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

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


visible-status-Standard story-url-Trinidad_Oil_Sector_Focus_250613.xml



By Matthew Allan,
26 June 2013

Range increases its FOOTPRINT in Trinidad by over 280,000 acres

Highlights:
- Range increases its Trinidad gross acreage footprint by circa 17x (gross increase by +280,000 acres) through a proposed farm-in with Niko Resources Ltd. on the Guayaguayare block in Trinidad;

- Farm-in will provide Range with vast exposure to both onshore and offshore potential and creates excellent synergy between Range's three existing blocks and the Guayaguayare block;

- Range to gain exposure to both shallow and deep horizons within the Guayaguayare block, including the highly prospective Upper Cretaceous formation - believed to be the source formation for Trinidad's current and historical hydrocarbon discoveries;

- There are four prospective onshore fields within the Guayaguayare block, each considered to have significant potential for oil, whilst the offshore structural complex is believed to have significant potential for large gas discoveries with several large structures mapped;

- Range to utilise its own drilling rigs and personnel for the farm-in, and in advanced discussions with a leading International Drilling and Oil-field Services Provider to complement existing infrastructure and accelerate development; and

- Range is in the final stages of completing and drawing down on its reserve based debt financing of staged amounts of up to US$100m (increased from previously announced US$35m) - having drawn down on initial £3m as a convertible financing arrangement in the interim.

http://www.moneyam.com/action/news/showArticle?id=4626464

Do not seem to be able to cope with what they have already, let alone take on more. lol

Just over 0.5% up.

Guatemala Update

PRNW



9 July 2013



The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000


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 Atzam #4 Well in Guatemala with the following highlights:

- Production underway from the perforated section in the Upper C17 carbonates
(2,846-2,853ft);

- Strong initial production performance - flow rate restricted to 100 bopd on
a small 8/64ths choke, well head pressure of 400 psi, production of 100% oil
cut at 36 - 38° API and no water;

- Operator estimates a flow rate of 1,000 bopd on an open choke based on flow
rates achieved from various choke sizes up to 32/64ths - optimal flow rate to
be established in coming weeks;

- Current flow rate restricted due to limited onsite production storage tank
capacity of 7,000 barrels - currently 3,000 bbls from Atzam #4 produced in
tanks and ready for immediate sale;

- Upgrading of oil storage facilities underway, with negotiations advancing
with offtake parties for current and future production;

- Reservoir pressure testing operations completed - independent reviews
underway to produce updated well reserve report;

- Current Probable Reserve estimate of 2.3m barrels of oil in Atzam #4 well
expected to be upgraded;

- Significant Upside Potential Remains Untested in Atzam #4 - 13ft zone in
Upper C17 with better logs than current producing zone will be perforated and
tested in future production operations;

- Highly Prospective C13 and C14 carbonate zones remain untested above the C17
section, and are the main producing zones in the nearby Rubelsanto Field -
produced over 30 mmbbl to date from 8 wells, 17km from Atzam Field; and

- Operator advanced with Atzam #5 development well design and location - to be
drilled in 2013.

Further details are contained in the Citation Resources announcement, which
can be accessed at:

http://www.citation.net.au/media/articles/ASX-Announcements/20130708-Atzam-4---Project-Update--213/Atzam-4-Project-Update.pdf


Yours faithfully


Peter Landau
Executive Director

Yesterday, Range Resources shared updates from its associate Citation Resources regarding the Atzam #4 well situated in Guatemala. The oil production operations have been started from the perforated section in the Upper C17 carbonates between 2,846 to 2,853 feet with the estimated flow rate of 1,000 barrels of oil per day (bopd) on an open choke, while the optimal flow rates would be determined in some weeks. The current flow rate has been restricted to 100 bopd on a restricted choke and no water. The flow rate was restricted due to limited capacity – 7,000 barrels (bbls) of the onsite production storage tank. Currently, there are 3,000 bbls from the well produced in tanks and ready for immediate sale. The upgradation of the storage facility is also in process of negotiations with the parties for current as well as future production. The reservoir pressure testing is completed. Current reserve estimate of 2.3 million barrels (mmbls) for the Atzam #4 well is likely to be upgraded. However, the upside potential of a 13 feet zone in the Upper C17 in the well remains untested. The carbonate zones C13 and C14 above the C17 section, in the nearby Rubelsanto Field which has produced more than 30 mmbbls from 8 wells to date, remained untested. The operator, Citation Resources, also progressed with the design and location of the Atzam #5 well, which is to be drilled in 2013.

Our view: Achieving an initial production of 100 bopd production despite a highly restricted choke and no water by associate Citation Resources is good news for the shareholders of Range Resources. The Guatemala project had yielded positive results in the testing period in terms of production levels and the oil quality. Citation Resources is set to improve the capacity of its storage tank to accelerate the production levels at Atzam #4 well. The reserve estimate for the well is also likely to be increased, going forward. In addition, the potential of the 13 feet zone in the Upper C17 and the carbonate zones C13 and C14 is yet to be tapped. Separately, the progress of merger with International Petroleum having assets in Russia, Kazakhstan, and Niger with 3P Reserves of 233 mmbbls of oil and best estimate prospective resources of 761 mmbbls of oil and 157 billion cubic feet (Bcf) of gas would help the combined entity to generate even higher production numbers. Given the above, we maintain a Speculative Buy for the stock.





http://www.proactiveinvestors.co.uk/columns/beaufort-securities/13501/beaufort-securities-breakfast-today-including-range-resources-ferrexpo-and-marks-spencer-13501.html

MERGER UPDATE
Range Resources Limited ("Range" or "the Company") notes the announcement released today by International Petroleum Limited ("International Petroleum") and confirms that it has to date advanced US$8 million to International Petroleum pursuant to a US$15 million loan facility as described in the Company's announcement dated 24 April 2013.

The Company confirms that discussions are continuing with International Petroleum in respect of the proposed merger between the two companies and notes that International Petroleum is considering other plans to raise funds in order to satisfy its liabilities. Range will consider its position and any implications for the proposed merger should International Petroleum secure funds from alternative sources, and will continue to update the market with respect to the status of discussions and due diligence as appropriate.

Guatemala Update

uatemala Update - Improved Oil Production Rate of Atzam #4 well

Range Resources Limited ("Range" or "the Company") would like to
draw attention to the announcement released by Citation Resources Limited
(ASX:CTR) on the Atzam #4 Well in Guatemala with the following highlights:

- Atzam #4 well producing at an improved flow rate of 140 bopd on
the same restricted 8/64ths choke from the Upper C17 carbonate section
(2,846-2,853ft)

- Production currently on a restricted 8/64ths choke due to limited
onsite storage tank capacity, until off take contracts in place

- Current flow rate of approximately 140 bopd with a well head
flowing pressure of 360 psi, 38° API oil and no water production

- Operator estimated a flow rate in-excess of 1,000 bopd on an open
choke based on flow rates achieved from various choke sizes up to 32/64ths
since initial production

- Limited onsite storage tank capacity of 7,000 barrels, with over
4,000 barrels produced from Atzam #4 ready for immediate sale

- Negotiations advancing with potential off take parties for
current and future Atzam oil production

- Atzam #4 independent reserve report due shortly- expected upgrade of
initial report with Probable Reserve estimate of 2.3m barrels of oil
based on logging data

- Significant upside potential remains in Atzam #4 untested sections- 13ft
zone in Upper C17 with better logs than current producing zone, and the
C13 and C14 carbonate sections- all yet to be perforated and tested,
to be done in future well operations

- Plans advanced for spudding Atzam #5 in September quarter 2013

Fox Davies Capital

http://www.directorstalk.com/range-resources-fox-davies-capital-3/

Beaufort Securities Breakfast Today including Range Resources and Sula Iron & Gold
By Beaufort Securities
July 23 2013, 8:35am

Range Resources (LON:RRL)

Range Resources announced further updates on the Atzam #4 Well of Gautemalan project, yesterday. The flow rate of the restricted 8/64ths choke from the Upper C17 carbonate section of the well improved to 140 barrels of oil per day (bopd) with a well head flowing pressure of 360 psi, 38° API oil and no water production. The flow rate for an open choke is estimated to be more than 1,000 bopd, however, it remains restricted to 8/64ths choke due to limited capacity of the onsite storage tank. The current capacity of the tank stands at 7,000 barrels, with over 4,000 barrels produced from the Atzam #4 well being ready for immediate sale. Negotiations of the off-take agreements for the current and future oil production from the Atzam well have made progress. Independent reserve report of Atzam #4 is due shortly. The logging data had given a probable estimate of 2.3 million barrels of oil (mmbbls). The spudding plans for Atzam #5 well in September have been consolidated further while the potential of a 13 feet (ft) zone in Upper C17 and the C13 and C14 carbonate sections in Atzam #4 are yet to be perforated and tested. Range Resources holds an indirect stake in the Atzam project through Citation Resources.

Our view: Oil production from Atzam #4 has been upgraded to 140 bopd from initial level of 100 bopd, even as the choke remained restricted at 8/64ths. The off-take agreements have marked a good progress and once the agreements are in place, the company would be in a better position to bring the well to full production levels. The independent reserve report for the Atzam #4 is expected to surpass the earlier estimate of 2.3 mmbbls. During initial testing, the Upper C17 section had produced oil at the average rate of 610 bopd over 24 hours with a submersible pump, substantiating the fact that the untested and un-perforated 13 ft zone in the Upper C17 of the Atzam #4 offers a good upside potential going forward. Citation Resources has also planned to start the spudding of Atzam-5 well in September to target the C13 and C14 sections. These carbonate sections are the major producing zones of the Rubelsanto Field, nearby Atzam. Given these positives and the significant stake of Range Resources in Citation Resources (indirect attributable interest of 23.93%), we are optimistic that the company is likely to derive benefits of higher production by its associate company in the near future. We maintain a Speculative Buy for this stock.



http://www.proactiveinvestors.co.uk/columns/beaufort-securities/13622/beaufort-securities-breakfast-today-including-range-resources-and-sula-iron-gold-13622.html

Merger Update - Potential Sale of Russian Assets

PRNW



24 July 2013

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

Via E-lodgement

Merger Update - Potential sale of IP's Russian assets for cash

Range Resources Limited ("Range" or the "Company") notes the announcement
released today by International Petroleum Limited ("International Petroleum")
announcing that International Petroleum is in negotiations with a third party
relating to the potential sale of its Russian assets for cash consideration,
which Range understands is expected to be between US$120 - 150 million.

In the course of discussions and due diligence in connection with the proposed
merger of the two companies, Range has been informed of the negotiations
concerning the potential asset sale and remains committed in principle to
pursue a merger transaction pending final confirmation of the sale terms.

The Company will update shareholders in relation to the asset sale and merger
transaction in due course.

Peter Landau, Executive Director, commented:

"The proposed asset sale would provide the merged entity with a solid
financial position and balance sheet that will allow the combined group to
advance and develop its production and highly prospective exploration
projects, including Range's core, large-scale production operations in
Trinidad, where we have recently significantly expanded our footprint through
a farm-in with Niko Resources.

We remain extremely positive about the completion of the merger, and bringing
Chris Hopkinson and his strong technical team (who recently spent over a week
in Trinidad with the Range team) on board to complement Range's existing team
in Trinidad, to deliver the Company's aggressive production growth plans in
Trinidad, as well as developing and extracting the full potential of the other
highly prospective projects within Range's and IOP's portfolios."

Yours faithfully


Peter Landau

Executive Director

Guatemala Update
Range Resources Limited ("Range" or "the Company") would like to draw attention to the announcement released by Citation Resources Limited (ASX:CTR) today with the following highlights:

- Range to hold 20% Project Interest and 19.9% Company Interest (net attributable interest 32%);

- Atzam #4 continues to produce between 130-140 bopd on restricted 8/64ths choke;

- Nearly 5,000 barrels of oil produced by Atzam #4 to date;

- Finalising operational plans for two well re-entries and 6 potential new wells on the Tortugas Salt Dome structure for late 2013/ early 2014. Re-entries expected to produce between 200-300 bopd per well;

- Updated reserve report on Atzam #4 well due shortly - expected upgrade to the current Probable Reserve estimate of 2.3m bbls;

- Spudding Atzam #5 development well expected in September; and

- Following success of flow testing of Atzam #4 in excess of 1,000 bopd, decision to proceed with Atzam #5 triggers milestone share issues.

Operational Update Atzam Oil Project:
http://www.moneyam.com/action/news/showArticle?id=4639959

UPDATE: Range Resources increases interest in Guatemala field
By Philip Whiterow July 29 2013, 1:46pm In testing, Atzam #4 has continued to flow at between 130-140 barrels per day on a restricted 8/64ths choke.In testing, Atzam #4 has continued to flow at between 130-140 barrels per day on a restricted 8/64ths choke.

--Adds broker comment--

Range Resources (LON:RRL) will increase its interest in the Atzam project in Guatemala to 32% following a decision to drill a new development well on the field.

Spudding of well Atzam #5 is expected in September. An updated resource statement from Atzam #4 is due shortly and Range said again on Monday it is expected to show an upgrade to the current Probable Reserve estimate of 2.3m barrels.

In testing, Atzam #4 has continued to flow at between 130-140 barrels per day on a restricted 8/64ths choke, with nearly 5,000 barrels produced so far.

Atzam is owned and operated by Latin American Resources (LAR), which, according to Range, is in advanced negotiations with a number of oil companies on short term and long term off-take contracts.

Range’s stake in Atzam was previously just under 24%, comprising a 19.9% stake in Australian firm Citation Resources, which owns 70% of LAR, and a 10% stake of its own in LAR.

Following the decision to go ahead with well #5, Range has executed a debt conversion agreement that will see the transfer of a further 10% interest in LAR to Range from Citation.

In a note to clients Old Park Lane Capital analyst Barney Gray backed the strategy Range is following in Guatemala.

“The ongoing testing programme on Atzam #4 is expected to lead to a reserves upgrade and the drilling of three additional producers over the next few months is likely to boost production significantly.

“With the momentum in Guatemala set to continue, Range is justified in increasing its commitment to the project.”

Range also added it is also working with LAR on two well re-entries and potentially six new well locations on the Tortugas Salt Dome structure, a suspended oil field previously drilled by Monsanto.

The well re-entries on two Tortugas wells, 63-4 and 63-5, are expected to produce between 200-300 barrels of oil per day ( bopd) each of high quality 34° API oil based on historical flow rates and production.

In the mid-eighties, two wells flowed oil at initial rates over 1,500 bopd before they were suspended.