RANGE RESOURCES LTD: Guatemala Update

28 January 2014 
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000 
Via E–lodgement 
                           Guatemala Update 
Range Resources Limited ("Range" or "the Company") would like to draw 
attention to the announcement released today by Citation Resources Limited 
(ASX:CTR) with respect to the Company's interest in Guatemala with the 
following highlights: 
- Atzam #5 oil well was spudded on 15 January and is drilling on schedule, 
  currently at 431 ft 
- Initial drilling program progressing as planned through shallow, hard 
  limestone section 
- Drilling schedule is approximately 40 days on a trouble free basis, to a 
  planned TD of 4,100 ft 
- Primary reservoir targets are the C17, C18 and C19 carbonates - expected 
  to be drilled through from circa 2,700 ft 
- Atzam #5 well targeting the same carbonate reservoir targets as the 
  Atzam #4 production well - 2.3m barrels of 2P reserves excluding the Atzam
  #4 primary C18 and C19 carbonate sections 
- Atzam #4 production continues at ~150 bopd from C17 carbonate section - 
  following increased choke (16/64ths) production rate and well head pressure 
  constant after 2 weeks, no water production 
- Significant exploration potential on Atzam Oil Field - unexplored salt dome 
  and anticline structures to be evaluated and tested through 2014 
Range has a direct and indirect 32% interest in the Guatemalan Project. 
Further details are contained in the Citation Resources announcement, which can  
be accessed at: 
http://www.citation.net.au/media/articles/ASX-Announcements/20140128-Atzam-5--
-Drilling-Ahead-On-Schedule--269/ctr-14-Atzam-5-Drilling-Ahead-On-Schedule.pdf 
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
(Joint Broker)                           Advisor)
Richard Greenfield / Rob Collins /       Stuart Laing
Alexandra Carse                          T: +61 (8) 9480 2500
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 
Buchanan (Financial PR - UK)
Tim Thompson / Ben Romney / Helen Chan / Tom Hufton
T: +44 (0) 20 7466 5000
E: rangeresources@buchanan.uk.com 
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 Trinidad; Puntland, Somalia;
the Republic of Georgia; Guatemala; Texas, USA, 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 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 program 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 as part of its exploration commitments
on the Company's Colombian interests. Farm–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 60% 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*        0.4    2.3      -         32% 0.13   0.74    -   Latin 
American Resources
Total Oil &       17.9   22.5    25.2           17.6   20.9   25.2
Liquids
Gas Reserves - Bcf
Georgia - CBM          -      -  508        45%      -      - 229  Strait Oil & 
Gas
Total Gas              -      -  508                 -      - 203
Reserves 
* The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have
an interest in is as reported by CTR. 
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 Resources   -    20.1      -               -      6.4     -
Prospective Oil Resources - mmbbls
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 - 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 
                                                                      
*Range's interest in the Niko JV resources is subject to completing
its earn-in obligations. 
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 estimates for the 3 Trinidad blocks 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. 
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 TSX certified 51-101 certified reserves with respect to the
Guatemalan project are as reported by ASX listed Company Citation Resources
(ASX: CTR). 
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 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. 
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- Jan/28/2014 07:36 GMT
 
 
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