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RANGE RESOURCES LTD: Trinidad Update

16 May 2013 
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000 
By e-lodgement 
TRINIDAD UPDATE 
Range Resources Limited ("Range" or "the Company") is pleased to provide the
following update on its Trinidad operations, with the following highlights: 
* The QUN 141 well is currently being completed with logs indicating 160 ft. 
of 


    gross oil pay, one of the thickest Lower Forest pay sections to be
    encountered to date;


  * The QUN 142 well spudded and is drilling ahead at 800 ft. and is expected 
to 


    encounter the same well-developed oil pay as the QUN 141 well;
      * Planning has commenced for the possible re-activation of the QUN 16 well,
    which previously produced up to 145 bopd, to add new reserves and
    production, while further extending the Lower Forest trend;
      * Several production rigs to be placed back into operation within the week to


begin remedial work on up to 20 existing wells, expected to yield an 
additional  


    100-150 bopd of production;
      * The MD 248 well continues to make steady progress towards its target depth
    having reached 5,425 ft. and encountered a `drilling break' (a sudden
    increase in the rate of penetration during drilling), associated with oil
    sands along with hydrocarbon shows, indicating a potential oil zone at
    approximately 5,000 ft.;
      * The Company is in the process of determining the applicability of formation
    stimulation on the QUN 135 well, designed to maximize recovery from the
    multiple pay zones, including the possibility of mini-hydraulic fracture. A 
    successful well at this location could have initial production rates of up
    to 200–300 bopd;
      * Operations will commence shortly on the South Quarry field following the
    recent receipt of approvals for the construction of 4 initial well pad
    locations with drilling in the area to commence end June / early July;
      * Within the Beach Marcelle field, the company is planning to deepen 6 wells,
    which are expected to recover up to 90,000 barrels of oil per well at costs
    significantly lower than drilling and completing new wells; and
      * The Company is currently reviewing multiple well completion options,


including the use of mini-hydraulic fracturing and horizontal 
drilling,which,  
if successful,can potentially increase initial production rates by 5 to 
10 fold. Significant economic gains can be achieved where these 
technologies 
can be applied in a cost effective manner. 
Lower Forest Development Drilling 
Following successful completion of the QUN 138, 139 and 140 wells, with initial
production rates of 85 bopd, 45 bopd and 90 bopd, respectively, Lower Forest
development continues with the upcoming completion of the QUN 141 well, where 
Rig 1
is currently conditioning the well bore prior to running casing. Open hole logs
indicate 160 ft. of gross oil pay to be perforated, one of the thickest Lower
Forest pay sections to be encountered to date. 
The Company has also spudded the QUN 142 well, which has a target depth of
1,200 ft. and is currently drilling ahead at 800 ft. The QUN 142 well is
located directly east of the QUN 141 well and is expected to encounter the same
well-developed oil pay as the QUN 141 well. 
As a result of the Company's recent extension of the Morne Diablo Farm Out
agreement, Range is evaluating a possible re-activation of the QUN 16 well,
which previously produced up to 145 bopd over a one week test. The QUN 16 well
was drilled and tested in 1942 and logged thick oil sands that correlate with
the Lower Forest reservoirs being completed by the Company approximately ½ 
mile
to the west. Re-activation of the QUN 16 well will be performed using one of
the Company's production rigs, which have recently returned to operation
following the receipt of necessary approvals. For a relatively modest cost,
Range expects to add new reserves and production, while further extending the
Lower Forest trend to the east of the QUN 16 well and establishing a large area
for low-risk infill drilling between the well and the current Lower Forest
development. 
In addition to the QUN 16 well re-activation, the Company is expecting several
production rigs to be placed back into operation within the week to begin
remedial work on up to 20 existing wells, which are expected to yield an
additional 100-150 bopd of production. Depending on the type of workover
required, individual wells are estimated to require an average of 1-2 days to
perform the necessary remedial work. 
Lower Cruse Formation Drilling 
The MD 248 well continues to make steady progress towards its target depth
having reached 5,425 ft. and encountered a `drilling break' along with multiple
gas shows requiring mud to be conditioned properly. The shows are encouraging
as they are usually associated with oil sands consistent with the Morne Diablo
field. Drilling continues towards the proposed total depth of 6,500 ft. 
Middle Cruse Formation Drilling 
In its QUN 135 well, the Company is preparing a completion procedure designed
to maximize recovery from the multiple pay zones encountered in the Lower
Forest, Upper Cruse, and Middle Cruse sections, including the possibility of
perforating and producing the Upper Cruse pay zone while evaluating potential
stimulation of the Middle Cruse. As previously announced, the Company is in the
process of determining the applicability of formation stimulation in the QUN
135, including a possible mini-hydraulic fracture, which has been successful in
other fields in Trinidad. If successful, low-cost stimulation technology could
lead to higher initial production rates and greater recoveries from the
established producing horizons. Based on historical production rates seen from
the Middle Cruse formation, a successful well at this location could
potentially have initial production rates of up to 200–300 bopd, which could 
be
further enhanced with mini-hydraulic fracture stimulation techniques. 
Other Developments 
South Quarry 
The Company is in the final planning stages of a new development program in the
South Quarry field following the recent receipt of approvals for the
construction of 4 initial well pad locations. Operations will commence with
site construction and fabrication of equipment to support the drilling. It is
anticipated that drilling in the area will commence end June / early July.
Previous drilling campaigns have yielded higher than average rates and
recoveries due to increased geopressure in the area. Given the proximity to
established production, the South Quarry program has a high probability of
boosting production, while extending the producing trends and establishing
multiple locations for future drilling. 
Beach Marcelle 
With respect to the Beach Marcelle licence, environmental approvals have been
received to proceed with the deepening of 6 wells following submission of
applications earlier in the year. The Company will mobilize a production rig to
the Beach Marcelle contract area to test and prepare existing well bores in
anticipation of deepening those wells to recover Proved Undeveloped Reserves.
Within the Beach Marcelle field, successful deepening of existing well bores is
expected to recover up to 90,000 barrels of oil per well at costs significantly
lower than drilling and completing new wells. 
New Technology 
As part of its worldwide exploration and production program, Range continues to
evaluate exploration, drilling, completion, and production technology to
maximize recovery of oil and gas from its producing areas at the lowest cost
possible. As part of its focus on the application of new technologies, the
Company is currently reviewing multiple completion options available to it in
Trinidad, including the use of mini-hydraulic fracturing, which has been proven
successful in other parts of the country. Certain reservoirs within the
Company's license areas may also be candidates for horizontal drilling and
completion, which can potentially increase initial production rates by 5 to 10
fold. As demonstrated by their growing use in the exploitation of both
conventional and unconventional oil and gas accumulations worldwide,
significant economic gains can be achieved where these technologies can be
applied in a cost effective manner. 
Yours faithfully 
Peter Landau
Executive Director 
Contacts 
Range Resources Limited                 PPR (Australia)                        
Peter Landau                            David Tasker                           
T: 61 (8) 9488 5220                     T: +61 (8) 9388 0944                   
E: plandau@rangeresources.com.au        E: david.tasker@ppr.com.au              
                                                                           
RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)   
Stuart Laing                            Michael Parnes                         
T: +61 (8) 9480 2500                    T: +44 (0) 207 493 8188                 
                                                                           
Fox-Davies Capital Limited (Joint       GMP Securities Europe LLP (Joint       
Broker)                                 Broker)                                
Daniel Fox-Davies / Richard Hail        James Pope                             
T: +44 (0) 203 463 5000                 T: +44 (0) 207 647 2800                 
                                                                           
Dahlman Rose & Company (Principal American Liaison)                            
OTCQX International Markets(U.S.)                                                
                                                   
Christopher Weekes / Stephen Nash                                              
T: +1 (212)-372-5766                                                            
Range Background 
Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas
exploration company with oil & gas interests in the frontier state of Puntland,
Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia. 
* In Trinidad Range holds a 100% interest in holding companies with three 


    onshore production licenses and fully operational drilling subsidiary.
    Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2
    MMBO of proved, probable and possible (3P) reserves and an additional 81
    MMBO of unrisked prospective resources.
      * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a 410km 2D
    seismic program with independent consultants RPS Energy identifying 68
    potential structures containing an estimated 2 billion barrels of
    undiscovered oil-in-place (on a mean 100% basis) with the first
    (Mukhiani-1) exploration well having spudded in July in 2011. The Company
    is focussing on a revised development strategy that will focus on low-cost,
    shallow appraisal drilling of the contingent resources around the
    Tkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central
    sections of the Company's two blocks.
      * In Puntland, Range holds a 20% working interest in two licenses
    encompassing the highly
    prospective Dharoor and Nugaal valleys. The operator and 60% interest
    holder, Horn Petroleum
    Corp. (TSXV:HRN) has completed two exploration wells and will continue with
    a further seismic and well program over the next 12-18 months.
      * Range holds a 25% interest in the initial Smith #1 well and a 20% interest
    in further wells on the North Chapman Ranch project, Texas. The project
    area encompasses approximately 1,680 acres in one of the most prolific oil
    and gas producing trends in the State of Texas. Independently assessed 3P
    reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 MMbbl of
    oil and 17 MMbbl of natural gas liquids.
      * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, where the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
      * Range is earning a 65% (option to move to 75%) interest in highly
    prospective licences in the Putumayo Basin in Southern Colombia. The
    Company will undertake a 3D seismic program in the near term as part of its
    exploration commitments on the Company's Colombian interests.
      * Range has taken a strategic stake (19.9%) in Citation Resources Limited
    (ASX: CTR) which holds a 70% interest in Latin American Resources (LAR).
    LAR holds an 80-100% interest in two oil and gas development and
    exploration blocks in Guatemala with Canadian NI 51-101 certified proved
    plus probable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a
    10% interest in LAR.


All of the technical information, including information in relation to reserves
and resources that is contained in this document has been reviewed internally
by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 years' experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information. 
The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have an
interest in is as reported by CTR. CTR has not reported 1P and 3P estimates,
but Range is seeking such information from CTR for future reporting purposes. 
All of the technical information, including information in relation to reserves
and resources that is contained in this document has been reviewed internally
by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 years' experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information. 
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley referred above
have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an
international petroleum engineering and geologic consulting firm staffed by
experienced engineers and geologists. Collectively FGA staff has more than a
century of world–wide experience. FGA have consented in writing to the
reference to them in this announcement and to the estimates of oil and natural
gas liquids provided. The definitions for oil and gas reserves are in
accordance with SEC Regulation S–X an in accordance with the guidelines of 
the
Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org. 
RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE"). 
The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates. 
The TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR). 
In granting its consent to the public disclosure of this press release with
respect to the Company's Trinidad operations, Petrotrin makes no representation
or warranty as to the adequacy or accuracy of its contents and disclaims any
liability that may arise because of reliance on it. 
The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -
.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's technical
consultants have not yet reviewed the details of ARI's resource estimate and
the reliability of this estimate and its compliance with the SPE reporting
guidelines or other standard is uncertain. Range and its JV partners will be
seeking to confirm this resource estimate, and seek to define reserves, through
its appraisal program and review of historical data during the next 12 months. 
Reserve information on the Putumayo 1 Well published by Ecopetrol 1987. 
SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources 
Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations. 
Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves. 
Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves. 
1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and 3P
refers to Proved plus Probable plus Possible Reserves. 
Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity. 
Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable. 
Undiscovered Oil-In-Place is that quantity of oil which is estimated, on a
given date, to be contained in accumulations yet to be discovered. The
estimated potentially recoverable portion of such accumulations is classified
as Prospective Resources, as defined above. 
Australia                               London                                 
Ground Floor, 1 Havelock Street, West   Suite 1A, Prince's House, 38 Jermyn    
Perth WA 6005, Australia                Street, London SW1 6DN                 
t:+61 8 9488 5220,                      t:+44 (0)207 025 7040
f:+61 8 9324 2400                       f:+44 207 287 8028   
                                    
e:admin@rangeresources.com.au                                                    
                               
w: www.rangeresources.com.au            
END 
-0- May/16/2013 13:30 GMT
 
 
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