Range and its joint venture partners in Puntland have entered into amending agreements with the

Range, in tandem with its joint venture partners, Africa Oil (operator with 65%) and Lion Energy (15%), has

amended its agreements with the Government of Puntland in respect of its PSAs for the Dharoor Valley

Exploration Area and the Nugaal Valley Exploration Area.

Under the terms of the amended PSAs, the First Exploration Agreement has been extended for a further 12

months from 17 January 2011 to 17 January 2012.

Range and its partners must spud a minimum of one exploration well by 27 July 2011 in the Dharoor Valley. A

second well is also required to be spudded in the Nugaal Valley before 27 September 2011, at the option of

Africa Oil.

Range will have a contributing interest in an exploration well on Dharoor. However, we estimate that Africa Oil

has only spent approximately $7.5m on Nugaal and consequently, Range will be carried on any further activity

up to $22.5m. After which, Range will participate in its 20% working interest.

The proposed farm-out of a 20% interest in each PSA to Red Emperor, as announced on 15 June 2010, has

also been approved by the Puntland Government. This is further good news for Range as Red Emperor will be

required to pay a disproportionate share of the costs relating to the outlined drilling commitments.