PUNTLAND UPDATE INTERVIEW WITH PETER LANDAU 24 August 2012
INVESTOR Q&A
Range Resources Limited (“Range” or “the Company”) is pleased to provide its on-going investor Q&A setting out responses to questions from investors, where investors are invited to submit questions via email to the Company. It should be noted that the wording of several questions has been amended (and/or amalgamated) where the Company believed they could better reflect a broader spread of investor interests.
SEE # 4 Below
Puntland
1. Where does Range currently stand in regard to financing and funding of the Puntland deal and will Range require further funds for the Puntland project? As indicated previously, the Company is considering various alternatives for its ongoing Puntland project funding, including the possibility of spinning the Puntland assets out into a separately funded vehicle. If the assets remain within Range, various sources of funding would be looked into to ensure that Range met its expenditure commitments with respect to the Puntland assets.
2. When can you expect the PSA to be finalised? Anticipated to be completed this quarter.
3. Can you clarify how much of the free carry for Range is still available if we are going forward on a possible third drill in Nugaal? As indicated previously, Range’s carry extended to the first circa US$15 million expenditure on the second well which has been exceeded with Range being responsible for 20% of costs moving forward.
4. When will the next Puntland update be? An update is anticipated to be released to market early next week.