Range Resources (AIM:RRL)

Range Resources is an exploration company with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia. Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Range has two Production Sharing Agreements (PSAs) for the Nogal and Darin Blocks, two particularly promising basins.

Undiscovered oil-in-place resources in the Nogal block are estimated at net 860mmbbl. A successful project in this Near Shore zone would mean that new reserves could be rapidly placed on production, largely from shore based facilities.


Fox-Davies Capital recently initiated coverage with a price target of 50p.

Volume is going to be good today as there is as much volume as last friday on only 3 hours trading and more positive on a rising day.

Charting: another push and share price over the 20 days moving average, more positive signals

I am positive Master.

prowl ( "ravey" business )

To roam through stealthily, as in search of prey or plunder: prowled the alleys of the city after dark.

Looking better as it reaches 5.50 / 5.60p, so crossing UP the 20 days MA

Forging ahead 5.65 / 5.90 + 0.22p with volume 10 million in less than 2 hours

Nice upward increase today! long may it continue! staying in for more gains!

Nice movement today.

A very good day indeed, but the shares were hold back this afternoon, a bit of manipulation on the order book

Let say the volume was 14.5M buys for 13.50M sells when the price was 6.55 / 6.70p

and later at the end the volume was 25.6M buys and 19.6m sell and price 6.40 / 6.52p

I know the was delayed trades and "AT" at the wrong place, but I could see how some trades at bid side were withdrawn for no reason, but to make the bid side weaker, my conclution.

a huge volume at the end so more rise to come

Look at the buys this morning..

Isnt it good.

Did you read their announcement--oil and gas just about doubled!

Not quite double......

Oil and gas explorer Range Resources said a revised reserve report on its North Chapman Ranch field in Nueces County, Texas bumped up the commercially recoverable reserves estimate by 67%

Still negative after last weeks good news.

re - Still negative after last weeks good news.

Maybe not any more after today early marked down

From the "UPS" thread ..........

RRL 5.50p ( 5.40 / 5.60p )

Bouncing from a 61.8% fibonacci retracement this morning at 5.35p, after being well marked down on a weak order book at start, it went to 6.75p 3 weeks ago.

WATCH THIS FLY TOMOROW, news out on the ASX.
cyril

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http://www.asx.com.au/asx/markets/equityPrices.do?by=asxCodes&asxCodes=rrs

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Range Resources LTD
Georgian Seismic Review Results


18 November 2010


GEORGIAN ESTIMATE OF PROSPECTIVE GROSS OIL-IN-PLACE OF 2 BILLION BARRELS

Highlights:

* 68 individual structures, each containing stacked reservoirs, have been
indentified across Range's two Georgian Block's VIa and VIb;

* Independent best estimate of gross undiscovered and unrisked oil-in-place
across these identified prospects of 2.05 billion barrels (1.025b barrels
attributable to Range); and

* Six ready to drill targets identified with gross oil-in-place of 728m
barrels (Range 50% plus cost recovery).

Range Resources Limited ("Range" or "the Company") is pleased to announce the
initial results from the draft report entitled Seismic Interpretation, Field
Mapping and Evaluation of Prospective Hydrocarbon Volumes across the Company's
two Georgian blocks (Block VIa and Block VIb) completed by leading
International Oil and Gas Seismic Consultancy firm RPS Energy ("RPS").

RPS has identified a total of 68 structural culminations across the two blocks
(refer to figure 1) each of which potentially contains stacked reservoirs.
Total combined best estimate of gross unrisked oil-in-place across these 68
indentified structural culminations amounts to 2,045 million barrels. Recovery
factors for oil in place can be conservatively estimated at 30%.

Figure 1 - Prospects and Leads across Block V1a and Block VIb - please refer to
website.

Of the 68 identified prospective targets across the two blocks, 6 structures
have been prioritised as being ready for drilling. Of these 6 structures, total
gross unrisked oil-in-place has been estimated at 728 million barrels (364
million barrels attributable to Range).

A breakdown of the gross unrisked oil-in-place for these 6 `ready to drill'
prospects are as follows:

Prospect Unrisked Oil-in-Place (gross
100% basis)

Kursebi 1 (K1) 123 million barrels

Kursebi 2 (K2) 160 million barrels

Kursebi 3 (K3) 42 million barrels

Vani 1 (V1) 171 million barrels

Vani 2 (V2) 89 million barrels

Vani 3 (V3) 145 million barrels

TOTAL 728 million barrels

Figure 2 highlights a number of the prospective targets across the two blocks,
including the 6 prioritised prospects identified above.

Figure 2 - Numerous Prospects and Leads with Gross Unrisked Oil-in-Place
(MMbbls) - please refer to website.

Exploration and Production History

Oil seeps are widespread in Georgia, with exploration in the country having
commenced during the 19th century, by exploitation of the surface seeps and
shallow drilling beneath them. The first substantive discovery, the Supsa Field
near the Black Sea, was made in 1889 and still produces small amounts of oil
today.

Georgia is a reasonably well established hydrocarbon producing province with a
number of discoveries and seeps along the Greater Caucasus and Achara-Trialet
frontal folds, which are present along the northern and southern margins of the
two licenses, where there are numerous oil and gas seeps.

There have been a number small to medium discoveries to date, with the largest
being the Samgori field, which was discovered in 1974 and has produced more
than 165mmbbls to date, with an estimated 200mmbls of recoverable reserves. The
trend of oil discoveries in Georgia confirms the presence of a working
hydrocarbon system that extends from Georgia into the Black Sea.

Mobilisation / Drilling Scheduling

Range and Strait (its joint venture partner in the Georgian Blocks) are
finalising the mobilisation and drilling program and will update in due course.

Presentation

A copy of the presentation given at the Oil Barrel conference in London will be
put on the Company's website and also available on www.asx.com.au.


For and on behalf of the Board

Regards


Peter Landau
Executive Director

About time too..

worth 12p today I think.

Mitzy well done,myself took a small profit sometime ago. At a more realistic 8pish now,
only up 10% in Aussie.
cyril

Would you believe this ?..amount of oil in the ground might be huge....also this is isable.....yes....I could not believe it myself....