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

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.

Atzam #5 Well –Testing Operations Resume On C18 Carbonate Sections
Citation Resources Ltd (ASX: CTR) (Company or Citation) advises that testing operations are set to recommence on the Atzam #5 well, with the immediate program to be focused on the C18 carbonates located behind production casing above the final casing point at 3,600 feet. The testing program was recently delayed whilst Schlumberger sourced and delivered a larger 7 inch perforation gun from Mexico to location, which has arrived in recent days. The new perforation gun and tools have now been run in the hole on wireline and the next phase of Atzam #5 testing operations are now due to commence.
The larger 7 inch perforation gun will enable more of the targeted carbonate sections to be opened up to the wellbore, to help evaluate the commercial flow rate potential of each zone. The Atzam #5 testing operations will recommence on the C18 carbonate sections, starting from around 3,500 feet, and move up the wellbore to test the prospective sections located behind the production casing identified from the detailed log data. Testing operations have now moved from the open hole section of the well below 3,600 feet where the lower C18 and C19 carbonates were tested during June, which produced hydrocarbon but not in commercial volumes required by the project partners.
The Schlumberger logs analysis, combined with the significant oil shows from multiple zones whilst drilling, detail the commercial potential in the well from the C13 carbonates down to the C18 carbonate structures delineated in the Atzam #5 well. All these potential commercial pay zones will be perforated and tested as part of this ongoing program, until a zone produces at material commercial rates. On success such a zone would then be put on production, like the C17 producing zone in Atzam #4 that continues to produce under natural reservoir pressure at approximately 170 bopd.
Review of the Atzam #5 log data confirms the well has very similar reservoir characteristics to the Atzam #4 well. The full Schlumberger log dataset and associated drilling reports have been provided to the independent reservoir consultants Ralph Davis, who are currently preparing a detailed reserve report for the Atzam #5 well. The Atzam #5 log data also helps confirm the extension of multiple carbonate reservoir sections across the Atzam structure drilled to date.

Independent Atzam #5 Reserves Report

Following completion of the drilling operations at Atzam #5, the Operator ran a full suite of electric logs from the first carbonate sections intersected down to the well’s total depth of 4,025 feet. Leading global oilfield services firm Schlumberger has completed its independent review of the electric logs run across all carbonate sections in Atzam #5. The full suite of logging data and reports from Schlumberger have been passed onto Ralph Davis who are completing a reserve report on the Atzam #5 well and resource estimate for the Atzam Field.

Atzam #5 drilling success indicates upside potential

The Atzam #5 well being drilled close to the structural high of the Atzam Oil Field was confirmed through the intersected depths of primary reservoir sections in drilling operations. On completion of the Atzam #5 well at its TD is running approximately 66 feet high on structure to the Atzam #4 well and approximately 320 feet high to the Atzam #2 well. The Atzam #4 well was previously expected to be sitting on the crest of the Atzam structure and the Atzam #2 well recorded initial flow rates of in excess of 1,000 bopd from the primary C18/19 carbonate sections.