RANGE RESOURCES LTD: Trinidad Update

19 December 2013 
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000 
            Range to commence Beach Marcelle work program 
Range Resources Limited ("Range" or "the Company") is pleased to
announce that it has received Certificate of Environmental Clearance ("CEC")
approvals from the regulatory authorities for the drilling of a total of 40
wells, 8 well deepenings and commencement of the enhanced recovery waterflood
program ("EOR") on its Beach Marcelle license in Trinidad. This is a
significant milestone for the Company and now paves the way for final project
plans for the development / deepening wells and EOR programs to be submitted
to the regulatory authorities for final formal approval with operations
scheduled to commence Q1 2014. 
Whist awaiting the CEC approvals, the Company has completed the
Beach project development plans and recently presented its waterflood
development program to Petrotrin. As previously announced, Range is also
assessing the potential use of nitrogen injection to further assist recoveries
and production rates. Nitrogen injection would increase production rates and
recoveries from the field whole leading to additional increases in Proved
Reserves. 
Following receipt of the formal approvals, the Company will
immediately commence project development in line with the work program
outlined below. 
As part of the recently completed Field Development Plan, the
Company's principal development strategy will be to convert undeveloped Proved
Reserves into production and cash flow while seeking to add new Proved
Reserves through the upgrade of existing Probable and Possible Reserves
through further drilling and testwork. The strategy will also target the
exploitation of undeveloped Proved Reserves associated with Secondary Recovery
projects such as the Beach Marcelle waterflood program. Once production and
cash flow from development of Range's Proved Reserves have been increased,
field extensions, exploratory prosects and unconventional resource potential
will be tested. 
Development opportunities in the Beach Marcelle field include
infill drilling within under-drilled fault blocks, in addition to
waterflooding for increased oil recovery. 
With 75% (12.8 MMbbls) of Range's 1P undeveloped Proved Reserves
associated with the Beach Marcelle waterflood project, the current focus
remains on expediting the on-going engineering and simulation phase of the
waterflood program, in parallel with moving a rig to the field to begin well
integrity and workover operations. The Company's expanded technical team has
examined the available data and have identified additional potential
recoverable volumes that the Company will seek to certify as reserves after
full appraisal. Once production commences, the waterflood program is targeted
to add 3,000-3,500 bopd for a minimum of 8 years. 
Beach Marcelle Overview 
The Beach Marcelle field comprises 3,964 acres and falls within the
Guayaguayare subâ€basin that has numerous oilfields around its rim, 
including
the Navette and Goudron fields and the offshore Galeota and Samaan fields. 
The first well in the Beach field was drilled in May 1902. A
comprehensive field map was compiled by Texaco and to date approximately 230
wells have been drilled on the license. Previous owners had maintained a well
ordered database and Range has access to this comprehensive set of basic
subsurface data. Oil gravities within Beach average 34 degrees API and
cumulative oil production to date has been 30.4 MMbo at an average of 125,000
bbls /well. The main producing horizons are the Upper, Middle and Lower Gros
Morne formation (which are geologically equivalent to the Forest formation in
Morne Diablo and South Quarry). They range in depths from 300 ft. to 5000 ft.
Oil is currently produced from eleven wells at a rate of roughly 22 bopd per
well. 
Waterflood (Secondary Recovery) Program 
Range's waterflood program in the Beach Marcelle field builds upon
3 previously successful, but prematurely abandoned waterflood programs
performed by Texaco in the 1950's. Texeco's programs were used as analogs for
the Range proposed program. It is expected that with the use of modern
reservoir and waterflood simulation technology, Range will be able to more
efficiently sweep the remaining recoverable reserves. 
The program will also be targeting additional fault blocks within
the Beach Marcelle license not yet previously waterflooded, yet comprising a
portion of the 12.8 MMbbls of 1P undeveloped Proved Reserves. 
Conventional Program 
The Company is also evaluating the option to deepen up to 8 wells
following the receipt of the CEC, along with drilling of up to an additional
40 wells which could include in-fill / step out and further appraisal wells.
Successful deepening of existing well bores is expected to recover up to 90
MMbo per well at approximately 80 bopd per well of initial production, and at
costs significantly lower than drilling and completing new wells. As an
example, a re-entry and deepening of the GY 185 well is expected to yield
around 90 MMbo, while offset PUD locations to the north, northeast, and
northwest are predicted to yield 43-54 MMbo as a result of partial drainage in
that fault block. 
Issue of Shares 
Range Resources Limited announces the issue of the following
securities: 
10,000,000 Ordinary Fully Paid Shares issued in lieu of financing fees 
2,000,000 unlisted options ($0.0321, 11 December 2016) in lieu financing fees 
Application will be made for the 10,000,000 new shares to be
admitted to trading on the ASX and AIM. Trading in the new shares is expected
to commence on or around 24 December 2013. 
Following the issue of these securities the total number of
securities on issue are as follows: 
3,278,629,448   Ordinary Fully Paid Shares (RRS) 
80,508,341      Listed Options ($0.05, 31 January 2016) 
855,166         Unlisted Options (£0.04, 30 June 2015) 
7,058,824       Unlisted Options (£0.17p, 30 April 2016) 
5,180,000       Unlisted Options (£0.075p, 31 January 2017) 
9,000,000       Unlisted Options (£0.125p, 31 March 2015) 
17,921,146      Class B Performance Shares 
15,708,801      Unlisted Options (£0.0615, 19 October 2015) 
32,275,862      Unlisted Options (£0.05075, 30 November 2015) 
5,000,000       Unlisted Options (A$0.10, 31 January 2016) 
5,000,000       Unlisted Options (A$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, 27 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 (£0.020, 31 August 2016) 
3,947,369       Unlisted Options (£0.019, 30 September 2016) 
8,666,670       Unlisted Options (£0.018, 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) 
17,333,334      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) 
2,000,000       Unlisted Options ($0.0321, 11 December 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 / Richard Hail                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. Range also has a farm in with Niko
Resources giving it exposure to circa 280,000 acres of prospective onshore and
offshore acreage. 
- 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. 
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**    **   21-24%   ** 0.48-0.55**   ** Latin 
American Resources 
                                                               
Total Oil &       34.9   47.0  63.8          19.9        21.3 28.9
Liquids 
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 
* 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
purposes. 
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  
Operator 
                         Mean                            Mean
Prospective Resources 
Trinidad (BM & MD)      8.1    40.5   81.0     100%    8.1     40.5  81.0 Range 
Trinidad - Niko JV     20.3   101.5  203.0     40%*    8.1     40.6  81.2 Range
onshore 
Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1     10.7  21.5 Range
offshore 
Total Prospective      35.0   175.0  350.0            18.3     91.8 183.7
Resources 
Undiscovered 
Oil-In-Place 
Puntland               -     16,000   -         20%   -       3,200   -   Horn 
Petroleum 
                                                                      
Georgia                -      2,045   -         40%   -         818   -   
Strait Oil & Gas 
                                                                      
Colombia               -        7.8   -      65-75%   -   5.1 - 5.8   -   Petro 
Caribbean 
                                                                  
*Range's interest in the Niko JV resources are subject to completing its
earn-in obligations. 
With the exception of Guatemala, 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 advisor, Mr
Mark Patterson. Mr Patterson is a petroleum geologist and geophysicist who is
a suitably qualified person with over 30 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. 
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. 
END 
-0- Dec/19/2013 07:03 GMT
 
 
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