fd report

Hi Rangers + benny, I'm back!

The six month extension that Rick Schmitt from AOC muted about, only applies to the second exploration period. According to the PSA, two wells must be completed by AOC within the first exploration period.

It also appears that AOC have to relinquish 25% after each of the exploration periods. Certainly makes Range a more attractive proposition!

"The minimum work obligations set out in the PSA agreements consists of two three-year periods:

• First exploration period: duration period of 36 months and minimum expenditure of
US$5.0mn

• Second exploration period: duration of 36 months with a 6 months extension if requested prior to 30 days from the expiry of the exploration period

After each three-year period a 25% relinquishment is required."