newsarticle re melb cup smoozing

Range at real Land of Punt

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November 8, 2006
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CBD

Michael Evans goes tent-hopping at Flemington.
Rob Murray and Robbie Williams … grooving through the form.

Rob Murray and Robbie Williams … grooving through the form.
Illustration: Rocco Fazzari
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THERE are plenty of penny dreadful stocks in mining. Few of them have marquee tents for both the Melbourne Cup and Derby Day.

Range Resources, the West Perth mob exploring Puntland in Somalia, is an exception.

Dubai-based managing director Mike Povey has been playing host to the boys from its chief fundraiser, Sydney stockbroker Findlay and Co, and some Somali and Canadian guests this week.

Range recently signed a non-binding memorandum of understanding whereby Canada's Canmex Minerals could gain 80 per cent of some of Range's oil exploration blocks in return for $US50 million. An earlier agreement with the Korean National Oil Company fell over.

It is very keen to have the Canadians sign a final agreement and thought a little hospitality could go a long way.

Range shares closed at a one-year low of 2.3c yesterday, perhaps due in part to reports the new Islamist government in the southern portion of Somalia is keen on taking over Puntland.

Never mind. The Moet flowed steadily in the Range tent.

Povey also let slip that Puntland wasn't the only region he had his eye on.

He's recently made some trips to another hotspot, the Sudan.