I know that plugin is very eraly stage on development, if you see i develop many plugins regulary vide
http://projects.artmedia.biz.pl/roadmap_page.php
To identify ip to country you must have database, i prepare special table for oxwall to do it. This is massive amount data, table have ~30 MB, but on next version i plan add ipv6 ranges
Please update plugin to version 1.1, the on settings check Database (you must import ip ranges to database ~50MB), next you will be redirected to import tab, you must import all records do database, and then you can localy check countries.
on settings page you have group option, if you want select only guest, then plugin don't be checking countires users.
You can check countries on specify pages, eg. join page, when you want avoid register from selected countries.
Please test it, and if you find bugs, report me, and then i issue next version plugin