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

Share Trading Update

Further to the Company's announcement released today regarding the voluntary
suspension on ASX, Range confirms that share trading on AIM will be unaffected.

As previously announced, the Company is in the process of appointing two
Australian resident directors to replace the two that resigned from the Board
recently, as part of the requirement under Australian Law and ASX rules.

The Company requested the voluntary suspension on ASX to be in place until it releases
an announcement regarding the new appointments, and expects to make the
announcement before the commencement of trading on Monday, 30 June 2014.

The ASX announcement can be accessed at:
http://www.rangeresources.co.uk/framework/documents/displaydocument.asp?doc=1227.

Range Resources' new management team is 'new beginning' for company

By Sarah Lowther

June 30 2014, 12:53pm



Rory Scott Russell, CEO of AIM and ASX-listed Range Resources (LON:RRL; ASX:RRS) tells Proactive Investors the new management team is the start of 'a new beginning for the company'.

He says investors can look forward to upcoming announcements around funding in Trinidad, divestment of assets and reshaping the company's portfolio to complete the journey the company started with its new strategy.




http://www.proactiveinvestors.co.uk/companies/stocktube/2912/range-resources-new-management-team-is-new-beginning-for-company-2912.html

Wowzers - will we still be alive when they come into fruition??????

Fresh start! A new company presentation.

Posted on 1 July 2014 by Malcy

Range Resources

I had a long meeting with Range last Friday, I wanted to catch up after so many announcements and to ensure that my positive stance on the shares was justified. Also I notice that the company has done a team interview on Proactive Investors, has a conference call scheduled for this morning ( I listened, it was professional) and is presenting at the Oil Barrel conference tomorrow. The confidence that is shown by the management, specifically Rory Scott Russell the CEO, is indicative of how much progress the team has made in a few short months.

When I met Rory for the first time he had only been on board for seven weeks and the scale of the problem was daunting, it should not be underestimated quite how much has been achieved in such a short space of time. I don’t intend to go into detail again, it is all with hindsight obvious, but clearing the debt, the deals with Land Ocean and Abraham and the concentration on Trinidad have set the company up well, new, high quality management is already in place and the goons who got them into this mess should be history. I was lucky to find such a recovery when I did, since the first recommendation the shares have already tripled, the blog now calls it ‘doing a Range’ which is fun. I would finally say that when I first put the shares on the buy list there was an inevitable caveat in the risk factor of it not working, I now feel that I can say that the risk factor has gone to a large degree and that my next target of 5p is very achievable, I hope to be at Oil Barrel tomorrow so see you there.
- See more at: http://www.malcysblog.com/#sthash.aYqxNknY.dpuf


http://www.malcysblog.com/

Cantor Fitzgerald Buy 1.93 1.86 - 3.70 Initiates/Starts

2p beckons.

Range Resources rated 'buy' as Cantor Fitzgerald begins coverage

By Ian Lyall

July 02 2014, 11:58am
Efforts are focused on production in Trinidad, and in particular doubling output there by the end of the year to 1,000 barrels a day, rather than chasing more speculative targets.
Efforts are focused on production in Trinidad, and in particular doubling output there by the end of the year to 1,000 barrels a day, rather than chasing more speculative targets.


Cantor Fitzgerald has started coverage of Range Resources (LON:RRL, ASX:RRS) with a ‘buy’ recommendation and 3.7p a share price target.

The valuation just under double the current share price, which itself is up around 180% in the last three months.

Analysts Emily Ashford is a fan of the new strategy mapped out by chief executive Rory Scott Russell.

He and his team’s efforts are focused on production in Trinidad, and in particular doubling output there by the end of the year to 1,000 barrels a day, rather than chasing more speculative targets.

The group plans to exit the US, Georgia and possibly Colombia.

Ashford is also impressed by its alliance with LandOcean, one of China’s largest oil services company.

LandOcean introduced Range to a new institutional shareholder, which subscribed to US$12mln of shares that allowed the AIM and ASX listed group wipe out its debts.

“With a strengthened core management team, reshaped portfolio, a new strategic alliance and refinanced debt, we believe Range has a revitalised and sensible strategy for shareholder value creation,” the Cantor analyst said in a note to clients.

At 11.55am, the stock was changing hands for 1.98p for a rise of 7%.

2.05p on the offer.

It would read better 20.5p on offer. :-))

free stock charts from uk.advfn.com

DC - true!

Out of auction again +8.3% atm.

Great share.

Huge trading today, perhaps news of sales imminent.

Some of us unfortunately have still got a long way to go!!!!! I don't think I am going to buy any more to get my spread down, think enough is enough but a woman can always change her mine ha!

Excercise of options.

70m plus shares issued.

Range Resources: Renewed, re-invigorated and with a laser focus on production

By Ian Lyall

July 04 2014, 8:33am
If you want to get ahead, wear a hat (a hard hat in this case). Chief executive Rory Scott Russell (centre) and his team discuss the way ahead in Trinidad.
If you want to get ahead, wear a hat (a hard hat in this case). Chief executive Rory Scott Russell (centre) and his team discuss the way ahead in Trinidad.


For those who’ve followed Range Resources (LON:RRL, ASX:RRS) over the last few years, its current incarnation under new chief executive Rory Scott Russell and his team is a world away from what went before.

Gone is the pre-occupation with the speculative. In its place is a laser focus on its assets in Trinidad and doubling production by the year-end to 1,000 barrels of oil a day.

The addition of a new cornerstone investor, Hong Kong-based Abraham Limited, brought in the US$12mln (at a 50% premium to the share price at the time) that was used to repay expensive convertible debt.

While Range has a strategic alliance with Chinese oil services firm LandOcean, which is valued at US$1bn and which is a specialist in water flooding that will help tap 14mln barrels of the Beach Marcelle acreage on the island.

Rather than relying on investors, the group plans to raise debt to develop its producing assets.

“This is a new beginning for Range,” Scott Russell told Proactive Investors.

“Substantially we are a re-launched company with a new management and a new strategy.”

That new management includes chief financial officer Nick Beattie, former managing director of bank BNP Paribas upstream oil and gas team, and exploration chief William Duncan, a 30-year veteran who previously led operations in Libya and Trinidad.

The aim is to bring the big company experience and discipline to a small firm – but without the overheads.

Initially, the plan is to increase production to 1,000 barrels.

The potential is there on the producing Morne Diablo, South Quarry and Beach Marcelle licences it bought in 2011.

A shallow well might take 10 days to complete and be ready for production in another week.

Okay, the initial production rate might be 20-75 barrels a day with a fairly steep decline. However, the well pays for itself in a couple of months.

With 12 of its own rigs on hand, the costs can range from a barely believable US$150,000 a well to perhaps US$750,000 for a deeper hole.

Moreover, Range has identified 175 targets that it can drill over the next three years.

The increasingly benign fiscal regime means that the economics of Trinidad soon start to stack up.

A back of the envelope calculation suggests that even at a rather a pessimistic US$15 a barrel ‘netback’ the group should be close to covering its costs at 1,000 barrels a day.

Analysts suggest the netback is more likely to be US$16-25 a barrel.

Scott Russell won’t be tied down to a longer term target, principally because he isn’t sure just how much money he will be able to secure as debt.

But it is fair to say 2,500 barrels looks like an achievable near-term target.

Range isn’t totally devoid of excitement – even though management’s mantra is that “boring is the new exciting”.

In the last round it picked up the St Mary’s Block and it is farming into Niko Resources’ Guayaguayare acreage on the south-east coast of Trinidad.

With this acreage position and P2 reserves of 22mln barrels, Range has come from nowhere to be the biggest private onshore operator on the Caribbean island.

“It means we are uniquely placed to take advantage of the incentives and the opening up of the onshore to international investment,” said Scott Russell.

“Big capital allowances are there that improve the fiscal terms and provide incentives to companies like ourselves.”

Outside Trinidad, Range has been involved in drilling two wells in Guatemala. Atzam-4 well was a discovery which is currently producing around 150 barrels a day and the Atzam-5 well is currently undergoing production testing.

Guatemala is one of the diverse set of assets the team inherited, but along with its holdings in Colombia its status in the portfolio is under review.

The group plans to exit Texas and the Republic of Georgia. For both assets the divestment process is already underway.

Meanwhile, Puntland, formerly the source of a great deal of excitement for followers of Range, will be retained.

“It is potentially high upside onshore acreage and the operator (Horn Petroleum) is very good. It is low cost to keep it going, so why wouldn’t we?” asks Scott Russell.

The shares, currently changing hands for 2.2p each, are up around 80% since Scott Russell joined in February this year.

But with a price target of 3.7p a share, Cantor Fitzgerald believes there is further significant upside.

“Range’s interest in Trinidad represents a low-risk, low-cost, high-profit production asset base, with exploration upside and potential for enhanced recovery. In our view, the reservoirs are shallow and well understood with geological risk being virtually zero, given the volume of historical drilling in the region.”,” said analyst Emily Ashford.

Result of meeting

RESULTS OF GENERAL MEETING

In accordance with Listing Rule 3.13.2, it is confirmed that the following
resolutions put to the General Meeting of Range Resources Limited, held on 11
July 2014, were passed on a show of hands:

Resolution 1 - Approval of Issue of Shares and Options

Resolution 2 - Ratification of Prior Issues under Financing Agreements

Resolution 3 - Approval for Share Placement


In addition, information required to be disclosed by the Company in accordance
with section 251AA of the Corporations Act is also attached.

A copy of the Notice of Meeting can be found on the Company's website.