clarification from the company, page-18

By E-Lodgement
OPERATIONS UPDATE
Key points:
- Seismic has been successfully completed on the Nogal Block, Puntland
- First well expected to be spudded in first quarter 2008
- Drill program also planned for the Dharoor block, Puntland
- Africa Oil makes key technical appointment
Set out below is the Africa Oil operations update released with respect to the oil and gas
exploration project on the Nogal and Dharoor Blocks in Puntland into which Africa Oil is
earning an 80% interest (from Range) and is operator. Range is extremely encouraged by
the progress Africa Oil is making and looks forward to further progress:
Drilling and Seismic Program
A comprehensive seismic reprocessing program, including review and integration of all
geophysical and geological data, has been successfully completed on the Nogal Block. The
Company (Africa Oil) expects to mobilize a drill rig into the area in late 2007/early 2008 with
the anticipation of spudding the first of two back-to-back wells in the first quarter of 2008.
A drill program is also being planned for the Dharoor Block to follow the drill campaign at
Nogal. The Company (Africa Oil) is scheduling a major seismic acquisition program over the
Dharoor area and expects a seismic crew to be mobilized in early 2008.
The Company (Africa Oil) has added another key member to its technical team. Mr. Paul
Colyer has joined the Company as Drilling Manager. Mr. Colyer, considered one of the top
drilling managers in the industry, brings over 35 years of experience to the Company (Africa
Oil) . Mr. Colyer has spent the greater part of his career at Occidental Petroleum and has
drilled and managed drill programs in both Yemen and Somalia.
Range would also like to clarify statements attributed to His Excellency, Puntland President
Hersi on a website suggesting that the Range and Africa Oil exploration effort could be
suspended due to the recent tensions in Las Anod with Somaliland. The statements are not
accurate and the President is committed to ensuring that the exploration effort proceeds as
expeditiously as possible (as set out above) and will ensure that Puntland’s borders remain
secure to assist in fast tracking the exploration effort.
Range would also like to direct its Shareholders to its website www.rangeresources.com.au
where a new Research Report prepared by Fox Davies Capital has been uploaded.