first oil drilling to occur by mid-2010

[sheekh-Farax-zero]

Key points:

- Range, Africa Oil Corp. and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements ("PSAs") made in respect of the Dharoor and Nugaal Valley Exploration Areas,

- In consideration of the extension of the exploration period, the parties agreed to voluntarily relinquish 25% of the original agreement area on or before 17 January 2010,

- Upon Parliamentary ratification, Africa Oil plans to immediately commence operations with an intent to spud the first exploration well by mid-2010,