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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