Puntland Drilling Update

[SOM1960]

Press release a few min ago....

7 March 2012

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

By e-lodgement

PUNTLAND DRILLING UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce that
the Shabeel-1 well continues drilling ahead on the Dharoor Block in Puntland,
Somalia and is currently at a depth of 2,002 meters. The upper 1,600 meters of
section drilled to date includes a thick section of Tertiary limestones and
shales that appear to be a regional seal as no oil or gas shows were
encountered above this depth. The well is currently drilling a 400 meter
section composed of interbedded sandstones and shales believed to be Upper
Cretaceous in age. Most of the sandstone intervals in this section have
exhibited oil and gas shows confirming the existence of a working petroleum
system. Determination of the quality of the reservoir and prospectivity of any
potential oil bearing intervals cannot be determined until downhole electric
logs and formation tests are concluded.

The well has a planned total depth of 3,800 meters and has yet to penetrate the
main reservoir targets in the Lower Cretaceous and Jurassic. It is expected
that the next electrical logging run will be coincident with the running of the
9 5/8" casing at approximately 2,400 - 2,700 meters. Operations continue to run
smoothly with no reported security or operational incidents.

The Joint Venture Operator, Horn Petroleum's President and CEO commented,
"While we are encouraged by the hydrocarbon shows in the well, there is still a
great deal of information which must be collected before we are able to
properly evaluate the results to date. We look forward to reaching the main
objectives and appreciate the continued support of the Puntland Government and
the local residents."

The Shabeel well is targeting a large faulted anticlinal prospect and is
located on a Jurassic aged rift system which is part of the same system that
has proven to be highly productive in the Masila and Shabwa Basins in Yemen
that contain an estimated 6 billion barrels of oil*. It is a large faulted
anticlinal prospect with the internal most likely estimates of prospective
resources of over 300 million barrels of oil, with Range's attributable 20%
interest being over 60 million barrels. Source rocks are expected to be rich
Jurassic Kimmeridgian shales in the deep portion of the rift immediately down
dip from the Shabeel prospect. Reservoirs are expected to be sandstones and
carbonates of the Cretaceous and Jurassic systems analogous to Yemen.

Yours faithfully

Peter Landau
Executive Director

[waryaa]

tnx som. This is the most reliable information i've read so far.

[VanAlden]

So this proves Hirsi Fiqi a liar? Cause he wrote that they found oil far more than 300million barrels.

[Advo]

Still better than nothing, I assumed it was gonna be in the billions...I guess we all got carried away

[FBISOMALIA]

not bad

[VanAlden]

Yes, of course, and they have not reached Lower Cretaceous or Jurrasic yet where major oil reservoirs usually is found! 1800meters to go, hopefully with billion of oil

[DR-YALAXOOW]

Oil had not been found yet even though they reached 2000 meter deep


ahahahahaha uuhuhu uhuhu ahahaha

[FBISOMALIA]

Oil had not been found yet even though they reached 2000 meter deep


ahahahahaha uuhuhu uhuhu ahahaha

whats funny if they didn't reach the oil yet

[VanAlden]

Oil had not been found yet even though they reached 2000 meter deep


ahahahahaha uuhuhu uhuhu ahahaha

whats funny if they didn't reach the oil yet

I don't get it either

[waryaa]

dr yalaxow:
crude oil price: $110 - $120/barrel
100 million barrels = 100m * 115 = $11,500,000,000 (11.5 trillion)
for 300 million = $34,500,000,000 (34.5 trillion)

for two - 4 billion billion barrels (my calculator said "are you nuts")

[Somalian_Boqor]

Most of the sandstone intervals in this section have
exhibited oil and gas shows confirming the existence of a working petroleum
system. Determination of the quality of the reservoir

[Somalian_Boqor]

dr yalaxow:
crude oil price: $110 - $120/barrel
100 million barrels = 100m * 115 = $11,500,000,000 (11.5 trillion)
for 300 million = $34,500,000,000 (34.5 trillion)

for two - 4 billion billion barrels (my calculator said "are you nuts")

[Colonel]

On my way to becoming a Darood Oil Shaikh, inshallah.

[CismanMaxamud1]

this oil is only in shabelle 1, theres shabelle 2 & the oil in nugaal left to drill

[Cinque Mtume]

LOL at faggots hoping no oil or less than expected will be found in Puntland.

Everything is going as planned and most of you miskiin folk don't even know what's really going on behind the scene.