Hi Charles! - Good to see you around these parts again. Charles...

Hi Charles! - Good to see you around these parts again.

Charles you are correct - Conoco removed the acreage from their portfolio.

http://sec.edgar-online.com/2004/03/02/0000950134-04-002756/Section2.asp

At December 31, 2003, ConocoPhillips, including its share of equity affiliates, held a combined 52.6 million net developed and undeveloped acres, compared with
101.9 million net acres at year-end 2002. The decrease in acreage primarily reflects the removal of acreage in Somalia, where operations had been suspended by declarations of force majeure. At year-end 2003, we held acreage in 25 countries.

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/RangeResourcesFDCInitiationofCoverage25October2007.pdf.

Also refer to the FDC report:

Licensing

In August 2007, the Prime Minister of the TFG attempted to introduce a new hydrocarbon law. This
law is proposed to cover the whole of Somalia and would override existing deals in both Puntland
and Somaliland. It has also been proposed that the law would allow for the original participants (e.g.
ConocoPhillips) in blocks awarded during the 1980s to return despite declaring force majeure in 1991.

Following intense lobbying from the President of the TFG and the Puntland government, the law was not introduced into parliament for debate and looks like failing at this stage.

Should the bill be passed it would result in the formation of a state-owned Somalia Petroleum Corporation (SPC) which will be 49%-owned by Indonesia's PT Medco Energi Internasional and Kuwait Energy Company. SPC would have the right to gain up to a 30% interest in any commercial
discovery. The draft law also gives a similar right to the government of each regional state in Somalia with an upstream sector, with a participation right of up to 10%.

On September 13, 2007 Range Resources announced to the Australian Stock Exchange (“ASX”) that the Puntland government has reinforced its support for both Range and its joint venture partner Africa Oil and formally stated that it will not accept the proposed national oil law.

As part of the licensing process various parties have contacted the previous licence holder ConocoPhillips to determine its claim on the acreage. It is our understanding that ConocoPhillips regards the acreage as having been relinquished and that they will not claim to have an interest in the future.

Monday, October 29, 2007 - Somali PM Ali Mohamed Gedi resigns

Appears to me that this Approach in November was Gedi's last move to destabilize the deal. After he publicly stated that he had contact ConocoPhillips.

What do you think you would do if you got a call from the Prime minister?

"In November 2007 the Corporation was advised that ConocoPhillips, which entity had previously engaged in oil
and gas exploration in the Nogal and Dharoor Valleys"

ConocoPhillips never had rights in the Dharoor Valley - Sounds like corporate BS imho.