Range Resources Limited (“Range” or “the Company”) is an ASX (ASX: RRS RRSO) and AIM (AIM: RRL) listed exploration Company, with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia. Range Resources currently has a 100% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland which covers an area of approximately 212,000km2. Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Somalia, and in particular Puntland, remains one of the last under-explored countries that has a high potential for considerable reserves of hydrocarbons which can be subsequently developed for the benefit of both the people of Puntland and Range Shareholders. The Company believes that through the generation of work and government royalties from hydrocarbon and mineral exploration and development numerous social and economic benefits will result.

In order to achieve its strategic vision of finding and delineating the vast oil potential of Puntland, the Company has sought the assistance of a Joint Venture partner with the technical and financial capability to achieve this task. In October 2006 Range signed a Memorandum of Understanding with Africa Oil in relation to an US$50m 80% farm in right in the Nogal Basin and Darin Basin Blocks. This has since resulted in a Joint Venture project being formalised between Range and Africa Oil which saw the formal signing of the Product Sharing Agreement between Range, Africa Oil and the Puntland Government take place on 17 January 2007.  The formal signing of the PSA cemented the ongoing co-operative and committed relationship between Range, Africa Oil and the Puntland government and confirmed the willingness of all the parties involved to develop the natural resources of Puntland.