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

Lol! :o)

6 Aug Beaufort... N/A Speculative Buy

I told you so up another 3% lol. :-))

StockMarketWire.com
Range Resources has finalised all documentation for the $30m sale of its Texan assets.

The purchaser has agreed to pay $25m at closing, being on or before 30 August, plus up to a further $5m in royalty payments from future production.

The purchaser has paid a $1m non-refundable deposit to Range in recognition of the previous delays in completing the transaction.

Executive director Peter Landau said: "The finalisation of the documentation for the sale of the Texan asset is a significant milestone and will significantly strengthen Range's balancesheet and allow the company to redeploy proceeds into our highly prospective international assets, including Colombia and the recently announced farm-in with Niko Resources in Trinidad.

"In addition to the proceeds from the sale, we are also in the final stages of completing the reserve based lending facility for Trinidad, which will leave the company well positioned for significant operational growth."

And down it goes.

StockMarketWire.com
Range Resources Ltd has noted the recent weakness in its share price, but said it is not aware of any particular event that would account for this share price weakness.

The company said it is focused on ramping up production from its large-scale operations in Trinidad, where production has increased by over 30% since April, with significant further increases expected as more wells come online and all 6 rigs get utilised simultaneously, following maintenance upgrades.

In addition, well economics have improved with the implementation of the previously announced reductions in overriding royalty rates on the Morne Diablo and South Quarry fields.

Range Resources was also on track to receive the proceeds of $25 million from the sale of its Texas asset by the end of this month, as recently announced.

Range Resources on track for sale of Texas assets

Fri, 16 August 2013


''Surged'' lol . A 3% rise.

Range Resources’ shares surged after saying it remains on track to receive proceeds of 25m dollars from the sale of its Texas assets by the end of August.

The oil and gas producer said it noted the recent weakness of its share price but was not aware of any particular even that would have caused the slump.

“The company remains fully committed to delivering shareholder value from its portfolio of assets and is focused on ramping up production from its large scale operations in Trinidad, where production has increased by over 30% since April, with significant further increases expected as more wells come online and all six rigs get utilised simultaneously, following maintenance upgrades,” the group said in a statement.

The firm added that well economics have improved with the implementation of reductions in overriding royalty rates on the Morne Diablo and South Quarry fields.

The group is in the final stages of completing its reserve based lending facility for Trinidad with key documentation agreed and final completion and draw down expected shortly.

Range also announced that it remains committed to pursuing an acquisition of International Petroleum. The acquisition is pending confirmation of the terms of International Petroleum's proposed sale of its Russian assets for cash.

Shares rose 3.90% to 2.40p at 10:20 on Friday.

Operational update & appointment of new personnel:

http://www.moneyam.com/action/news/showArticle?id=4655001

Summary comment from the boss:
"Peter Landau, Executive Director, commented:

"We are delighted to announce Ash Mangano as the Vice President of Range's Trinidad operations. Ash has deep knowledge of the oil and gas industry and brings with him a wealth of experience within the industry at both corporate and operational levels and will provide valuable experience as we continue to grow our business. Ash will continue to drive and further develop the strategic agenda that we have set out, to generate competitive returns for our shareholders.

As the Company is in final stages of completing significant reserve based lending transaction, we have decided that now is an appropriate time for the Company to seek additional leadership, to take the Company to the next stage of development, where the focus will be on operating the conventional production operations as well as unconventional waterflood projects in order to unlock the enormous potential of our Trinidad assets."

Range Resources makes senior hire; reports solid progress in Trinidad
By Ian Lyall August 22 2013, 8:18am Turning to operations, the company’s next 10 wells have been earmarked for access by the production and work-over rigs.Turning to operations, the company’s next 10 wells have been earmarked for access by the production and work-over rigs.

Range Resources (LON:RRL) coupled news of a senior appointment to its Trinidad business with an update from the island.

The group has hired Ash Mangano as a vice president to work alongside Walter Cukavac, who is chief operations officer.

Director Peter Landau said: “As the company is in final stages of completing significant reserve-based lending transaction, we have decided that now is an appropriate time for the company to seek additional leadership, to take the company to the next stage of development, where the focus will be on operating the conventional production operations as well as unconventional waterflood projects in order to unlock the enormous potential of our Trinidad assets."

Range said it has also engaged a senior reservoir engineer with more than 15 years' experience in enhanced oil recovery projects and reservoir characterization in Trinidad, and has employed three new mud engineers.

In the same announcement Range said it is “continuing to evaluate” the 2013 onshore bid round data package and is preparing its submissions for certain licences being offered.

Turning to operations, the company’s next 10 wells have been earmarked for access by the production and work-over rigs.

Additionally, the QUN16 well is due for reactivation. This will add new reserves and production, while further extending Range’s Lower Forest

trend to the east of the well and establishing a large area for low risk infill drilling.

The firm said it remains on target to have all its six rigs operational in the third quarter.

At the same time work continues towards Range’s farm-in to the Guayaguayare Block, with final agreements expected to be signed this

month.

The Guayaguayare Block represents the largest addition to Range's Trinidad portfolio to date, increasing the company's acreage position by more than 280,000 acres.

It seems they do not have credibility. Why falling?

Whatever good news they say, share rice falls.

Because its the usual boring updates, what is new since last update, nothing, always tomorrow but it's a broken record, people lost interest and don't believe what he has to say, in a nutshell.

Resignation of directors
International Petroleum Limited (NSX: IOP) (“International Petroleum” or the “Company”) announces that Mr Antonio (Tony) Antoniou and Mr Pierre Godec resigned as non-executive directors yesterday with immediate effect.



http://www.internationalpetroleum.com.au/IRM/Company/ShowPage.aspx/PDFs/1538-10000000/DirectorResignations

following rmp now and taking off!!

StockMarketWire.com
Range Resources said following an extensive review at its Georgia project, the targeted hydrocarbon in-place and reserve calculations for blocks VIa and VIb were completed with the results being highly encouraging.

A best estimate of conventional undiscovered oil in place totalled 403 mmbbls, with a range attributable of 181 mmbbls, or 45%. A best estimate of conventional undiscovered gas in place totalled 18.4 Tcf, with a range attributable of 8.3,or 45%.

Coal bed methane reserve estimates suggested proved, probable and possible reserves of 508 Bcf, with a range attributable of 229 Bcf. Estimated total gas in place totalled3.16 Tcf, with a range attributable of 1.42 Tcf, or 45%.

StockMarketWire.com
Range Resources Ltd noted Citation Resources Limited's statement regarding its interest in Guatemala. Range Resources has a direct and indirect 32% interest in the Guatemalan Project.

Highlights included:
- Independent expert recommends Atzam #4 production rate of 466 bopd

- Atzam #4 well production continuing - good quality oil on restricted choke with no water produced to date and ongoing strong natural reservoir pressure

- Updated Reserve Report - Initial 1P reserves of 362,515 barrels for 6 foot producing section alone

- Significant 1P reserve increase expected upon production of additional 7 foot C17 carbonate yet to be perforated

- Atzam oil field 20mmbbl 2C contingent resource estimate being reviewed with Atzam #4 success

- Significant exploration upside on Atzam block - unexplored salt dome and anticline structures

- Atzam #5 development well on schedule to spud in late September

- Construction of new Atzam tank facilities to commence

- Citation fully funded for the Atzam #5 development well and oil storage facility upgrades.

Range Resources (LON:RRL)

Yesterday, Range Resources made a reference to the announcement by Australia-based Citation Resources regarding its Guatemala project. The production rate from Atzam #4 well was recommended at 466 barrels of oil per day (bpd) by independent experts. The production from the well continues with good quality of restricted choke and continuing strong natural reservoir pressure. The initial 1P reserves are estimated at 362,515 barrels from a six feet section. The 1P reserves are expected to be revised further upon production of additional 7 foot C17 carbonate, which is yet to be perforated. 2C contingent resource estimate of 20 million barrels (mmbbl) is also being reviewed post the successful results from Atzam #4. Certain salt dome and anticline structures still remain unexplored at the Atzam block. The spudding of Atzam #5 well is set to begin in late September, as planned. The construction of new Atzam tank facilities is also expected to start soon. Citation is fully funded for the Atzam #5 development well and oil storage facility upgrades, it said. Range has a 32% direct and indirect interest in the Guatemala project.

Our view: Range Resources delivered further good news with regards to the Guatemala project. The independent experts suggested satisfactory production rate for the Atzam #4 well. The February estimates, based on drilling and logging data, had revealed proven and probable reserves of 2.3 mmbbl for Atzam #4. The completion of tank facilities at Atzam, could pave the way for cash inflows from the block, going forward. Citation was on track to start the spudding of Atzam #5 well by end of this month. In other projects, the merger with International Petroleum is likely to provide a major boost to the existing resource base of Range Resources. The best oil and gas estimates, from blocks VI (a) and VI (b) at Georgia, were revealed to the tune of 181 mmbbl and 8.3 trillion cubic feet (tcf), respectively. This highlights the productive potential of the field. Considering the impressive results from multiple assets, we believe there could be a significant addition to its production and revenue base in the near future. We retain a Speculative Buy for the stock.




http://www.proactiveinvestors.co.uk/columns/beaufort-securities/14031/beaufort-securities-breakfast-today-including-range-resources-british-land-and-and-wishbone-gold-14031.html

Transcript: Range Resources Ltd –Peter Landau, Executive Director. 05/09/2013



Question 1: Range Resources (ASX:RRS) primary focus is on producing onshore oil fields in Trinidad. Executive Director Peter Landau outlines the company’s direction for the coming 6-12 months.

Peter Landau: Trinidad has always been our main focus and we have been waiting for two key events to fully finance what we are doing. The first one is the sale of our Texas assets, which has recently been concluded; and the second is the reserve based lending facility which should be concluded in the next week or two. With that in place, we can then basically fully exploit what we want to do in Trinidad.



We have the three blocks plus the Niko farm-in. On the Morne Diablo, South Quarry and Beach Marcelle block, over the next six-12 months there is probably at least 55 wells both new wells in terms of Lower Forrest, Middle Cruz and Lower Cruz. There will be three Herrera’s in addition to 12 deepening of wells in the Beach Marcelle block. There will be the commencement of the waterflood at Morne Diablo and then physical production from the waterflood. There will be commencement of the injectors in to the Beach Marcelle waterflood, production is probably going to be after a 12 month period.



With that plus two wells with the Niko farm-in, it is a pretty significant rollout that we have got going. We aim to increase production from current levels circa 1,000bpd up to –if you include the Morne Waterflood –around 4,000bpd. That’s our six-12 month target based on our P1 and P2 development and doesn’t include any exploration success we have on the Herrera’s or any of the wells we drill on the Niko farm-in.”



Question 2: The Company has entered in to a farm-in with TSX-listed Niko Resources. Can you please take viewers through the key aspects of the deal, and why this is important for Range Resources (ASX:RRS)?

Peter Landau: Two points initially straightaway are geography and geology. Geographically, obviously the block is next door and fits in well with our existing operations and with the Niko block our onshore acreage position puts us definitely in the top three in Trinidad.



Geologically is why you do these things in the first place. They have done comprehensive 3D seismic both onshore and offshore and we think there are four genuine fields to be tested onshore and each of those fields are looking at anywhere from 20-30 million barrels recoverable per field. Then you have the offshore areas which can be drilled from onshore, and they are both oil and the potential for gas as well.

The significance is: one; land acreage, and two; the 3D seismic has been done and we do have the capability of drilling and getting it done in terms of getting those wells completed. More importantly adding to our P1 and P2 reserves.



Question 3: Trinidad is set to announce another round of licensing applications. Is Range Resources (ASX:RRS) looking to apply and expand its footprint further?

Peter Landau: Everyone on the island is in the data room. There are three blocks up, and we are very interested in one of them. End of October is the time period for submissions so we will definitely be putting a bid in for one, if not two, of them.



Question 4: How are discussions revolving around lending facilities progressing?

Peter Landau: It is far more advanced than discussions; our RBL (Reserve Based Lending) has been a significant process. We have had both independent technical visits and reports done on our assets, both corporately and in Trinidad, so we are past that due diligence aspect and it is now just finalising the documentation for drawdown.



Imminent is the best word to use because it has been a longer process but we are almost there and very comfortable that we will be able to drawdown on the RBL, which in addition with the Texas sale will allow us to have sufficient capital –not just for Trinidad but other operations as well.



Question 5: You are developing a strategic alliance with a leading oilfield services provider –can you provide any comment on the progress of this relationship?

Peter Landau: The comment I would want to provide, especially without naming them, is especially with the Niko farm-in we are going to need an additional rig –if not two. The alliance we are looking at is to utilise one or two rigs, additional parts, crew and maintenance. But more importantly instead of just paying for it under a usual contractor/sub-contractor relationship, we are looking potentially for what you would call vendor finance type terms where they would take some risk and be paid out from oil produced from the wells. So either deferred payment terms with a bit of a kicker, or deferred payment based on revenue out of the wells.



It could be a very interesting relationship. The rigs are available, the parts are available, and shareholders are well aware of some of the troubles we have had with existing equipment and the need to bring in parts and fix up our current equipment. We believe the relationship could be very significant as we get our six rigs up and running at one time and more importantly take two of theirs.



- ENDS -



http://hotcopper.com.au/post_single.asp?fid=1&tid=2085107&msgid=12267867

Range Resources: Trinidad news is 'unambiguously' positive, says OPL
By Giles Gwinnett September 16 2013, 11:41am 'After a long period of production decline in Trinidad, there has been a substantial expansion of E&P activity in Trinidad in recent years and this is expected to continue as the government improves the fiscal terms available to companies investing in upstream oil and gas activities,' says analyst Barney Gray, who rates Range a 'buy'."After a long period of production decline in Trinidad, there has been a substantial expansion of E&P activity in Trinidad in recent years and this is expected to continue as the government improves the fiscal terms available to companies investing in upstream oil and gas activities," says analyst Barney Gray, who rates Range a 'buy'.

Range Resources (LON:RRL, ASX:RRS) is in a "strong position" to benefit from the improving fiscal landscape for oil and gas firms in Trinidad and Tobago over the next three years, reckons broker Old Park Lane.

It comes after a budget statement on September 9, which revealed measures specifically rewarding those firms with accelerated exploration and development programmes.

Under the proposals, companies will be able to recover 100% of their exploration costs during the first year from 2014 to 2017.

From 2018, they will be able to recover 50% of their exploration costs in the first year, 30% in the second and 20% in the third.

For development work, the proposed incentives allow for 50% recovery of cost in the first year, 30% in the second and 20% in the third compared to the current system which mirrors recovery for exploration costs.

"After a long period of production decline in Trinidad, there has been a substantial expansion of E&P activity in Trinidad in recent years and this is expected to continue as the government improves the fiscal terms available to companies investing in upstream oil and gas activities," says analyst Barney Gray, who rates Range a 'buy'.

"Range is still awaiting completion of the sale of its Texas assets for which the company has received a $1mln non-refundable deposit and has extended the deadline for the completion of the deal.

"The company will update the market when the balance of the funds has been received. Meanwhile, the news from Trinidad is unambiguously positive and Range is in a strong position to benefit from the improving fiscal environment over the next three years."

Trinidad and Texas Update

http://www.moneyam.com/action/news/showArticle?id=4668477

Range Resources welcomes new Trinidad tax breaks
By Proactive Investors September 16 2013, 8:51am The reforms provide tax incentives for the oil and gas sectorThe reforms provide tax incentives for the oil and gas sector

Range Resources (LON:RRL, ASX:RRS) is poised to benefit from proposed new fiscal incentives introduced by the Trinidad and Tobago government that reward companies with accelerated development and exploration programmes.

The reforms provide incentives to companies that invest in exploration and production, ensuring the oil and gas upstream sector becomes more competitive with higher activity levels.

“We welcome these further incentives proposed by the Minister, which certainly encourage increased development and exploration activities for the upstream companies operating in Trinidad, and in turn further accelerate the production growth in Trinidad,” executive director Peter Landau said.

“Range will be poised to take full advantage of these incentives, as it looks to accelerate both its development and production activities on the existing reserves, along with its exciting intensive exploration programme both internally and in partnership with Niko Resources.”

The new incentives allow for further accelerated capital deductions than the past.

Under the proposed incentives, companies will be able to recover 100% of their exploration costs during the first year from 2014 to 2017.

From 2018, they will be able to recover 50% of their exploration costs in the first year, 30% in the second and 20% in the third.

This compares with the current initial allowance of 20% for tangible and 10% for intangible assets and annual allowance of 20% of cost less IA for tangible and 20% of residual for intangible assets.

For development work, the proposed incentives allow for 50% recovery of cost in the first year, 30% in the second and 20% in the third compared to the current system which mirrors recovery for exploration costs.

Companies will also be able to recover all of their costs for workovers and qualifying sidetracks during the first year.

In addition to these capital allowance proposals, the investment tax credit (being 20% of capital expenditure) against the Special Petroleum Tax is now able to be carried forward into the subsequent year, where previously it was only able to be claimed in the year expenditure was incurred.

Further to its previous announcements, whilst the purchaser of its Texas assets continues to indicate that it is proceeding to complete settlement of the acquisition, Range is still awaiting receipt of the final consideration for the sale of its Texan assets.

Range has agreed to extend the settlement deadline and will update the market when funds are received.