its cheap period, page-8

Hi Shrewd

I agree $1.00 minimum on lead up to drilling. But the best entry points between now and mid May when drilling rig will be delivered will be tricky to pick.

The TFG and Puntland Govt are expected to sign off on a new oil law in the next week or so and I would expect Range to be re-rated on this news. As it is a very big tick for AOI and Range. There could also be a few things happening for the start of Offshore seismics and other things which could be midly positive. Given that the Director's just spent $500,000 each to take up their partly paid Range shares at 30c, you would have to think that anything between 30-35c will be the low IMO. I would not imagine they would like seeing the 30c mark broken. Happy if it is breached into the 20c though, as it would be a cheap no brainer buy. I am sure a lot of other Range holders would take the opportunity to average down if it got to this level. I know I would.

All the best

Scott