Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) Trinidad-focused independent E&P company, with a 100% interest in three onshore production licenses, namely Beach Marcelle, South Quarry and Morne Diablo, as well as additional highly prospective exploration acreage on Guayaguayare license (farm in) and newly awarded St Mary’s licence.The Company is focused on growing its production through waterflood projects, combined with extensive shallow onshore development drilling programme.

The Company has independently assessed Proved reserves (2P) in place of 22.1 MMBO.

Range has further interests in Guatemala; Puntland, Somalia; Colombia; and Georgia.


http://www.rangeresources.co.uk/about.asp

Guatemala Update

Range Resources Limited ("Range" or "the Company") would like to draw attention
to the announcement released by Citation Resources Limited (ASX: CTR) on the
current flow testing program on the Atzam #4 well in Guatemala (in which Range
has an indirect attributable interest of 24%).

Citation Resources has announced that following a technical review program on
the Atzam#4 well undertaken with Schlumberger, flow testing of the C13 and C14
carbonate sections of the well has commenced with the perforation of these
zones currently underway with flow testing of the target zones expected to
commence shortly. The C13 and C14 carbonate sections in the well are considered
the most prospective oil bearing reservoir units in the well based on the
electric log data, and independently confirmed following review of all the well
data by industry experts including Schlumberger.

Further details are contained in the Citation Resources announcement, which can
be accessed at:
http://www.citation.net.au/media/articles/ASX-Announcements/20130530-Atzam-4---Project-Update--207/1225714.pdf


Yours faithfully


Peter Landau
Executive Director

Range Resources: Testing starts on Atzam 4 well in Guatemala
By Proactive Investors May 30 2013, 9:08am Range Resources: Testing starts on Atzam 4 well in Guatemala

Range Resources (LON:RRL, ASX:RRS) highlighted that testing has started on the Atzam 4 well in Guatemala.

The AIM quoted firm has a 24% indirect interest in the well, via its shareholding in Resources (ASX: CTR).

Citation’s 70% owned associate Latin American Resources has started flow testing the two most prospective oil bearing reservoir units in Atzam-4.

The C13 and C14 carbonate sections in the well were considered the most prospective oil bearing reservoir units in the well based on the electric log data, and independently confirmed following review of all the well data by industry experts, including Schlumberger.

Both zones are the main producing zones at the Rubelsanto Field just 17 kilometres to the northeast that has flowed over 30mln barrels of oil to date from eight wells.

Following completion of testing, the plan is to install a gas separator on the electrical submersible pump for further evaluation of the oil production potential from Lower C17/Upper C18.

These sections had produced oil at an initial rate of 50 barrels per day with limited ESP performance due to gas production.

Ralph E Davis and Associates (RED) have estimated that Atzam-4 holds Probable Reserves of 2.3 million barrels of oil based on the results of the logging and the analytical work completed by Schlumberger.

Significant Initial Oil Production Establishes Commercial Atzam #4 Well in Guatemala

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following update with respect to its stake in Guatemalan project (in which
Range has an indirect attributable interest of 24%), released by Citation
Resources Limited (ASX:CTR) today:

- Initial 7 foot section (2846-2853ft.) perforated in the Upper C17 carbonates
has produced significant oil and gas to surface immediately post perforation;

- Flow rate of 610 bopd established over 24 hour period - average of hourly
flow rates using varying choke sizes with a recorded peak of + 1,000 bopd;

- No acid wash or reservoir stimulation used flow rate generated by natural
reservoir pressure;

- Oil cut of 99% from producing zone, with strong gas flare;

- Good quality 29° API oil, with calculated natural reservoir pressure of 1300
psi;

- Pressure gauges will now be used to confirm the reservoir pressure reading
from the producing C17 zone to establish updated resource estimates for the
Atzam Project and Atzam #4 well;

- Current Probable Reserve estimate of 2.3m barrels of oil in Atzam #4 well
alone, to be revised on results;

- Production is being stored in onsite tanks - commercial sales of production
to commence; and

- Net backs in Guatemala approximately 50% of the WTI market price -
favourable economics; and

- Highly prospective 13ft. zone in Upper C17 and the C13 and C14 carbonate
sections that are the producing units in the Rubelsanto Field - remain
untested due to the high pressure oil and gas production from perforated zone
- will be perforated in future well production operations.

Very little interest on the ASX,+1%?

Nevertheless, up 12% here, with very heavy volume.

only another 12p needed until i break even. Though any rise gratefully received.
GL to all who still hold

Alex

We need it robertalexander. :-))

UPDATE: Range Resources expects to revise Atzam estimates after strong flows
By Proactive Investors June 03 2013, 1:03pm Flow rates over the 24 hour test period averaged 610 bopd with a recorded peak of over 1,000 bopd.Flow rates over the 24 hour test period averaged 610 bopd with a recorded peak of over 1,000 bopd.

--Adds share price details and broker comment--

Range Resources (LON:RRL) shares gained over 10% on Monday following positive testing results from the Atzam 4 well in Guatemala.


The results revealed oil flows of 610 barrels of oil per day (bopd), peaking at over 1,000 bopd.

It is believed that a revised estimate of oil reserves is now likely.

The current estimate for probable reserves at Atzam #4 is 2.3mln barrels of oil, but this will be revised after the latest results, Range said.

Atzam flowed good quality 29° API oil, with calculated natural reservoir pressure of 1300 pounds per square inch (psi). The producing C17 zone will now be pressure tested to establish updated resource estimates for the Atzam Project and Atzam #4 well.

Range has a 24% indirect stake in Atzam through its holding in Citation Resources. Range said it will lend up to a further A$1mln to Citation to help fund the ongoing Atzam operations.

After perforating a seven foot section in the reservoir in the Upper C17 carbonates from 2846-2853 feet, the Atzam #4 well immediately started to produce fluids and gas to surface without assistance, Range said.

Following an initial well clean up with recovery of fluids, the well produced at an average rate of 610 bopd over a 24 hour period using various choke sizes.

"With the volume of oil being produced at these reservoir pressures, the operator is unable to be immediately testing a highly prospective 13 foot section in the Upper C17 above this producing unit or the C13 and C14 carbonate sections that are the producing units in the Rubelsanto Field."

UK broker Old Park Lane Capital drew comparisons between the Guatemala project and the group’s past success in the United States.

“Range’s well timed investment in an exciting development project looks to have paid off again. Although Guatemala represents a modest part of the group’s portfolio, the early flow rates established from only one zone in the Atzam #4 well justify Range’s investment,” said analyst Barney Grey.

OPL Capital rates Range as a ‘buy’ with a 13p per share target.

On AIM, Range shares were up 13.48% trading at 3.2p each.

Old park lane - Target price: 13p/A$0.20

http://www.directorstalk.com/wp-content/uploads/2013/06/RRL-03-06-13.pdf

Range Resources

Bold move

http://www.edisoninvestmentresearch.com/researchreports/rangeresources060613update.pdf

Bring it on that is all I can say - hope your Brother is getting on okay dc.

Case was handled very poorly by the CPS. Driver walked away scot free. Solicitors and police working overtime at the moment. ie an appeal and private prosecution. Again cannot say to much. Thanks for asking 3m. Will update you in time.
Ps Being as the police thought dead at the side of the road more heavily knocked out goes against you in court as the judge states you cannot remember much. So if you are going to mow down a cyclist do it well and you walk away free.

That report above is one of the best and lets you know the stage the company is at or more not at. :-))

Trinidad Update

UPDATE: Range Resources on target for 1,200 barrels a day from Trinidad
By Ian Lyall June 10 2013, 11:02am Racking up production: Range's output is cruising towards 1,200 barrels a day.Racking up production: Range's output is cruising towards 1,200 barrels a day.

--Adds broker comment--

AIM favourite Range Resources (LON:RRL) expects daily production from Trinidad to exceed 1,200 barrels following the latest round of drilling and thanks to enhanced maintenance.

The company said well QUN, drilled to 1,255 feet, is currently producing at 75 barrels of oil a day (bopd) and QUN 135 flowed at 150 bopd.

QUN 141 has been successfully completed and is expected to come on production at 75-100 bopd.

Currently being drilled are QUN 143 and 144 wells that are expected to produce 50-75 bopd and the MD 248 well, drilled to 5,780 feet, has encountered “multiple high pressure oil and gas pays”.

At the same time three production rigs have completed what’s termed remedial work on 14 wells, which has added an estimated 95 bopd to output.

A further production of 60 bopd is expected to be added this week through the planned work over of another 15 wells, followed by an estimated additional 90 bopd through the QUN 16 well re-entry and optimization of the QUN 120 and 128 wells.

Repeating a ‘buy’ recommendation City broker Old Park Lane Capital highlighted that Range is accelerating its drilling programme in Trinidad with additional wells expected to begin production soon.

“With Range also focusing its efforts on the deeper, more productive horizons in the Cruse sands, the company has targeted field production of 1,200 bopd within the next few months as an improved maintenance programme is instigated and the recent decline in production is reversed,” analyst Barney Gray said in a note.

OPL’s ‘buy’ recommendation has a 13p price target, which points to significant upside to the current price.

On AIM this morning Range shares were up 3.7% at 3.07p.

Oilbarrel June 10, 2013

Analysts Advise Investors To Concentrate on Latin America, Particularly Trinidad When Looking For Value In Range Resources

http://oilbarrel.com/news/analysts-advise-investors-to-concentrate-on-latin-america-particularly-trinidad-when-looking-for-value-in-range-resources

We wish or some of us wish we were Counting Brass.

12 Jun Beaufort... N/A Speculative Buy

StockMarketWire.com
The planned merger between Range Resources and International Petroleum will likely be conducted as an off-market takeover, Range Resources said in a statement.

"Subject to satisfactory finalisation, it is expected that the formal offer will be made (by Range Resources) in the coming 3-4 weeks. The terms and conditions will be in line with previously disclosed," it said.

Range Resources has advanced $8 million of the $15 million secured financing to International Petroleum as part of the merger process, with the remaining balance being forwarded within the coming two weeks.

Range also noted that Citation Resources had provided an update on the Guatemalan project today with the following highlights:

- Initial 7 foot section (2846-2853ft) perforated in the Upper C17 carbonates has continued to produce significant oil and gas to surface through ongoing reservoir pressure testing program

- Improved oil quality recovered in production testing in past week- samples assayed 36-37° API oil

- Strong well head pressures maintained over past week of between 300-400 psi during testing phase, with calculated natural reservoir pressure of approximately 1300 psi

- Oil production continued between 250-600 bopd on restricted choke sizes over the past 10 days when flowing well between shut ins for pressure testing program

- Potential to flow the well at higher rates with a larger choke size with optimal production flow rate to be determined on completion of the current testing and evaluation program .

UPDATE: Range Resources making progress with merger
By Philip Whiterow June 17 2013, 12:11pm Range said its proposed strategic merger with International Petroleum had made good progress.Range said its proposed strategic merger with International Petroleum had made good progress.

--Adds broker comment--

Range Resources’(LON:RRL) associate has continued to see "significant amounts" of oil and gas produced from its testing programme at Atzam #4 in Guatemala.

Citation Resources, which is 19.9% owned by Range, said oil production between shut-ins continued between 250-600 barrels of oil per day (bopd) on restricted choke sizes over the past 10 days . There was potential to flow the well at higher rates with a larger choke size, added Citation.

Oil quality also improved, with no reservoir water produced to date, the report said. Negotiations are advanced with a number of parties for Atzam #4 oil production, which, according to Citation’s estimates, has current probable reserves of 2.3mln barrels in that well alone.

This number will be revised on completion of production and pressure testing programmes in the coming weeks, it added.
Citation added that the C13 and C14 carbonates remain untested above the C17 section and these are the main producing zones in the nearby Rubelsanto Field, some 17 kilometres from Atzam.

Elsewhere, Range said its proposed strategic merger with International Petroleum had made good progress towards the completion of due diligence and confirmation of the structure of the transaction.

The offer is likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders; an off-market takeover offer entails the bidder making its offer directly to shareholders in the target company, rather than standing in the market buying shares.

Subject to satisfactory finalisation, it is expected that the formal offer will be made in the coming three to four weeks, the statement said.

Following Monday’s update, boutique City broker Old Park Lane Capital repeated a ‘buy’ recommendation with a 13p per share target price.

“Guatemala represents a modest part of Range’s portfolio, particularly with the proposed merger with IOP in mind,” analyst Barney Gray said in a note.

“However, the news from Atzam #4 continues to impress and the likelihood of additional untested yet productive zones on the field indicate that there is substantial upside from Range’s investment in Guatemala.”

From IC today -
Could Trinidad be the new North Sea?


Sector Focus
Could Trinidad be the new North Sea?
"Trinidad is like the UK North Sea 25 year ago," Joel 'Monty' Pemberton tells Investors Chronicle. "It's an extraordinary hydrocarbon province - and a real cash cow for the half dozen major oil companies that dominate production there - but it needs independents to come in and work with the existing players to monetise assets that don't meet their development criteria in terms of size."

Of course, the Trinidadian chief executive of Trinity Exploration & Production (TRIN) has a vested interest here. His company is one of a handful of companies listed on London's Aim busily snapping up licences and drilling oil wells in the area.

Just seven miles off the northeast coast of oil-rich Venezuela, the islands of Trinidad and Tobago have a long and prolific history of oil and gas production dating back nearly a century. But the winds of change are blowing across its sandy shores and, after decades of production, gas reserves are rapidly diminishing and oil production has declined to a level where the state refiner is operating at barely half its capacity.

With the oil and gas industry accounting for 44 per cent of the country's GDP and 83 per cent of its exports, the government is justifiably eager to increase exploration and develop new projects.

Drill, baby, drill

For now, deep-pocketed multinational oil companies are leading the charge. Six offshore drill rigs are currently operating in Trinidad, a stark contrast to mid-2010 when there was just one. Five of the rigs are contracted by the majors such as BP

(BP), BG Group

(BG.), Centrica

(CNA), Repsol

(Madrid: REP) and US heavyweight EOG Resources

(NYSE: EOG), as well as Trinidad's state-owned operator Petrotrin. But one of the rigs in the shallow-water Galeota block off Trinidad's southeast coast is drilling for Mr Pemberton's Trinity Exploration.

And Galeota could be the start of a new type of oil and gas industry in Trinidad. While the 65:35 joint venture between Trinity and Petrotrin is unsuitable for the majors, the licence offers small-scale production growth with follow-on exploration potential that is ideal for small- and mid-sized exploration and production (E&P) companies. Trinity is conducting an aggressive work program there to revitalise existing production and has ambitious plans to drill five wells close by the field in 2013 and 2014, targeting new resources that would be straightforward and cost-effective to develop.

"Longer term, we also want to help the majors monetise their smaller assets here", says Mr Pemberton. "There are dozens of discovered fields which would likely be profitable to develop, and the industry is ready for the requisite changes to ensure that production is optimised for the benefit of the citizens of the country."

X marks the spot

Most of Trinidad's undeveloped oil and gas fields lie in the prolific Columbus Basin, off the island's southeast coast, past Galeota. The area benefits from excellent infrastructure, but almost all of the licences there are controlled by the majors. It's largely the same story at the North Coast Marine Area (NCMA), 40 kilometres to the north of Trinidad, made up of six large gas fields controlled by a consortium involving BG, Petrotin, Petro-Canada and Italy's Eni (Milan: ENI).

Two other areas have started to open up to small players, however. They are the Gulf of Paria, a shallow-water area immediately off the west coast, and onshore Trinidad. And it's onshore where most of the new action is. Besides Trinity, two Aim juniors, Leni Gas & Oil

(LGO) and Range Resources

(RRL), have operations there and both are rapidly ramping up production.

Range is the bigger of the two in terms of production and market capitalisation. The company is almost two years into an ambitious exploration and development program that it says could lift production from around 800 barrels of oil per day (bopd) currently to 8,000 bopd by 2015. That sounds impressive, but we're not getting overexcited. When Range bought the assets two years ago, production was around 700 bopd. Nevertheless, the company plans to drill up to 40 new wells per year on its licences with its in-house fleet of 10 used drill rigs. Part of the problem up to now has been finding enough spare parts for the old rigs. A sharp drop off in flow rates has also been an issue.

Still, Leni is having better luck growing production. Output from its main Goudron field was just 30 bopd in October, but that has since increased to over 300 bopd. Rather than drilling new wells, it is increasing production by conducting well workovers and re-completions on roughly 90 underperforming wells drilled by a previous operator. In a very positive show of faith in its licences, Leni secured $50m (£32m) in debt funding last month to ramp up the program.

Caribbean life is taxing

It's not all sunshine and pump jacks in Trinidad, however. The fiscal regime is onerous to say the least and is a major deterrent for new companies setting up shop there. The headline corporate tax rate for energy companies is a steep 55 per cent and state royalties generally stack up to about 12.5 per cent of revenues. There's also a sliding scale supplementary petroleum tax of up to 33 per cent of revenues for offshore projects and 18 per cent for onshore, albeit with an allowance for state royalties.

Recently, however, the government has indicated it could be flexible with those rates in order to encourage more activity. Remember, activity levels in the North Sea took off when George Osborne introduced tax breaks last year. Each of the operators that Investors Chronicle spoke with said they were in talks with the government and Petrotrin regarding something similar, especially for mature offshore fields and smaller project developments. The Ministry of Energy has promised to review the competitiveness of Trinidad's fiscal regime and has established a committee to report ahead of the October 2013 budget. And the government, which follows the Westminster model and upholds the traditions of parliamentary democracy inherited from Britain, is usually true to its word.

IC VIEW:

Trinidad may not turn out to be the next North Sea given its relative maturity, but there are serious opportunities for growth there, especially for smaller explorers. And the region is nowhere near as risky as other emerging hotspots such as Kurdistan, Morocco, French Guiana, and some parts of Central Asia and East Africa, yet is just as prolific in terms of hydrocarbon accumulations. Overhauling the current punishing fiscal regime would be a huge boon, too, and positive changes could start to filter through shortly.





FAVOURITES:

Trinity is the leading junior independent operating primarily in Trinidad and we see it as offering the best exposure to production growth potential and high-impact exploration. It currently produces just under 4,000 bopd from a diversified mix of assets in the Gulf of Paria, the Galeota block and onshore Trinidad, and expects this to rise to 5,000 bopd by the end of the year. Moreover, there should be plenty of catalysts for share price appreciation over the coming months, as the company plans to drill two exciting offshore wells beginning in October. Leni Gas is a palatable second choice. A recently announced joint venture with a local company to target the deep exploration potential of their shared licences looks promising, but is subject to a further farm-out to a company that will actually pay for the drilling.






OUTSIDERS:

At first glance, Range seemingly offers the most potential given its ambitious production targets and heavy drilling schedule. But recent operational and geologic problems have put these in doubt. Furthermore, we think the company is simply spread too thin. Besides its Trinidad operations, Range also has projects in Georgia, Colombia, Texas, Somalia, Guatemala, and in Russia where it has just agreed a major, dilutive acquisition that will chew up a lot of time and money





BROKER VIEW:

The oil and gas industry in Trinidad became more vibrant following Trinidad's independence from Britain in the 1960s. Historically, exploration offshore Trinidad yielded a series of sizable (mainly gas) discoveries underpinning the development of LNG exports, by companies such as BP, BG, Repsol and Gdf. Around 60 per cent of Trinidad's total 4bn cubic feet of gas per day (bcfpd) of gas production is exported as LNG, with the remainder used in domestic petrochemical production and power generation. Given the scale and long-term nature of these projects, the government was able to demand a significant fiscal take. These fiscal terms were applied country-wide, limiting incentives to develop small- or medium-sized opportunities.

Oil production has also been decreasing rapidly in recent times, as the incumbent majors have focused on the offshore gas resources. In 2012, production averaged 782,000 barrels of oil-equivalent per day (boepd), of which only 82,000 barrels per day was oil.

As a result of this decline, the Trinidadian government is eager to increase oil production and support the state refiner Petrotrin's 175,000-bopd refinery. The profitability of the facility has been impacted by the steady declines in domestic oil production (60 to 70 per cent of current oil production goes to the refinery) and increased oil imports.

The gas picture is also changing as reserves are diminishing. With approximately nine years of reserve life remaining, further attempts are being made to generate activity with two licensing rounds planned later this year. Longer term, the ministry commits to review agreements every three years which has seen small improvements in fiscal terms and conduct one to two licensing rounds per year.

Nathan Piper is an energy analyst at RBC Capital Markets


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By Matthew Allan,
26 June 2013