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

Maybe Range should start digging for potatoes then 3M!

They might be better at it kim.

Beaufort Securities -


Range Resources (LON:RRL)

Further to its announcement on 15th May 2014, Range Resources announced successful securing of a US$12m subscription proceeds from Abraham Ltd. In return, Abraham Ltd would be issued 356.2 million fully paid shares of £0.01 each, totalling US$6m, in the first tranche of placing. These shares are expected to start trading on the AIM from 6th June 2014. The second tranche of share issue at £0.01 each would be subject to shareholder approval, failure to which would lead to repayment of the remaining US$6m to Abraham Ltd. Range intends to utilise the funds for repayment of its existing debt and for the general working capital requirements. The stock climbed 8.5% in yesterday’s trade.

Our view: This latest round of successful funding, for up to US$12m, is in addition to the recent placing of 25 million shares at US$0.01 per share. These funds are likely to bolster the progress of the company’s ongoing work programme. The recent appointment of Mr. Nick Beattie, with over 20 years of experience in finance and prior exposure to the oil & gas industry, as the new Chief Financial Officer (CFO) also bodes well for Range. Meanwhile, with the farm-in agreement with Niko Resources and clearances for several drilling operations at the Beach Marcelle project, Range continues to develop onshore Trinidad oil assets. Last month, the company had also entered into a memorandum of understanding (MoU) with China’s LandOcean Energy Services for the development of international oil and gas projects. Considering these positives and the ongoing fiscal incentives in Trinidad and Tobago, we maintain a Speculative Buy rating on the stock.

Range enters into Integrated Master Services Agreement with LandOcean
Range is pleased to announce that, further to the announcement on 22 April
2014, the Company has entered into an Integrated Master Services Agreement with
LandOcean Energy Services Co Ltd ("LandOcean") (SHE:300157). The agreement
provides Range with an extremely capable and technically sophisticated
preferred services provider. In addition, Range and LandOcean have agreed a
financing package of up to US$50 million.

Integrated Master Services Agreement
According to the Integrated Master Services Agreement ("IMSA"), LandOcean will
act as the preferred services contractor (subject to all tendering and
procurement rules) for Range for oilfield services including geoscience,
engineering, procurement and construction. Services provided under the IMSA
will be agreed in individual purchase orders as the need for services arises.
LandOcean will work for Range as a contractor on a "net cost plus" basis to be
agreed in each Purchase Order. In addition, where services under a purchase
order have been provided and have directly resulted in increased production for
Range, LandOcean will be entitled to an incremental production bonus share of
Range's after costs and capital expenditure. This incremental production bonus
structure ensures LandOcean are incentivised to maximise production and cash
flows for Range. The IMSA will last up to eight years and could cover a total
contract value of up to US$400 million over this period.

Optional Financing Package
In addition to the services agreement LandOcean will also provide Range an
option to take up to US$50 million of financing. The financing is available
primarily to pay for LandOcean's services but can be used for other purposes if
the two companies agree. The US$50 million will be made available in tranches.
The first US$20 million tranche will be subject to interest at 10% per annum,
with first interest payment due on the first anniversary of drawdown. Capital
repayments will start after two years and will be paid equally over the next 36
months. The terms of additional tranches will be the subject of further
agreements between the respective companies.

First Purchase Order
Under the IMSA, Range and LandOcean have entered into the first purchase order
to draw down US$5 million of services from LandOcean. These services include a
wide ranging geological and engineering study of secondary recovery projects
(including waterflooding) in the Beach Marcelle, Morne Diablo and South Quarry
fields in Trinidad.

Company Update

Range is pleased to provide a Company update with the following highlights:

* As a result of the recent debt repayment, the total outstanding debt of the
Company is forecast to reduce from $US10.5 million (as reported on 30 April
2014) to approximately GBP 75,000 by the end of June 2014.

* The Company's equity interest in Citation Resources Limited (ASX: CTR) has
reduced to 6.67%. Following this change, Range will have a direct and
indirect interest of approximately 24% in the Guatemalan Project
(previously 32%).

Debt Repayment

Following completion of US$12 million financing (see Announcement on 29 May
2014), Range utilised the funds to repay the Company's debt and is pleased to
provide details on its debt repayment progress.

The Company has agreed to pay a total of approximately US$7.4 million to repay
outstanding debt with Platinum Partners, Yorkville and a syndicate of
Australian investors, out of which US$6.7 million has already been paid with a
remaining final payment of approximately US$0.7 million to be paid to the
Australian syndicate prior to 30 June 2014.

The remaining lenders, Hudson Bay and a US based institutional investor, which
had outstanding loans of AU$250,000 and GBP 210,000 respectively, continue to
be repaid through the conversion into equity rather than cash, as permitted
under their respective loan agreements. As a result, the AU$250,000 loan with
the US based institutional investor has been fully repaid and converted into
27,777,777 shares. The outstanding GBP 210,000 loan with Hudson Bay Master Fund
was partially converted (through the issuance of 23,333,334 shares and
11,666,667 unlisted options - please refer to Issue of Shares at the end of
this announcement). The current outstanding loan balance with Hudson Bay Master
Fund is GBP 75,000 and this loan expires on 13 September 2015.

The total remaining outstanding Company debt has therefore reduced from $US10.5
million (as reported on 30 April 2014) to approximately GBP 75,000 after final
payment of approximately US$0.7 million to be paid to the Australian syndicate
prior to 30 June 2014.

As part of the original debt agreement, Platinum Partners held 100 million
Range shares along with 100 million shares Range held in Citation Resources
Limited (ASX: CTR), as collateral for the loan. Range has agreed with Platinum
Partners that the lender is not required to return to the Company these shares,
as part of the loan settlement. This arrangement has, therefore, allowed the
Company to fully repay the loan for a reduced cash payment and provides the
Company with additional liquidity to fund its Trinidad commitments and for
on-going general working capital.

Interest in Citation Resources Limited

As a result of the transactions detailed above, the Company's equity interest
in Citation Resources Limited (ASX: CTR) which holds interest in the Guatemalan
Project has reduced to 6.67%. A Form 604 - Notice of Change of Interest of
Substantial Holder advising of the change in shareholding has been lodged with
the Australian Securities Exchange today.

Range retains its 20% interest in Latin American Resources, which holds an 80–
100% interest in the Guatemalan Project.

Following this change in Citation Resources Limited shareholding, Range will
have a direct and indirect interest of approximately 24% in the Guatemalan
Project (previously 32%).

Commenting on today's announcement, Rory Scott Russell, CEO, said:

"We are pleased to have reached agreements with our various lenders to repay
the expensive corporate debt which has diluted the Company's equity over recent
months. The Company has been able to achieve these repayments as a result of
the US$12 million equity financing which completed last week. The agreements
reached allow the company to maximise its cash position to fund development
work on its core Trinidad assets as well as retain cash for other corporate
purposes. Substantially removing this expensive and dilutionary debt is an
important step as we continue to focus on our operational and long term
financing objectives."

more.....

Meet Range Resources’ new CEO

if you didn’t take the opportunity it might never come again


http://www.trinidadexpress.com/business-magazine/Meet-Range-Resources-new-CEO-261756371.html

Back above the 200ma for now.

showing green shoots. :-))

The skys the limit.

Only just a tad overbought then :O) Question is will I be alive when it gets back to 9p?

New Range buyers 'will do very well'


Tue, 10th June 2014 - 12:17

http://www.iii.co.uk/tv/episode/new-range-buyers-will-do-very-well

Be hard to do any worse DC :O)

lol . I thought you were going to say what about the old timers.

Changes to the Board of Directors

PRNW



13 June 2014

ASX Code: RRS and AIM Code: RRL

Range Resources Limited

("Range" or "the Company")

Changes to the Board of Directors

As part of a corporate restructuring initiative, Range announces the
resignation of Mr. Peter Landau and Mr. Anthony Eastman from the Board of
Directors, effective immediately.

The Board has initiated a recruitment process for two Australian Directors to
replace the outgoing Directors, as required by the listing rules of the
Australian Stock Exchange.

Commenting on today's announcement, Sir Samuel Jonah, Chairman, said:

"I would like to thank Peter and Anthony for their dedication and contribution
to the Company. On behalf of the Board, I wish them all the best in the future.

I am also extremely pleased that Range now has a new executive team with a very
focused strategy to increase production from Trinidad, rationalise the
portfolio and create value for its shareholders."

Yours faithfully


Sir Samuel Jonah

Chairman

At long last PL being replaced. The sp may well make grounds now. :-))

The pay zone - Range Resources (LON:RRL) – 2 cheers hooray…

Having not touched this stock for years I seem to be writing about it a lot at the moment but only as announcements are coming thick and fast. It is tempting to say that this one is the best of them all but clearly sorting out the debt and so on does take precedence. Having said that I am sure that the cheers from the Range shareholders will be louder than on Coca cabaña beach last night as two directors associated with the past have left the company, my BUY recommendation remains bang on target as the new brooms continue to sweep.

Might we get some straight talking now? :o)

Lol.

Very good skinny!