Range (still) mystified by share price spike

The sharp rise in the share price of oil explorer and producer Range Resources is as much of a mystery to the company's board as it is to the watchdogs down at the Australian Stock Exchange (ASX).The company, which is listed on AIM in London as well as the ASX, has been asked by the Aussie bourse for the second time in four weeks to reveal whether there is anything going on behind the scenes to account for the sharp rise in the company's share price. The shares have risen by more than 150% over the last month.Range said it "is not aware of any information concerning it, that has not been announced and which, if known, could be an explanation for recent trading in the securities of the company."The company's response statement highlighted a number of key milestones achieved recently by the company, such as the securing of the drilling rig for its Georgian exploration programme, the anticipated mobilisation of the Georgian drilling rig expected March and the commencement of drilling at the East Texas Cotton Valley Project.The release of the Range response to the ASX prompted the shares to fall back in London by 8% in early trading on Friday.