In case folks have not been following the story of Range Resources, which has been touted by Taipan almost daily for a month or so as the Somali Oil Play that will turn $1 into $8 by October, there's a bit more to the story that involves a second company, thought I'd share it here if you're interested:

Range has essentially entered into a partnership to develop the oil in Puntland, whereby they sold 80% of their Puntland concession to CanMex in exchange for a big cash infusion, and it looks as though the arrangement might have CanMex doing most of the actual work while Range collects their 20%. I haven't read the venture agreement and I don't know all the details, but for folks who like this story it may be worth looking into CanMex as well as Range. CanMex trades in Toronto, so it's a bit more accessible for some -- the Canadian ticker is CXM on the venture exchange, or it's CMXJF.PK on the US pink sheets.

And as with everything I say: Confirm and clarify for yourself before you buy anything, please! I have only the scantiest knowledge about CanMex and Range, enough to tantalize but not enough to have me picking up shares at the moment, the Somali situation still scares me quite a bit (though I guess if it weren't scary, there wouldn't be any money to be made, eh?)

Have a great weekend, all!

Does anyone know what's up with the two different listings on the Pink Sheets? I sent an email today to them about it.

http://www.pinksheets.com/quote/quote.jsp?symbol=RGRLF
http://www.pinksheets.com/quote/quote.jsp?symbol=RGRLY

The first one looks the most valid. It bugs me when a company has this kind of shit going on. Do you guys think buying the Pink Sheet shares would work? What brokerages can I use in the US to buy on the ASX?

I think Range Resources could be on to something, but I haven't gotten the chance to do some heavy research on it yet. According to them, Puntland is much more peaceful than the rest of Somalia, as well. You check out any of their research reports?

Anyone know offhand what the float and the total number of shares issued is?

I don't know whether either pink sheet listing is more "valid" than the other, they should both represent shares, though volume is so weak that I'd use RGRLF since it at least seems to have some volume every day. Keep in mind that with these kinds of low volume foreign stock pink sheets you often have to sell at below the aussie close and/or buy above the aussie close if you're in any kind of hurry to make a transaction, though a patieng buy order can sometimes get in that lowballs the close on the home exchange.

yes he did tell the Australian government of his dissatisfaction prior to the deal, but then he goes ahead and approves it a month or 2 later if memory serves me right? range just paid him off with the money they got from canmex to make the deal go. So I don't think range has spent a fortune of their own money, since they sold 80% of the rights of the puntland project to canmex and canmex is the one footing the bills, range looks to me as sitting pretty, they will get 20% if the project works out while canmex foots the development bills to get the 80% of a not so for sure thing. So its canmex who has the most too lose, range can only profit from the deal, and if things go bad? range stock will most likely go back to pre Somalia levels but they really wont be out anything other then the money they paid the government of puntland in which they got that money from canmex any how, and the people who bought shares of range after the surge from the news a month back and it looks like there was a little profit taking from those people lately by the way the stock has slip back down, So for my money? I'm staying away from canmex, and putting a small investment on range, its risky all around but that's why range has a huge upside potential, if there wasn't any risk in this deal then there wouldn't be any money to be made either. I certainly wouldnt bet the farm on a deal like this, but for me a $1000 solmalias isnt much to risk on this one. Im still waiting to get in on range, who knows it might fall back to 50cents a share before long. they are way off their peak from that surge a month ago, I think its little too soon to buy it yet.. I wouldnt recommend this stock to anyone even though I am going to get about 1 or 2 thousand shares of it pretty soon, Im just waiting because i dont like the chart

All I am saying is buyer beware. My source has extensive Somali contact at top Gov level. when I spoke to him regarding Range I got 30 minutes of the situation. None of it was positive.

Thanks,beton for the inside info. albeit a little late since I'm already in. We shall see what we shall see. Should be very interesting and I am watching very closely.

Palm grease is alive and well and is a major part of day to day life in so many countries today. If fact in one form or another it is alive and well in most countries.

As a recent update, has anyone noticed that Canmex is up over 20% over the past week or so fro around Can$5 to $6.20. There is no news out from Canmex or Range and as Canmex has no other interests apart from Puntland so maybe insiders are buying. Range doesnt seem to be affected by the rise in Canmex.

waves, thanks for the heads up on canmex I had them on my back burner and wasnt watching, I just looked at the OTC symbol for canmex and its up over 51% while range has done nothing much. I remember the gumshoe a while back was more interested in canmex then range.

Small rise for canmex last night up .25c to $7.50 (TSXV). My interest is mainly Range but as Canmex are doing the digging so to speak they will find out any good stuff first and thats why I've been watching them. Range incidentally has an interest in getting their share price over AUD$1.00 as they have 70M options at $1 exercise by 30 Sept. Range quarterly report is July 31 but Canmex's next report is end August. Should be interesting as to why Canmex is running, either inside buying or may be only being touted by one of the tipsheets (haven't seen any via searches). Anyway all good fun.

I think the bigger concern remains politics -- though many feel that Range and Ophir (the S. African co. that has a concession from a different area of Somalia) have greased enough palms to keep their leases, the legislature is currently debating a new law that will create a national petroleum company and possibly involve bringing in the Chinese, Kuwaitis, or Indonesians (or all three). Range's future seems to me to be really up in the air, and no one seems to know who's signing deals with who behind closed doors, which I imagine is why the price has stagnated as we await political developments.

Interesting article from Reuters today that summarizes it pretty well:
http://www.reuters.com/article/marketsNews/idUKL0891748820070808?rpc=44

Disregard the the above link
here is a better one

http://www.taipanfinancialnews.com/resourcestocks0507.html

Lots of uncertainty about that new oil law the parliament is expected to get soon, though Range still asserts that their concessions in Puntland should get through unscathed. Noted the changes and a good summary article with quotes from the Range CEO in the update to my original RGRLF post, here: http://www.stockgumshoe.com/2007/05/oil-investment-in-somalia.html

Still gives me the heebie jeebies, but there's definitely an argument to be made that they will keep their exploration rights (80% of which they've already essentially sold), and that they will find oil ... but precious few guarantees here.

I sold today it dosen't look good for Range.
It looks like all deals after 1991 will be void in the new parliment deal.
Here's a link: http://uk.news.yahoo.com/rtrs/20070814/tbs-uk-somalia-oil-7318940_1.html

What is the difference between the RGRLY and RGRLF listed stocks. I can't seem to tell. So is Friday the big day for an announcement?
I want to buy this stock if the news is promising, what do you think?

Sorry I'm new to this, what is LFX10 and why was trading halted?

Oneshy, from the article doesn't it seem Range would have to put in bids for Land?
IT states all agreements would have to be re-struck. So what would Range have to sell if the production deal was nullifed?
That is the reason I sold maybe I am missing something.
note-RGRLF is Range on the Pink Sheets. That's what I owned and was able to sell after the stock was halted on the AUS exchange.
Snippets from the article:

The 41-page draft law, seen by Reuters, gives previous concession holders a year from the time the law comes into effect to sign up for a production-sharing agreement.
"They will return, they will re-negotiate, in order to maintain their interest with Somalia," Gedi said.

The bill also nullifies any exploration deals struck after 1990 -- a clause that could complicate matters in Somalia's self-declared independent region of Somaliland and the semi-autonomous province of Puntland.
CHINESE DEAL
Both regions, in north Somalia, signed separate exploration accords in the past five years -- Somaliland with South Africa's Ophir and Puntland with Australia's Range Resources .
Gedi said such post-1990 deals would have to be re-struck. "We are sticking to that position...They have to, they must."

A deal Yusuf recently reached with China's CNOOC Ltd. in Puntland was subject to the new law, he said.
"What the Chinese company is trying to conduct are surveys or assessments of some areas. Assessments can be done, but when it comes to production, it requires the law," he said.
"There are many companies assessing here or there for potential oil and gas...But unless we put in place the petroleum law, no production can be done."

I saw the Tapiapn teaser yesteraday too.
I belong to a lot of Taipans membership. And most of their analyst are very good. The thing that bothers me is the way they promote their site. I mean your pumping a stock that is halted for christ sakes. You can't even buy the damn thing. And even if it goes up it's not going up to 57. It makes them look like a pump and dump operation.
One Note: The Taipan membership has to be the best deal for 60 bucks a year. They had 6 doubles last year and are averaging 50% gain for closed out positions this year.

Good luck I saw the .001 quote too. That can't be good.

I've been following this syock for a while now.
This is what I know.
Range top 10 holders includes
Tudor Capital
and Firebird, (hence the Taipan pumping) and
Lehman brothers have been accumulating for Nominee accounts via bots (automated buying systems used by financial institutions)
Top 40 hold 62% and have not been sellers over the last six months but buyers, up from 61% 3months ago
Canmex or African Oil Corp as of the 17th August 2007 is an 80% Lundin backed company.
Consort is rumoured to include the British Royal Family, Somali Government officials, German Hasidics, and Sir Sam Jonah.
Also news is that a deal has been struck between Somali Government and Puntland for Puntland to remain self governing and pay 40% of royalties to Somalia.
Range/AOC to pay 50% to Puntland.
Range had 100% of all Onshore and Offshore oil gas and mineral rights. JV with AOC 80% of "onshore" oil and gas only.
There's uranium in them tar hills too...
That's all I know for now.
PS I hold heads, and october 1 options, exercise price AUD$1.00 (RRSO.ASX)

Cheers 4ex

MOU signed between Puntland and TFG this week, hence the trading halt. Canmex/Africa Oil Corp states rigs commissioned this year drilling frist quarter next year. It was announced friday Australian time via Press release for TSX re name change.

Cheers 4ex

MOU? Please try to define acronyms before using them.

Update: Seems CanMex Minerals has formally changed its corp name as mentioned before to African Oil and also changed its symbol on the TSX Venture exchange to AOI with trading effictive today. Their web site is still not updated.

Those following AO corp, why invest their vs Range....since Range is the likely takeover target...it would seem the big gain would come with a buyout....right? It would also seem prudent for Range to split their corp interset into oil and minerals, let big oil buyout their oil and keep minerals where their expertise seems best.

In the event Range is still alive, can someone advise if their options (RSSO) are available outside Australia and how?

Puntland has supported its Range contract. They may split from Somolia on this one and will honor its deal!! Now where do we go?

http://www.puntlandpost.com/newspage.php?articleid=10482

Range is back on the board and is down 26%. Puntland has stated that regardless of the passage of the new "oil law" it will abide by any agreements made with Range. Seems that the TGF has been made an offer by a Kuwaiti entity to allow the TGF ( Somali gov't ) a 49% stake in a nationalized oil co. Puntland does not recognize any TGF right to make claims to any lands within the Puntland region.

Update: Range is now listed on the London exchange and surged 31% on 1.5mil shares traded on the ASX 9/24.