Board and Management Moving Forward Following recent media speculation Range Resources Limited (Range or The Company) would like to clarify its Board and Management structure moving forward. The Company advises that Mr. Liban Bogor has resigned as a Director of the Company to work exclusively for the Puntland Government on various initiatives. Mr Bogor’s move was done in consultation with Range and the Government and is seen as a positive taking into account all stakeholder interests in Puntland. The Board would like to thank Mr. Bogor for his efforts with the Company over the last 2 years and wish him well with his future activities in Puntland. As the operator of the Joint Venture Africa Oil Corp. (Africa Oil) has primary responsibility in dealing with the Puntland Government in respect of the two granted onshore concession areas (Nogal and Dharoor). The Directors of Range remain pleased with the Joint Venture arrangements and have confidence in Africa Oil’s ability deliver on the agreed work program and continue the expedited development work achieved to date. The Board are developing a strategy to realise value from its significant West Australian tenement portfolio. Current Executive Director, Mr. Michael Povey will move to a Non Executive position and will be responsible for managing this strategy. The Forrestania project is an extensive portfolio of tenements held in the central and southern areas of the Forrestania Greenstone Belt and in the South West of Western Australia the Company holds two exploration licenses with known gold deposits. The Board has begun an executive search for a new Managing Director with suitable international oil and gas experience. No further appointments are proposed until the appointment of an appropriate Managing Director. The Company will shortly release a notice of meeting dealing with various corporate and incentive arrangements moving forward. For further information: Australia UK Range Resources Ltd. Robert Hyndes +61.8.9324.8513 [email protected] Range Resources Ltd. Peter Landau +44.207.389.8191 [email protected] RFC Corporate Finance (Nominated Advisor) Stuart Laing +61.8.9.480.2500 Fox-Davies Capital (Broker) Daniel Fox-Davies +44.207.936.5200
RRS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
