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RANGE RESOURCES LTD: Trinidad Update


26 November 2013

The Manager Company Announcements Australian Securities Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000

Via E-lodgement

Trinidad Update

Range Resources Limited ("Range" or "the Company") is pleased to provide an update with respect to its Trinidad operations. Range has commenced executing its updated field development plan to increase current oil production and cash flow with six wells now scheduled for drilling and completion.

In Morne Diablo field, the Company has recently completed mast upgrades for Rig 8 and will now recommence drilling of the MD248 well to its target depth. Back on location, Rig 8 will deepen the well to test Lower Cruse targets after encountering strong oil shows in the shallower section, including oil to surface. The Cruse formation is the deeper producing interval within the Morne Diablo field with the majority of production coming from Middle Cruse sands (31 wells drilled to date with total production of 3.9 MMbo).

Once the MD248 well is completed, the Company will look to either drill adjacent offsetting locations (given the successful oil shows from the MD248 well to date) to establish formation continuity and production from Lower Cruse development wells, or move to a new location to target the Herrera formation. Initial site preparation for the Herrera location has already been completed.

The Lower Cruse horizon remains a largely untapped reservoir below the historic producing Forest, Upper Cruse, and Middle Cruse horizons in the Morne Diablo Block. Significant rapid development can occur due to optimal location within the main infrastructure area, and proximity to current oil fiscalizing facilities.

Presently, Range is producing from the Cruse and Forest formations at depths between 300 feet and 4,000 feet. The Shallow and Lower Forest sands are the most drilled formations within the Morne Diablo and South Quarry fields and contain the most well defined sand fairways. The 1P development programme utilizes the six existing drilling rigs until the end of 2015 with a planned drilling programme of 88 development wells. A total of 65 wells are to be drilled in the Lower Forest sands over a 24 month period.

In line with the field development plan, Rig 1 will spud an additional Lower Forest well on the Morne Diablo field, with Rig 5 to drill and complete two additional Lower Forest wells. In South Quarry field, Rig 2 will target Upper Cruse and Lower Forest sands to extend known producing trends on that block. The Lower Forest formation occurs at greater depths in the South Quarry area, which the Company believes will yield higher initial rates and greater reserve recoveries per well.

The Company is also finalising negotiations with respect to the financing of 2 additional drilling rigs (with technical assistance and support crew) to continue with Range's Herrera drilling programme, the Niko Resources farm-in and the potential block being awarded in the recent bid round.

Morne Diablo Waterflood

Following the final receipt of approvals on the proposed waterflood programme for Morne Diablo, the Company will now commence field development with surface equipment and facilities installation followed by a targeted production rate of up to 650 bopd.

Beach Marcelle Waterflood

The current focus remains on expediting the ongoing engineering and simulation phase of the waterflood programme in parallel with moving a rig to site to begin well integrity and workover operations. The current programme will be targeting additional fault blocks within the Beach Marcelle license, not yet previously waterflooded, yet comprising a portion of the 12.8 MMbbls (75% of Range's 1P proved undeveloped reserves). The new technical team have looked at the data and have identified additional recoverable reserves, which will be formalized after full appraisal. Once production commences, the waterflood programme is expected to add 3,000-3,500 bopd for a minimum of 8 years.

In addition, Range is currently assessing the potential of a turnkey facilities contractor for the Beach Marcelle waterflood project and the use of nitrogen injection to assist in better recoveries and economics. Nitrogen gas injection is one of the most-commonly used approaches in enhanced oil recovery. The nitrogen injection increases the pressure in the oil wells so that fossil resources can be more easily recovered and oilfield yields significantly improved.

The Company is also looking at deepening up to 6 wells following the receipt of environmental approvals earlier in the year. Successful deepening of existing well bores is expected to recover up to 90 MMbo per well at approximately 80 bopd initial production, and at costs significantly lower than drilling and completing new wells.

Issue of Shares

Range Resources Limited announces the issue of the following securities:

98,288,173 Ordinary Fully Paid Shares issued in lieu of debt conversion, corporate advisory and financing costs

11,666,668 Unlisted Options issued for debt conversion as per agreement (£0.015, 31 October 2016)

3,000,000 Unlisted Options issued for debt conversion as per agreement (£0.015, 30 November 2016)

1,428,571 Unlisted Options issued for debt conversion as per agreement (£0.014, 30 November 2016)

5,846,154 Unlisted Options issued for debt conversion as per agreement (£0.013, 30 November 2016)

10,267,173 Listed Options issued for corporate advisory and financing costs

Application will be made for the 98,288,173 new shares to be admitted to trading on ASX and AIM. Trading in the new shares is expected to commence on or around 29 November 2013.

The majority of the shares and options being issued relate to the previously announced loan facility arrangement with YA Global Master SPV Ltd, Hudson Bay Ltd, Empery Asset Master Limited, Hartz Capital Investments LLC and the Cranshire Capital Master Fund.

Following the issue of these securities the total number of securities on issue are as follows:

3,268,629,448 Ordinary Fully Paid Shares

80,508,341 Options ($0.05, 31 January 2016)

855,166 Unlisted Options (£0.04p, 30 June 2015)

7,058,824 Unlisted Options (£0.17p, 30 April 2016)

17,921,146 Class B Performance Shares

5,180,000 Unlisted Options (£0.075p, 31 January 2017)

9,000,000 Unlisted Options (£0.125p, 31 March 2015)

15,708,801 Unlisted Options (£0.0615. 19 October 2015)

32,275,862 Unlisted Options (£0.05075, 30 Nov 2015)

5,000,000 Unlisted Options ($0.10, 31 January 2016)

5,000,000 Unlisted Options ($0.06, 10 February 2016)

146,533,850 Unlisted Options (£0.04, 30 April 2016)

5,000,000 Unlisted Options (£0.037, 11 July 2016)

476,190 Unlisted Options (£0.021, 25 July 2016)

952,381 Unlisted Options (£0.021, 29 July 2016)

6,714,284 Unlisted Options (£0.021, 31 August 2016)

9,000,000 Unlisted Options (£0.02, 31 August 2016)

3,947,369 Unlisted Options (£0.19, 30 September 2016)

8,666,670 Unlisted Options (£0.18, 30 September 2016)

694,445 Unlisted Options (£0.018, 31 October 2016)

2,205,885 Unlisted Options (£0.017, 31 October 2016)

1,250,000 Unlisted Options (£0.016, 31 October 2016)

17,333,336 Unlisted Options (£0.015, 31 October 2016)

3,000,000 Unlisted Options (£0.015, 30 November 2016)

1,428,571 Unlisted Options (£0.014, 30 November 2016)

5,846,154 Unlisted Options (£0.013, 30 November 2016)

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

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 Broker) Old Park Lane Capital (Joint Broker) Daniel Fox-Davies Michael Parnes T: +44 (0) 203 463 5000 T: +44 (0) 207 493 8188

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 45% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license areas given the recent review performed across the licenses.

- 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 programme over the next 12-18 months.

- 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 programme in the near term as part of its exploration commitments on the Company's Colombian interests. Farmâ€in interest from a number of parties has been received and preparations for the seismic programme will be initiated subject to further financing becoming available.

- 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 LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

Gross Oil Reserves Range's Net Attributable Project 1P 2P 3P Interest 1P 2P 3P Operator

Oil & NGL - mmbbls

Trinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 Range

Guatemala * 2.3* * 32% * 0.74* * Latin American Resources

Total Oil & 17.5 22.5 25.2 17.5 20.9 25.2 Liquids

Gas Reserves - Bcf

Georgia - CBM - - 508 45% - - 229 Strait Oil & Gas

Total Gas Reserves - - 508 - - 203

* 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.

Detailed below are the estimated resources and oil-in-place delineated across Range's portfolio of project interests.

Gross Oil Resources Range's Net Attributable Project Low Best/ High Interest Low Best/ High Operator

Mean Mean

Contingent Oil Resources - mmbbls

Guatemala - 20.1 - 32% - 6.4 - Latin American Resources

Total Contingent - 20.1 - - 6.4 - Resources

Prospective Oil Resources - mmbbls

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 Resources

Undiscovered Oil-In-Place - mmbbls

Puntland - 16,000 - 20% - 3,200 - Horn Petroleum

Georgia - 403 - 45% - 181 - Strait Oil & Gas

Colombia - 7.8 - 65-75% - 5.1 - 5.8 - Petro Caribbean

Undiscovered Gas-In-Place - Tcf

Georgia - Conventional - 18.44 - 45% - 8.30 - Strait Oil & Gas

Georgia - CBM - 3.16 - 45% - 1.42 - Strait Oil & Gas

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.

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 worldâ€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 Sâ€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.

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.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

The technical information included in this Announcement with respect to Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr Yukler is a geologist who is a suitably qualified person with more than 38 years of experience in the international oil & gas industry, and in assessing hydrocarbon reserves. Dr Yukler has advised companies and government entities of all size from small caps to super-majors, as well as state regulatory authorities on the management of resources and exploration areas. Dr. Yukler has reviewed the release and consents to the inclusion of the technical information with respect to Georgia.

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.

END

-0- Nov/26/2013 07:30 GMT

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