having vested interests in the parts of the world it involves itself in.
- US ally Ethiopia was instrumental in overturning the Union of Islamic Courts in 2006 from Mogadishu, and retains a strong presence in Somalia, backing the government.
- The World Bank has recently been involved in talks with the Puntland Government directly as it attempts to move forward with economic development.


Recent Events:
- Crisis Trader Newsletter (Taipan Group) was re-released to emphasize Range’s $5-$7 valuation based on reports from professional analysts.
- Competent Persons Report released in preparation for AIM
- AIM listing occurred on October 23
- Road shows to numerous brokers for AIM (in Australia and the UK)
- Broker recommendation to buy Range issued by Intersuisse
- AOI appointment of an experienced Drilling Manager
- AOI seismic reprocessing program completed for Nogal Block
- Fox-Davies (London-based Oil & Gas Specialist Broker) initial coverage of Range Resources released, with target SP of $1.17 (valuation based on 20% chance of success with Nogal wells, 50% political risk discount, does not include any value for Dharoor Basin, offshore targets or minerals)

Upcoming Events:
- AOI to farm out some of its interest possibly to RAK, from the United Arab Emirates (Range to receive a sign on payment)
- AOI mobilizing a drill rig for the Nogal Block in late 2007/2008. Seven targets identified. Each target has possible recoverable reserves of 500 million barrels of oil. From the end of January 2008, 2 wells are to be sunk, likely target is near Kallis-1 in Block 28B. Drilling to take approx. 30 days per well, back-to-back.
- AOI 3D seismic acquisition program scheduled for Dharoor Block (> 5000km) over the next few months. Drilling program to follow.
- Minerals Reports
- Possible Minerals JV’s
- Possible Offshore JV’s
- Possible new opportunities in Africa secured