Tarbat,
If you are talking about aircraft using the range, when the aircraft check in on the range frequency, what pressure are they given by the Range Controller - I'd guess QFE.
If the aircraft are in transit, then they will be using the RPS (Regional Pressure Setting) which is the lowest forecast sea level pressure for the next hour. For example, if its 1505 hrs, the RPS will be valid from 1500 to 1600 hrs.
Of course, aircraft flying at 150ft amsl will be using the Radar Altimeter. When you say you can see them at 150ft amsl, you do mean actually over the sea, not the land?
So, how does this answer your question? I'm afraid it doesn't really, but you might be able to work out something from this! It is possible that the aircraft are flying on the QFE which gives height above the highest part of the range, then they could in theory descend below "ground level" when over the sea.