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

Broker spotlight - Meanwhile, broker Cantor Fitzgerald is upbeat on London and Aussie listed oil firm Range Resources (LON:RRL) today, rating it a 'buy', targeting 3.7p.

The firm revealed it was set to draw a line under its US$8mln loan agreement with International Petroleum (IOP).

Range’s management team continues to focus on clearing-up all outstanding issues left by their predecessors and that this solution for IOP recovers as much value from this situation as possible, said the broker.

“With IOP’s market cap at A$71m (prior to the suspension of trading), 9% of the share capital should be worth A$6.4m, but there are still significant milestones to pass (including the sale of assets) until this can be realised.”

Malcy's blog - Range Resources (LON:RRL)

More news today from Range as the restructuring continues, this time it is the long term fallout from the disastrous IOP bid coming back to haunt them. Range have quite correctly decided to try and get something out of this deal that is better than nothing and actually this looks better to me than I was expecting. Knowing that the $8m loan was not going to be repaid - it is already overdue- Range has extended the date to November 2014 at which stage it will hope for $500/- in cash and the rest will be converted into a 9% holding in IOP. In addition there are 5m IOP options exercisable at 6c for 24 months for good measure. This deal is eminently sensible, if IOP is as bust as it looks the loan would have been no good anyway and if it rises like Lazarus then they will capture a good part of the upside. It does however, show us just how much work the new management team has had to do in only six months at the helm for which they should be given a great deal of credit

Resignation of Director

Atzam 5 Well Update

PRNW



15 August 2014

ASX Code: RRS
AIM Code: RRL


Atzam 5 Well Update

Range Resources Limited (`Range' or `the Company')

Range notes the announcement released by Citation Resources Limited (ASX: CTR)
on the Guatemalan Project.

Investors are encouraged to read the full announcement, which can be accessed
at:

http://citationresources.com.au/media/articles/ASX-Announcements/20140815
Atzam-5-Testing-Update-and-Appendix-3B-305/
2014-08-14-Atzam-5-Testing-Update-and-Appendix-3B.pdf

Range has direct and indirect 24% interest in the Guatemalan Project.


Yours faithfully


Rory Scott Russell
Chief Executive Officer

15 August 2014
ASX Announcement
Atzam #5 Testing Program Continuing – Key Intervals Remain To Be Tested

http://citationresources.com.au/media/articles/ASX-Announcements/20140815-Atzam-5-Testing-Update-and-Appendix-3B-305/2014-08-14-Atzam-5-Testing-Update-and-Appendix-3B.pdf

AIM is fundamentally flawed

Perhaps the most important lesson is to recognise that AIM is fundamentally flawed. If a company’s directors wish to lie there are very few genuine safeguards in place to expose this. The Nomad system is a complete contradiction. How on earth are we meant to believe that regulatory overseers will be rigorous in pursuit of their tasks, when the people they are meant to oversee are the same people that pay their fees?

Whoever devised the Nomad system is either one of the most trusting fools ever to have lived or was blindly naive to the nefarious and rapacious ways of the City. The sooner it is scrapped the better.

If you accept the basic truth about AIM, this should hopefully make you aware of the risk that you are lied to on a regular basis, even through RNSs and official “audited” company accounts.

If the directors of a company are caught telling lies or withholding information, ditch the stock

Trust is the rarest, most precious and easily lost commodity on AIM. If the company you own shares in is ever caught telling a lie in official communication or withholding information, you should make a beeline for the exit. Lies of omission are equally bad. If the company refuses to answer difficult questions, there is only one conclusion that can be drawn.

The temptation is to view such instances as “one of those things”. This is a huge mistake. If a company director is caught in a lie, you should be greatly concerned what other nasty untruths might be lurking out there.

Consistently missed operational targets are the biggest warning sign

This applies to far too many companies on AIM, especially in the resource arena.

The implication of consistently missed operational targets has to be one of the biggest blind spots private investors have. When a company repeatedly fails to deliver what it says it will deliver, this should act as a red flag, signalling it’s time to head for the hills.

One of the main reasons why many directors of companies on AIM are quite content to miss targets is they recognise their businesses stand little to no chance of ever being commercial successes. Sadly there are also those listed “businesses”, which are little more than worthless paper selling enterprises, coated in the veneer of respectability afforded by an official stock market listing. In both instances directors are quite happy to string shareholders along for as long as possible, while enriching themselves at every turn.

Consultancy agreements, dodgy off take arrangements, discounted placements to friends and related parties, option agreements, opaque borrowing facilities, inflated asset purchases, deflated asset sales; there are so many ways to make money out of an AIM stock beyond officially recorded director fees.

You might think this is a conspiracy theory, but consider carefully any stocks you own which have never lived up to expectations and then take a careful look at the number of financial transactions the company has been in and also their complexity. The more transactions there are, the more you should be concerned about the fundamentals your company is based on. This is especially true if the financing arrangements are quite intricate. If it is unclear who the beneficiaries are and how much they stand to gain, the chances are this is not a stock being run in the interests of shareholders.

Appointment of Director

Range Resources closer to loan settlement

By Jamie Ashcroft

September 08 2014, 4:37pm
Range Resources closer to loan settlement

Range Resources (LON:RRL) revealed it has moved closer to settling a loan to International Petroleum (NSX:IOP) after the latter’s shareholders approved a disposal of assets in Russia.

IOP’s shareholders also approved the issue of shares to Range to satisfy the settlement of the loan, and all that is left to clear the matter is the release of the Russia assets to the buyer.

At the same time Range relayed an announcement regarding the Atzam project in Guatemala, where Citation Resources intends to evaluate the potential for commercial oil production via ‘acid wash’ stimulation processes.

Citation will start with an acid wash of the C18 interval in the Atzam 5 well, and if that section cannot produce at commercial volumes the programme will next test C17.

Cantor Fitzgerald Buy 1.56 1.55 3.70 3.70 Reiterates

Range Resources - Cantor pleased with ‘key milestones’ towards loan recovery

By Jamie Ashcroft

September 09 2014, 12:40pm
Cantor repeated a ‘buy’ recommendation and a 3.7p price target after Range yesterday announced that it has moved closer to settling the loan.
Cantor repeated a ‘buy’ recommendation and a 3.7p price target after Range yesterday announced that it has moved closer to settling the loan.


City broker Cantor Fitzgerald said it is pleased that key milestones have been reached in the recovery of Range Resources (LON:RRL) loan to International Petroleum.

Cantor repeated a ‘buy’ recommendation and a 3.7p price target after Range yesterday announced that it has moved closer to settling the loan.

It confirmed in a stock exchange statement that International Petroleum’s shareholders has approved a disposal of assets in Russia and also approved the issue of new shares to Range.

All that is left to clear the matter is the release of the Russia assets to the buyer, Range added.

At the same time Range relayed an announcement regarding the Atzam project in Guatemala, where Citation Resources intends to evaluate the potential for commercial oil production via ‘acid wash’ stimulation processes.

Citation will start with an acid wash of the C18 interval in the Atzam 5 well, and if that section cannot produce at commercial volumes the programme will next test C17.

StockMarketWire.com
Range Resources has confirmed that its Annual Financial Report for the year ended 30 June 2014 will be published on Tuesday, 30 September 2014.

Shares suspended.

"pending an announcement". They have found a stack of out of date Tesco food in the fridge which was part of their inventory!

StockMarketWire.com
Range Resources has noted the recent movement in the Company's share price and said that it was aware of related market speculation.

As previously announced, the Company confirms it is continuing to explore various financing options (which may result in financing of up to US$15 million) and will make a separate announcement should any material financing agreement be formally signed.

Portfolio Update

RNS


RNS Number : 8452S

Range Resources Limited

29 September 2014






ASX Code: RRS

AIM Code: RRL

Range Resources Limited ('Range' or 'the Company')



Portfolio Update



Colombia



In line with the previously stated strategy of portfolio rationalisation and the Company's focus on Trinidad, Range has made a strategic decision to refocus its Colombia portfolio to fully-carried positions on three exploration assets, and will not be proceeding with a farm-in option for the PUT-6 block in the Putumayo basin, given the high cost work commitments associated with the block. This strategic exit follows a previously announced withdrawal from PUT-7 block (see announcement on 9 May 2014).

Instead, the Company will focus on its fully-carried 10% interest in three exploration blocks, PUT-5, VMM-7, and VSM-1, following the finalisation of a Joint Operating Agreement ("JOA") with the blocks' operator, Optima Oil Corp ("Optima"), a private oil and gas company (80% interest) and Petro-Caribbean Resources Ltd (10% interest). These interests were secured as a result of having assisted Optima in successfully bidding for these three licences, by Range being a registered operator in Colombia.

These interests will enable Range to maintain a presence in Colombia for future growth, at minimal cost. The three blocks are found in mature basins of the Putumayo and Magdalena Valley and hydrocarbon accumulations are found in the vicinity of each block.

Optima will bear and pay 100% of all costs and expenses incurred up to production under the JOA. The initial exploration term expires in December 2015 during which time 2D seismic and one exploration well needs to be drilled on each block. The operator is currently working towards fulfilling the Phase 1 work programme commitments.

PUT-6 Performance Bond

In 2012, Range provided US$3.48 million cash to secure the issuance of a performance bond in support of the minimum work commitments for the PUT-6 block. This cash is held by a bank in Colombia as collateral for the bond issued in favour of Colombia's National Hydrocarbons Agency (ANH). Given that Range will no longer be pursuing an interest in PUT-6 licence, the Company has decided it is appropriate to write-off this cash along with the investment made to date in the block in the upcoming financial accounts.

Whilst it is disappointing to write-off this cash, it should be considered in light of the substantial commitments significantly in excess of this amount which would have been incurred should Range have elected to earn the farm-in option through funding the required work programme for the block.

Puntland Offshore

Given the Company's strategic focus on onshore assets, the Company will not be pursuing any formal agreements relating to potential offshore blocks in Puntland. This doesn't change the Company's strategy in respect of its 20% non-operated onshore interests, which Range intends to continue to hold.

Rory Scott Russell, CEO, commented:



"To minimise our cost exposure on all fronts, we have taken pragmatic steps to exit our position in PUT-6 and PUT-7 blocks, where the work programme would have been very expensive for Range, so I am particularly pleased that we will maintain our exposure to Colombia at minimal cost.



We are excited to maintain a presence in both the Putumayo and Magdalena Valleys in Colombia with considerable and diverse exploration and appraisal potential. Having a full carry on the three blocks through to production significantly reduces our spending commitments and allows us to benefit from the value created by our local partners.



While our efforts remain focused on our unique position in Trinidad, we continue to review our portfolio to ensure a balance of production, development and selective onshore exploration. With that in mind, the Company will not be pursuing further any entry into the Puntland offshore and any associated high cost, high risk exploration work commitments.



We remain committed however, to our prospective onshore acreage in Puntland, and continue to work with the operator Horn Petroleum Corporation and the authorities to come to an agreement on the timing and level of future activities in this onshore oil exploration project."

ah well
gla

Annual Financial Report

http://www.moneyam.com/action/news/showArticle?id=4894365

Range secures up to US$15 million loan financing


Range secures up to US$15 million loan financing

Range is pleased to announce it has signed a loan agreement for up to US$15 million in medium-term financing with Lind Asset Management, LLC, a New York-based institutional investor managed by the Lind Partners, LLC (together, "Lind").

The proceeds will primarily be used to invest in the Company's rig fleet, accelerate development drilling of the Trinidad portfolio and for general working capital purposes of the Company.

Off 25% not good.

OIL COLUMN - Range Resources chief draws the line here
By Jamie Ashcroft
October 04 2014, 7:00am The US$15mln financing deal unveiled by Range Resources (LON:RRL) will start to put right years of under investment in the company’s Trinidad operations, according to chief executive Rory Scott Russell.

Speaking with Proactive Investors Scott Russell said Tuesday’s results and the financing represents a final line in the sand between Range and what he hopes will be viewed as legacy problems.

“We’re drawing the line here. We had to get everything out there warts and all (the annual results). There’s no more talk of a new beginning after this.”

Scott Russell says steering the company in the months since taking over, in February, has been quite a challenge but now he is confident that the group’s difficulties can be overcome and the business will be able to move forward on a more cost efficient basis.

“Really the problem has simply been years of under investment, something which the secured financing addresses. It is not like we’re trying to drill something that might not exist or having to downgrade reserves or lost a licence or something like that.

“The production target is a few months delayed, mainly because it took longer to find the appropriate financing.

“But, despite the disappointment, the encouraging thing is we’ve got a profitable business here.

“Our Trinidad business was profitable on an EBITDA basis generated positive net operating cash flow, which highlights the underlying strength of our Trinidad business and the potential that exists to grow.

“There are a few profitable AIM businesses out there, and I hope we’ll soon be recognised as being one of them.”

New York based investment group Lind Asset Management is lending Range up to US$15mln, starting with US$10mln which can be added to in about six months’ time. Range will have the option to either repay Lind in either cash or shares, and the repayment amount for full US$15mln loan will total US$18.375mln.

Range also reported a US$65mln loss from continuing operations - it made non-cash write-offs totalling US$24.5mln and revealed US$22mln of finance costs.

The gross loss for the year was US$3.2mln.

Scott Russell expects Range’s rigs will soon be turning around the clock in Trinidad, following the investment into the fleet, and as a result he expects production to ramp up to the 1,000 barrel a day target in the first half of 2015.

Once there, the operation will be approaching something close to optimal performance with improved cost management enhancing cash-flows further.

“Our costs are going to be much slimmer. It is a case of building a strong business. So now, with the financing secured our first priority is to get rigs working to full capacity, and we’ll start improving production.

“What this financing will enable us to do is really kick start production growth now.

“We could’ve gone for bigger numbers [in the financing] and all kinds of different structures, but after we undertook a detailed review of all available options, we firmly believe that this facility is the most appropriate and attractive option for us at this moment in terms.

“It provides the company with flexible, medium-term financing can be repaid at any time and has limited security most importantly with Trinidad remaining unencumbered.

“Our problem was not about oil, we have plenty of oil. It has just been a question of financing. Without enough money we couldn’t really do anything.

“Now it’s all down to the delivery.”

- FIRST PUBLISHED OCTOBER 1 -