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

Company Update

Company Update

· Secured US$60 million equity based financing from Core Capital to strengthen Range's balance sheet;

· US$50 million credit facility secured for Trinidad waterflood, exploration and development programmes;

· Appointment of Chief Executive Officer and Non-Executive Chairman; and

· Range will fully exploit and develop the potential of the Trinidad assets with the US$110 million total financing package.

http://www.malcysblog.com/

Range Resources

I suspect that this will be the last mention of Range in the blog as with todays announcement the death knell sounds for Range at 0.8p. Last week I suggested that shareholder apathy had handed the company over on a plate and received a torrent of abuse but when the vote was 14%-12% as it appears to have been, then most of the shareholders vicariously signed their own death warrant.

Today sees Core Capital injecting up to $60m into the company in equity and debt which will give them up to 47.4% of the company on conversion. Fellow Chinese service company LandOcean will provide a credit facility for work they will do in Trinidad.

I might be totally wrong here but this looks like a back door takeover at a price that previous management not only would never have agreed to, but were not given the chance to demonstrate could be achieved. I know many holders will say that they did vote at the AGM but the facts say something else altogether, once again be careful what you wish for…

Sale of non-core Texas assets
Range is pleased to announce the signing of a Sale & Purchase Agreement for the disposal of 100% of Range Australia Resources (US) Limited which holds the Company's interests in the East Clarksville and North Chapman Ranch projects in Texas (the "Texas assets") to Citation Resources Limited ("Citation"). Citation is an ASX-listed oil and gas company, which together with Range holds interests in oil production and exploration assets in Guatemala.

The total value of the consideration for the transaction is approximately AU$1.7 million (approximately US$1.4 million), comprised of a AU$500,000 cash payment to Range, a carry on the Guatemalan assets to the value of AU$830,000, a forgiveness on monies owed by Range to Citation to the value of AU$189,000 and 200 million new ordinary shares in Citation Resources (representing a market value of AU$200,000 on valuation as at the last traded price on 22 December 2014).

The deal also releases Range from its imminent spending commitments in Texas, which are estimated at US$0.9 million based on the Operator's Authorisation of Expenditure (AFE).

The strategic focus remains firmly on Range's unique asset position in Trinidad, and rationalising non-core assets. The Company has been actively marketing its assets in Texas for some time and as a result of an asset impairment review completed during the year, the carrying value of the Texas assets was written down to US$1 million. The agreement reached maximises the sale value, and releases Range from imminent spending commitments in both Texas and Guatemala amounting to more than US$1.5 million.

Retaining an equity holding in Citation will allow the Company to benefit from any upside generated by new development drilling in the Texas assets while removing any further spending commitments in the project.

Terms of the sale agreement:
· Citation will pay Range AU$500,000 cash at completion;

· Citation will, on behalf of Range, pay Range's remaining finance carried obligations in relation to the Guatemala Assets which are approximately AU$830,000;

· Citation will waive the current amount owing from Range of AU$189,263, which Range owed as part of the previous expenditure in Guatemala;

· Citation will issue to Range 200 million ordinary Citation shares. Range will receive100 million Citation shares at completion, and a further 100 million Citation shares within eight weeks of completion. Range shall not be permitted to sell any of the first tranche of Citation Shares issued pursuant to the Sale Agreement until 7 February 2015;

· Following the transaction, Range will hold approximately 13% equity in Citation, which in turn provides a 28% direct and indirect interest in the Guatemalan project;

· Range has the right to appoint one Director to the Board of Citation, provided that Range holds a minimum of 100 million Citation shares; and

· Completion under the sale agreement is due to occur within three business days after the signing. The Company will release a separate announcement upon completion.

truly amazing - what was it a 3 or 5 year wait to flog texas - for what - sold for peanuts - incredible
gla

Someone , without naming names should be behind bars for this -

ha ha lol yes

http://www.moneyam.com/action/news/showArticle?id=4950203

Trinidad Update
Range is pleased to provide a Trinidad update with the following highlights:
o Range and LandOcean are finalising proposed plans for extended waterflooding of Range's Trinidad licences, with subsurface studies successfully completed;

o The next key step in the waterflood programme will be commencement of surface studies which will include well integrity surveys and sourcing injection water;

o Forecasts indicate oil production could exceed 3,000 bopd for the Beach Marcelle waterflood project;

o The Company has received all environmental and government approvals to proceed with the Morne Diablo waterflood expansion project;

o Funding for the waterflood projects has been secured through US$50 million credit facility with Sinosure (as announced on 11 December);

o Dr. Wang Guohui, a deputy General Manager of LandOcean with over 25 years of experience in oilfield production analysis and management, has been appointed as LandOcean's Head of Trinidad project to complement Range's Trinidad team;

o Following a review of its business plan, Range's Board has determined that the drilling business does not fit with the strategy of the E&P Company and the time and resources will be best spent on efficiently running its upstream assets;

o As a result, Range has agreed to sell its Drilling Services Company in Trinidad for total cash consideration of US$7.2 million and these proceeds will be invested primarily into development of our core Trinidad assets; and

o The Drilling Services Company will continue to provide full oilfield operations services to Range in Trinidad, to accelerate Range's planned development and exploration drilling programmes.

looks to be a similar set up now as LGO.

Company Update

Only bit of interest? -

"Lind Financing Update

As announced on 11 December, pursuant to the Company's US$15 million loan facility provided by Lind Asset Management, LLC ("Lind"), the Company has made an undertaking to Lind that, to the best of its ability and subject to AIM and ASX listing rules, the Company's Shares will not be suspended from trading on either the ASX or AIM market for more than 5 days, commencing from the execution date of the loan facility agreement. With the recent suspension, the Company has fully utilized these allowed days and subsequently provides Lind with certain additional rights under the agreement, including the ability to demand re-payment of the loan. At present, US$5.5 million under the Lind facility has been drawn down in two tranches, US$5 million at completion date (17 October 2014) and US$0.5 million (20 November 2014). Under the facility the company has issued 96,440,891 ordinary fully paid shares (38,000,000 collateral shares issued on 17 October 2014 and 58,440,891 first repayment shares on 18 November 2014). The initial facility has a face value of US$7.25 million.

To date, the Company has not received any demand notification to call the loan in accordance with the default provisions. Range is currently in discussions with Lind however, there remains uncertainty on the outcome of such discussions and at present the Board has yet to receive sufficient comfort that Lind will not issue a demand for repayment in the short term. Given the uncertainty over the Company's financial position should such a demand for repayment be made, the Company will remain in suspension until such time as an agreement is reached with Lind, or the Company has sufficient alternative financing to repay the Lind facility in full."

Company Update
RNS
RNS Number : 1872C
Range Resources Limited
14 January 2015



Company Update



Lind Financing Update



Further to the Company's announcement on 7 January 2015, regarding US$15 million loan facility provided by Lind Asset Management, LLC ("Lind"), Range has now received a letter from Lind seeking repayment of the full outstanding amount under the facility no later than 15 January 2015. The initial facility has a face value of US$7.25 million.



Range has communicated to Lind that it wishes to repay the facility in cash and intends on using the Core Capital financing to meet such final repayment.



Management intends to submit a settlement proposal to Lind by 15 January 2015 for their consideration. The Company's shares will remain in trading suspension until such time as an agreement is reached with Lind, or the Company has sufficient alternative financing to repay the Lind facility in full.



Update on Asset Sales



Further to the Company's previous announcement, Range has yet to receive any sales proceeds in respect of the Texas asset disposal. Range is in dialogue with Citation Resources Limited (ASX: CTR) to agree a revised timetable for completion.



Separately, Range has yet to receive any sales proceeds and has been informed by LandOcean Petroleum Corp. Ltd ("LandOcean Petroleum") that the sale of Range Resources Drilling Services Limited remains on track to complete on or before 30 January 2015, as previously announced.



Range will update the market accordingly on completion of these asset sales.



Change of Registered Address



The Company would also like to announce the change of registered office to Bennett & Co, Ground Floor, BGC Centre, 28 The Esplanade, Perth Western Australia 6000.

16 January 2015
ASX Code: RRS
AIM Code: RRL
Investor Q&A

http://www.rangeresources.co.uk/framework/documents/displaydocument.asp?doc=1301

22 January 2015

Company Presentation

Range advises that today it has published its Company presentation which is available on the Company's website at www.rangeresources.co.uk.

this one is and always has been in the same league as RRR and CHAR, and has had its time of a big and vocal following here

Trinidad Presentation
January 2015


http://www.rangeresources.co.uk/framework/documents/displaydocument.asp?doc=1303

Quarterly Activities Report, Appendix 5B

http://www.moneyam.com/action/news/showArticle?id=4969103

Investors Q & A from the company site


http://www.rangeresources.co.uk/framework/documents/displaydocument.asp?doc=1308

wow is rrl still trading?!

Hmmmm - Notice of Extraordinary General Meeting

Range Resources outlines case for US$60mln Core Capital funding

By Giles Gwinnett

February 24 2015, 1:28pm
Range Resources' (LON:RRL) board has sent a letter to shareholders urging they vote in favour of a US$60mln funding with Core Capital



Range Resources' (LON:RRL) board has sent a letter to shareholders urging they vote in favour of a US$60mln funding with Core Capital.

Among other factors, it says it will provide the firm with an additional US$50mln facility and allow it to refinance its debt position.

But an independent expert’s report (IER) has described the proposed transaction as 'not fair but reasonable'.

After completing the financing, Chinese investor Core will own 38.4% of the company, while subsequent conversion of the debt would see that stake increase to 47.7%.

Because of this large stake, Range is obliged to hire a third party to give an independent view to shareholders and it hired RSM Bird Cameron to produce the report.

RSM said: "In our opinion, the position of the shareholders of Range if the proposed transaction is approved is more advantageous than the position if it is not approved.

"Therefore, in the absence of any other relevant information and/or a superior offer, we consider that the proposed transaction is reasonable for the shareholders of Range."

The Range board added: “We appreciate the rationale for the calculation of the fairness opinion by RSM, however, we would highlight to Shareholders that the implied valuation using the DCF [discounted cash flow] calculation for the assets assumes that Range is able to finance the development.

“The proposed investment is the cornerstone to unlock the potential of these reserves.

“As RSM highlights, the position of shareholders would be more advantageous if the transaction is approved, as it would provide the company with the required funding to develop the Trinidad assets.”

In Trinidad, the firm said the proceeds would allow work on three existing onshore blocks - Morne Diablo, South Quarry and Beach Marcelle, where Range has reserves of 22.1 million barrels of proven and probable (2P) in well-known reservoirs.

Range has commitments on its existing blocks to drill 34 development wells over the next two years.

The extraordinary general meeting is on March 27.

If the financing with the Chinese investor is not approved, oil group Range must find alternative capital to develop its assets and repay a loan from asset manager Lind, it told shareholders.

Drill firm LandOcean has committed to providing a facility of US$50 million to fund the water-flood programme on Range's Trinidad assets, but this will not be available without additional cash being secured, the firm said.

Range has outstanding debt with Lind with a face value of US$7.25mln, for which it has received a statutory demand for payment.

The funds would allow Range to repay this loan.

Investor Q&A