ANNUAL GENERAL MEETING

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ANNUAL GENERAL MEETING 28 NOVEMBER 2005
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• Range Resources Limited is an exploration based
  company currently focused on a number of minerals
  and hydrocarbons in the following key regions
• Puntland (Somalia)
• Peru and
• Western Australia.
• ASX Code RRS
• RRSO

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• Puntland
• Exclusive exploration rights to all oil,gas
  and minerals of the Northern Somalia
  State of Puntland. Land area gt 200,000km2
• Major oil companies explored the area for
  hydrocarbons in the late 1980s
• Exploration was curtailed by civil unrest in
  1991
• Northern Somalia region has all geological
  characteristics to host major oil and gas
  deposits.
• Under-explored region with huge potential for
  hydrocarbons.
• Mineral potential unexplored

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• Political Background
• Puntland considers itself an autonomous State
  within Somalia
• Democratic elections held in January 2005
  resulted in a smooth transition of power
• Puntland has no plans to become an independent
  nation at this time.
• Political situation in Puntland is stable with
  a respected President with no civil unrest like
  that currently affecting Mogadishu

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• The Agreement provides Range with
• Exclusive explorations rights to oil and gas
  and other mineral deposits for a minimum term of
  four (4) years with options to extend.
• ?A 50.1 controlling interest with the remaining
  49.9 held by Consort Private Ltd the concession
  holder.
• The ability to define and allocate exploration
  leases over the State of Puntland.
• The right to negotiate with third party
  Farm-in/Joint Venture partners.

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Previous Exploration

• Map shows previous Concession areas (1990) and
  holders
• Estimated exploration expenditure by previous
  companies in excess of US 150M
• Conocos exploration work included gt20,000 line
  km of geoseimic work and several wells
• Discovered a buried Rift Valley in the Nogal
  Valley

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Exploration Data

• Limited data in Somalia following burning of
  Mines Dept in Mogadishu
• Some detail e.g Conoco Oil Prospect summary
  sheet survived
• Sheet shows geological reasons for drilling
  Prospect 28 B Well
• Range currently in process of obtaining more data

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Block 28

• Conocos exploration effort showed a complex
  buried rift valley systems centred on Block 28
• Block 28 and 29 showed several major structural
  features with all geological features right
  conditions for potential oil trap sites
• Structures were thought analogous to the North
  Yemen Alif oil field newly discovered in 1985

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• Block 28 Prospects
• Several closed structures were identifed between
  10 and 20 km long
• As far as Range can determine none of the
  targets 28/B,G,S and 29/P were drilled
• Prospect 28/B was targeted for a drill well in
  1991 at an estimated cost of US 8.3M

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• In Prospect 28B Conoco postulated two reservoir
  targets in well
• Most likely target reserve gt500MBO recoverable

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• Strategy
• Considerable interest in the oil potential from
  major companies particularly the former Block 28.
• Range will initially seek a major JV partner to
  explore selected undrilled prospects in Block 28.
  Range will also retain certain areas for
  exploration.
• Continue to acquire geophysical data from
  previous oil and gas exploration work and seek JV
  partners for remaining oil potential areas both
  onshore and offshore
• Undertake a General Exploration Survey of the
  entire state to form a modern exploration
  database of mineralised structures and
  occurrences

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• What was the view in 1991?
• LA Times Article quotes
• Conocos tireless exploration work has yieIded
  most encouraging prospects
• its there.There is no doubt there is oil
  there Thomas OConnor Principal petroleum
  engineer for the World Bank
• No one doubts there is oil in Somalia. The only
  question How much?

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• Range - Consort Relationship
• Range to facilitate the exploration
  and commercial development of the States
  natural resources (farm in, joint venture) to
  bring the commensurate benefits to the people of
  Puntland and shareholders of the Company.
• 50.1 farm in of all minerals and
  hydrocarbons (on and offshore). Range and
  Consort to farm out portions of their respective
  interests as one block to third parties.

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• Transaction Legitimacy
• Formal approval from Puntland Government
  Contract of Work
• (Act of Parliament) and Commitment Letters and
  Transitional Federal Government (Formal
  Correspondence approving and supporting the
  Range / Consort Contract of Work)
• Legal advice on previous concessions and
  legitimacy of government approvals.

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• Contract of Work Puntland Government
• Exclusive rights to carry out a general survey
  and exploration for, and exploitation of,
  subsoil resources in the Contract Area (on and
  off shore).
• Rights under the Contract of Work to split
  Contract Area into separate Contract of Works in
  order to manage third party farm ins / joint
  ventures.
• Standard contract of work with respect to
  exploration and development of minerals and
  hydrocarbons.
• Govt Royalties vary between 5 - 10.

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• Corachapi Uranium Peru
• Acquisition of 80 of the issued capital of
  Somierlco (Somirelco being the holder of the
  Corachapi deposit)
• In addition to Corachapi, Range will also have an
  80 beneficial ownership of three additional
  Mining Concessions in the same district taking
  the total concession area to 1,600 hectares.
• JORC inferred resource of 2,400 contained tonnes
  (1.6m tonnes at 0.15 U3O8 )

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• An independent geologists report has confirmed
  that significant mineralisation exists in 3 zones
  at Corachapi.
• The Company is embarking on a drilling campaign
  aimed at increasing the size of the resource and
  identifying further mineralisation.

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Overview Range Resources