To: Peter Landau; Range AdminSubject: Some questions from PI's...

To: Peter Landau; Range Admin
Subject: Some questions from PI's that we hope you will answer.

Mr Landau,

A large number of international investors in Range have collectively asked that I put a series of questions to you in light of events both recent and over the last few months. Seeing as we are all invested in the Range story, collectively we own a fair amount of the company and we would sincerely hope that you could find the time to take a few minutes out of your busy schedule to answer the following questions which will hopefully calm the frustrations of fellow owners of the company and also put to bed several issues that have come to a head over the past few weeks. We would all very much appreciate it if you could answer all questions asked below and email your replies/comments back to myself and I can forward them on. We thought it best that one of us sends one email with all questions rather then bombard you with numerous emails.

Thanking you in advance for your time.

1) Bearing in mind the SP is likely to be much higher after a Puntland success, is there any value in doing a share buyback with the Texas sale proceeds? A special dividend would seem a waste of money, as people will just exit after the dividend, and the SP will fall as there is less of an asset (cash) in the company, so could we rule that out?

Value would be in doing a buy back with a consolidation – you only ever do on long lasting , company making news – puntland success , $100m debt facility used to assist with buy back and major developments in trin , Colombia – clearly a wait and see approach

2) If Puntland is not a success and the SP tanks, which no doubt it will, could the Texas sale be pushed ahead with as quickly as possible, even if at a 10% discount to what might have been achievable, with the purpose of quickly using that money to buy back shares while at a lower SP, thus much more significantly reducing the number of shares in issue?

Yep – we are pushing ahead already at speed

3) What are the real issues in Trinidad. You have eluded to many via e-mail that it's Petrotrin, but that seems more than unlikely to cover the scale of the delays. Would throwing some of the Texas money at this make any difference?

There are no real issues at all – ask anyone about petroitrin – they are very bureaucratic and things take time (could show you a process it took to paint a oil storage tank) – good thing is petrotrin realise they need top adopt a different approach as their production on shore has halved and we are best placed to pick a lot more opportunities – couple that with teething problems as we expand our operations by 300% in size (both mechanical and personnel) – show me any other wells in the world that flow naturally at 130 bopd from 900ft – that’s a cost pay back of 42 days for a well that will last 30 years (yes not at those rates the whole time) but the potential in Trinidad is massive and people just need to understand that given the scale of what we have turned around in less than 12 months you aren’t going to hit every time target – yes you will say why set targets – I say you have to set targets – if people cant except that we base them on best available info at the time and that they are always subject to change due to events beyond our control

4) What's the score with Georgia now (ie: footer of RNS's changing - why that and no update), is gas an option now, isn't gas a state of oversupply and is gas just in addition to everything else?

Very wrong – georgia will be updated in the next 1-2 weeks – most gas in georgia is imported and there is a strong push for local development with offtake provided by local gas fired power station – focus is on both but just seeing where we can get the best bang for our buck this year

5) Why is everything moving so slow on all fronts? We understand delays happen but why put forward unreachable timescales to start with? Honesty from a BOD go a long way.

You actually think we give timelines by saying right it will take 4 weeks so lets halve it and say 2 weeks – it is the real world and shit happens – we cannot work towards short term investor trading time frames if they do not accept that all we can do is give a time estimate which is based on what we know at the time – the assets are there, the money is there and the personnel are there – which means the rewards are there for those prepared to wait (understand that might not suit everyone)

6) Why do you reply to so many emails and respond with unrealistic information and timescales. Why respond at all if you have nothing to say that is realistic

Again – why are you so unrealistic in understanding that any time line I give is current for when I give it – its not bullshit and if people would like me to give a range no problem but all that means is I get another 50 emails a night asking closer to which part of the range 2 or 4 weeks for eg !@!!!

7) News delays from T+T, Petrotrin holding back news (or slowing it down) should only lead to a lag, not a blackout so what's really going on in Trinidad?

Don’t understand the question – what did we fail to say in the last update – looked ok to me – so tell me – what wasn’t in the last update that makes you think something else is going on ???

8) Should Shabeel 1 hit commercial oil, what is our share payment to Consort? Will the payment be split accordingly amongst all parties involved?

45m shares

9) You said quite plainly some time back, that you want to move from a private investor shareholder base to an institutional base and it was a goal of yours to do this (can't remember if you set a timeframe). You have quite simply (to my knowledge) failed to do that. I wonder why you have been unable to achieve this?

Consolidation will achieve it but don’t want to destroy shareholder value – we have the 3 biggest broking houses in world wanting to cover us with texas, trin and Colombia but want a tighter cap structure

10) Would you consider replacing answering pi's emails with a regular conference call to answer questions on the large number of assets in the fold? This would be more transparent and probably provide pi's with a clearer, more believable picture of the prevailing project status rather than them worrying about the integrity of email responses.

Absolutely – alternative suggest once a week questions can be out down and will be answered in one hit

11) Trinidad is a multi faceted project and deserves a clear itemised monthly update. It is after all, the one project that the company has 100% control over, apart from Petrotrin liaison. Would you consider a regular RNS on the status of each drill, the volumes being tested or extracted and a near term forecast of wells to be drilled with timelines plus objectives from those wells? Also a summary of work to date from a point in time so investors can gauge progress against forecast.

Have put all of that to petrotrin as our standardised monthly release – problem is when you get a different person signing off every time it becomes a nightmare – we will get there but will take time

12) Where is the Stockmailer?

Being posted this week

13) What is your target for the company and when do you see this target being achieved?

Pointless me targeting share price given different events mean different things to different investors (eg. the current puntland hype and why people see range as so leveraged to it) – targets are – Trinidad – 2,000 bopd, georgia seismic and 2 wells, puntland 3 wells, Colombia seismic and maybe well re-entry, texas sale

14) Pete, not long back you were valuing Texas at $250-300m, now I believe we are talking about $75-100m, can you explain?

Nothing has changes – one is an npv and the other is a realistic realisable price if were to sell today (taking into account lower gas prices)

15) If there is to be a buy back of shares at some point from the proceeds of Texas, would the company consider using cash or a loan facility to buy Range stock at current low levels and bank the stock? This banked stock could then be cancelled in the future with money from any asset sale, giving a lasting and worthwhile effect on shares in issue. My thoughts are that if Puntland becomes a success, it is logical the share price will be higher and any buy back less effective?

Stock has to be cancelled with buy backs – see point above re consolidation

16) You have spoken repeatedly and often at length, about value proposition for Range Resources and also about building a first-class asset base. Fine sentiment and in the case of the latter, we can see the company growing and developing said asset base with acquisitions and site developments across disparate geographic locations. On the former however, I would like to ask where the value proposition from a share price point of view is, as this seems to be the missing piece in the jigsaw right now and has been for some time? Frustratingly so, for many hundreds if not thousands of
private investors I might add. By common consent (yours included), the markets just don't seem to be pricing Range realistically, ie: severely discounting or even ignoring production assets except of course when it suits them to inflate the stock ahead of placements. Is it perhaps time that you and your fellow board members considered a change of house broker? Panmure and friends don't seem to share your vision for growing Range into a multi-billion A$ concern, at least not any time soon.

Absolutely – also we have been told to spin out / sell puntland and georgia into separate listed vehicle etc etc – we will need to something as I agree with your sentiments – just want to see where puntland takes us

17) When are the company shareholders going to see any benefit from the assets you are currently adding to the company, as it is becoming apparent (to me at least) that you have as much respect for us PI's as something you just found on your shoe?

Completely disagree – you just don’t give me more than 2 weeks to create real value which ceos are given 3-5 years to do

18) Pete, when is the manipulation of the share price and news being held back to suit the II's going to stop?

Please report me to the lse and asx if you think for one second that that is occurring – insulting

19) Mr Landau, what are we to make of a certain Storage King?

Nothing at all – have nothing to do with the web site , email list – never seen it , never use it – yes I do know him as a major shareholder and would speak to him once a month on average

20) Are the 100m placing shares are still in the hands of the II’s, if not why not?

Haven’t checked – will get back you

21) Where's the TT CPR?

You saw the status in the last update – waiting for Herrera volumetrics


We are aware that the markets are crazy places especially at the mo, BUT too many 'non event' forecast 'facts' and company intentions have been indirectly published with enough attached credibility to pin the source from inside Range, even by the most basic investor. This has to stop and be replaced with honesty and transparency. True investors in a company will live through the bad times if they believe in the overall story in the first place and are updated in a respectful manner.

Once again, thank you for your time in looking at these questions and we look forward to receiving any feedback and answers from you soon.

Regards