RANGE RESOURCES LTD: Trinidad Update and Key Appointments

22 August 2013 
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000 
Via E-lodgement 
Range Resources Limited ("Range" or "the Company") is pleased to
provide an update with respect to its Trinidad operations and new appointments
to management and operational team. 
The company is very pleased to announce appointment of Ash Mangano
as the Company's Vice President in Trinidad with immediate effect. Mr Mangano
will oversee Range Trinidad corporate activities and work alongside current
Trinidad Chief Operations Officer, Walter Cukavac, to ensure effective
management and execution of all Range Trinidad projects, while identifying and
capitalising on additional growth opportunities for the Company. 
The Company is also in the process of engaging a Senior Reservoir
Engineer in Trinidad to assist the operations team to expedite the waterflood
projects, along with accurately characterising all target reservoirs to ensure
the most high-impact wells are drilled with priority. 
Ash Mangano, Vice President, Trinidad 
Range is pleased to announce that Ash Mangano, who currently serves
as Business Development Manager to Range, has been appointed as the Company's
Vice president in Trinidad with immediate effect. 
Mr Mangano has significant experience in international oil and gas,
working on a diverse range of offshore and onshore projects in North America,
Oceania, and the West Indies. He spent the early part of his career as a
drilling engineer with Halliburton Australia and Halliburton Canada, before
assuming a Commercial Manager role with Baker Hughes - regionally responsible
for Australia, New Zealand, and Papua New Guinea -, and subsequently Contract
Manager for CB&I where he managed a US$1bn contract with Chevron Australia.
Through various positions held, Mr. Mangano has assisted and successfully
managed projects from a technical and commercial perspective, spanning the oil
and gas sector, in a multitude of international environments. 
Mr Mangano holds an M.B.A from Oxford University, specializing in
corporate finance, along with undergraduate degrees in Engineering (Honors)
and Commerce from the University of Western Australia. 
Reservoir Engineer, Trinidad 
Range has also engaged a Senior Reservoir Engineer, with more than
15 years' experience in enhanced oil recovery projects and reservoir
characterization in Trinidad, to work with the Exploration and Exploitation
group in expediting the Beach Marcelle and Morne Diablo waterflood projects.
The Engineer will also assist with characterising all target reservoirs to
ensure the most high-impact wells are drilled with priority. Both of the
waterfloods are high-impact, low-cost, and low-geological risk projects,
containing 12.7 and 1.1 million barrels of 1P reserves respectively, and are
estimated to add a combined 7,000 barrels of oil per day at peak production. 
Further Additions 
As Range continues the Morne Diablo extensive drilling program,
gains approvals for the Morne Diablo and Beach waterflood programs, and plans
the Niko farm-in project, the Company is looking to employ additional
engineers and management to the various projects. Extensive preparations have
been made in this regard by the employment and training of three new mud
engineers (six in total), and two more engineers in the field office to assist
with reporting/drilling applications/risk assessment preparations. 
The company is continuing to evaluate the 2013 onshore bid round
data package and preparing its submission with respect to various licenses
being offered, in line with the Company's strategic growth plan. The Company
notes the bid round has been extended by the Ministry of Energy of Trinidad to
31 October 2013. The Company will update the market with further progress in
due course. 
As the Company continues with the optimization work, the next 10
wells have been scheduled to be accessed by the Company's production and work
over rigs as well as the re-entry of the QUN16 well. Re-activation of the
QUN16 well will be performed using one of the Company's production rigs. This
will add new reserves and production, while further extending the Lower Forest
trend to the east of the QUN16 well and establishing a large area for low risk
infill drilling between the well and the current Lower Forest development. The
Company remains on target to have all six rigs operational in Q3 2013, with
Rig 6 having successfully completed annual certifications and inspections.
Range has made a decision to use Rig 6 for heavy workovers of the wells in
Morne Diablo as mentioned above, in order to swiftly ramp up production prior
to having it converted back to a drilling rig and moved over to South Quarry,
where a production rig is currently performing well workovers. 
The company also reports that Rig 8 has been repaired and is
currently in the process of mobilising back to the MD248 location.
Concurrently, the rig is undergoing the requisite regulatory sign off.
Following approval, the rig will immediately resume drilling the MD248 well to
its target depth. After completing MD248, Rig 8 will move to a new location to
spud and drill a well targeting the Herrera formation. 
Company anticipates written approval from Petrotrin will shortly be
received for the Morne Diablo waterflood expansion project. Upon receiving
formal regulatory approval, field work will commence immediately. The project
is anticipated come into production early Q4 2014, at an estimated 750 bopd. 
Following Company's announcement on 4 July 2013, work continues
towards the preparation of final documents for the Company's proposed farm-in
on Niko's Guayaguayare Block, with final agreements expected to be signed this
month. The Guayaguayare Block represents the largest addition to Range's
Trinidad portfolio to date, increasing the Company's acreage position by more
than 280,000 acres. With several producing fields within the block boundaries,
including the Company's own Beach Marcelle Field, the Guayaguayare Block
combines shallow drilling targets with significant exploration potential and
an expansive area within a highly prolific petroleum system. With several
high-impact prospects already identified on the block, the Niko farm-in
presents Range with a unique opportunity to lever its fleet of drilling rigs
and established operating presence in the area to grow what is rapidly
becoming a core area for the Company. 
Project Overview 
Niko currently holds shallow and deep Production Sharing Contracts
for 65% of the onshore portion and 80% of the offshore portion of the license
area with the Guayaguayare Block comprising 280,170 shallow acres and 293,999
deep acres. Trinidad's State Owned petroleum company, Petrotrin, holds the
remaining balance of the interests (35% onshore and 20% offshore). 
The Guayaguayare Block is comprised of over 280,000 contiguous acres covering
both onshore and offshore portions of known, productive trends along the
southern coast of Trinidad. The Guayaguayare block is situated along trend
with the most prolific oil and gas fields in Trinidad and lies in the
transition area between the transpressional Southern basin and the extensional
Columbus basin. A regional wrench fault, and extension of the Los Bajos fault,
cuts through the onshore to offshore transition zone. Traps associated with
this fault produce oil in Southwest Trinidad and off the East Coast from Upper
Miocene / Pliocene Sands. 
The Block surrounds Range's Beach Marcelle Field, and extends south
to the limits of Trinidad's territorial waters. In addition to proven
Tertiary-age exploration targets, the block is believed to hold significant
potential in the Cretaceous section, which has been successfully developed in
the Eastern Venezuelan basin. 
There are four prospective onshore fields within the Guayaguayare
block, each considered to have significant potential for oil, whilst the
offshore structural complex is believed to have significant potential for
large gas discoveries with several large structures mapped. 
Peter Landau, Executive Director, commented: 
"We are delighted to announce Ash Mangano as the Vice President of
Range's Trinidad operations. Ash has deep knowledge of the oil and gas
industry and brings with him a wealth of experience within the industry at
both corporate and operational levels and will provide valuable experience as
we continue to grow our business. Ash will continue to drive and further
develop the strategic agenda that we have set out, to generate competitive
returns for our shareholders. 
As the Company is in final stages of completing significant reserve
based lending transaction, we have decided that now is an appropriate time for
the Company to seek additional leadership, to take the Company to the next
stage of development, where the focus will be on operating the conventional
production operations as well as unconventional waterflood projects in order
to unlock the enormous potential of our Trinidad assets." 
Yours faithfully 
Peter Landau
Executive Director 
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 
GMP Securities Europe LLP               RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                          Stuart Laing
Richard Greenfield / Rob Collins /      T: +61 (8) 9480 2500
Alexandra Carse
T: +44 (0) 207 647 2800 
Fox-Davies Capital Limited (Joint       Old Park Lane Capital (Joint Broker)
Broker)                                 Michael Parnes
Daniel Fox-Davies                       T: +44 (0) 207 493 8188
T: +44 (0) 203 463 5000 
Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (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 20% interest in
Table of Reserves and Resources 
Detailed below are the estimated reserves for the Range project portfolio. 
All figures in       Gross Oil      Range's   Net Attributable
MMboe                Reserves
Project           1P     2P    3P   Interest   1P     2P    3P  Operator
Oil & NGL
Texas - NCR *     16.4   25.2  35.3   20-25%    2.2    3.4  4.8 Western Gulf
Texas - ETCV       1.0    1.6   3.3      22%    0.2    0.3  0.6 Crest Resources
Trinidad          17.5   20.2  25.2     100%   17.5   20.2 25.2 Range
Guatemala           **  2.3**    **      32%     ** 0.74**   ** Latin American 
Total Oil &       34.9   47.0  63.8            19.9   21.3 28.9
Gas Reserves
Texas - NCR *    106.0  162.7   228   20-25%   11.7   18.1 25.4 Western Gulf
Total Gas        106.0  162.7   228            11.7   18.1 25.4
* Reserves attributable to Range's interest in the North Chapman Ranch asset,
which are net of government and overriding royalties as described in the
Forrest Garb report. 
** 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
Detailed below are the estimated resources and oil-in-place delineated across
Range's portfolio of project interests. 
All figures in MMboe   Gross Oil Resources  Range's    Net Attributable
Project                Low    Best/   High  Interest  Low    Best/  High  
                           Mean                           Mean
Prospective Resources
Trinidad               8.1     40.5   81.0    100%    8.1     40.5  81.0  Range
Total Prospective      8.1     40.5   81.0            8.1     40.5  81.0
Puntland               -     16,000   -        20%    -       3,200   -   Horn 
Georgia                -      2,045   -        40%    -         818   -   
Strait Oil & 
Colombia               -        7.8   -     65-75%    -     5.1-5.8   -   Petro 
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
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
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
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. 
-0- Aug/22/2013 06:44 GMT
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