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

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

Lind Financing Update
RNS
RNS Number : 2765H
Range Resources Limited
12 March 2015



Lind Financing Update



Range advises that further to the Company announcement on 18 February 2015, it has lodged an application with the Supreme Court of Western Australia to set aside the statutory demand from Lind Asset Management, LLC. Range will continue to update the market as appropriate.

Half-Yearly Report


Range today releases the half-yearly report for the 6 months ending 31 December 2014, with the following key points:

Corporate:

· New Board and additional management appointed;
· US$60 million equity based financing secured from Core Capital. The transaction is on track to complete on or before 30 April 2015, subject to shareholder approval at the EGM on 27 March 2015;
· US$50 million credit facility arranged for Trinidad waterflood and development programmes (subject to Range paying a security deposit of US$7.5 million);
· Range will fully exploit and develop the potential of the Trinidad assets with the US$110 million total financing package;
· In line with the Company's strategic focus on Trinidad, the Company is looking to rationalise non-core assets of the Company;
· Range agreed to sell its drilling services company in Trinidad which will continue to provide full oilfield operations services to Range. Sale completion is anticipated before the end of March 2015;
· Sale & Purchase Agreement signed for the disposal of non-core Texas assets with completion anticipated before the end of March 2015; and
· Range announced the loan financing agreement of up to US$15 million with Lind Asset Management, LLC (Lind). At present, a total of US$5.5 million under the Lind facility has been drawn down. Subsequent to period end, Range received a statutory demand from Lind demanding repayment of approximately US$7.2 million that Lind alleges is due and payable. Range submitted an application to the Supreme Court of Western Australia to set aside the statutory demand.

Operational:

· The average oil production in Trinidad has decreased by 11% to 545 bopd from 615 bopd in the same period last year. The decrease was mainly a result of lack of drilling activity and poor uptime of the rig fleet, resulting from historical underinvestment, which prevented the Company from running its drilling operations at full capacity;
· Seven development wells were spudded on the Company's Morne Diablo and South Quarry licences. At the date of this announcement, five of those wells were put into production, and two wells to be tested;
· Range continued to make significant progress on the waterflood programmes in Trinidad with LandOcean, with extended waterflooding studies successfully completed;
· Range entered into the second purchase order for the provision of technical services by LandOcean to implement waterflooding plans in Trinidad; and
· Range is finalising proposed exploration programme plans on the Guayaguayare licence, with the first shallow onshore well expected to spud in H1 2015.

Financial:

· Revenues decreased by 34% to US$7.8 million (2013: US$11.8 million), which was due to lower oil production in Trinidad and lower overall oil price. The average realised oil price for the period has decreased by 19% to US$79.2 per barrel (2013: US$97.4 per barrel);

· G&A costs decreased by 13% to US$7.5 million (2013: US$8.6 million), however the management considers these costs to be still too high and is focused on reducing them substantially;

· Range has recognised an impairment charge of US$5 million against its Georgian assets. Range continues to explore options to exit these non-core assets and given the current low oil price environment and the challenging M&A conditions, the management believes that this represents fair value that might be received on any potential disposal;

· The net loss from operations on the assets being sold (Texas and Range Resources Drilling Services Limited) was US$2.5 million; and

· Net loss for the period, therefore, was US$19.9 million (2013: US$19.1 million).

The management remains fully committed on turning the Company around, strengthening the balance sheet, and increasing production and look forward to providing more frequent operational updates to Shareholders. An update on Trinidad operations will be released to the market later this week.

A copy of the full Half-Yearly Report is available on the company's website: www.rangeresources.co.uk.

Range Resources fully committed to turn-around plans

By Jamie Ashcroft

March 16 2015, 9:09am
During the year Range underwent a number of changes, including both board and senior management changes.



Range Resources (LON:RRL) has told investors that its management remains fully committed to turning the company around.

It is working to strengthening the balance sheet and increasing production, the company said.

It said it intends to make to more frequent operational updates for investors in future, with an update of work in Trinidad anticipated later this week.

For now, however, the transitional oil company released its financial result for 2014.

During the year Range underwent a number of changes, including both board and senior management changes.

A funding deal with Chinese investors and other financiers is expected to see a total injection of US$110mln that will allow the company to fully exploit the potential of its assets in Trinidad.

The US$60mln equity element of the funding is said to be on track for completion before April 30, subject to shareholder approval at next month’s EGM.

Range continues its efforts to rationalise non-core assets – it recently agreed to sell its in-house drilling company, and this deal is expected to complete this month. At the same time, it expects to complete the sale of its Texas assets in March as well.

Oil production during 2014 reduced 11% to 545 barrels per day from 615 in 2013. Range said this was due to lack of drilling activity and poor uptime of the rig fleet, a result of historical underi-nvestment.

A total of seven development wells were drilled in 2014, five of which have been brought into production while the other two still await completion.

Range is finalising its plans for an exploration programme for the Guayaguayare licence, and a shallow onshore well is expected to spud in the first half of the current year.

Revenue fell 34% to US$7.8mln as a result of lower production and lower oil prices. At US$79.2 per barrel, Range’s realised oil price for the period was down 19% for the year.

The company cut overheads, with G&A down 13% to US$7.5mln though management believes this is still too high and it is focused on reducing cost substantially.

The company said the business units currently being sold, Texas and Range Resources Drilling Services, had losses of US$2.5mln for the period; it has now recognised a US$5mln impairment against its non-core assets in Georgia.

Net losses for the year totalled US$1.9mln.

Trinidad Operational Update

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

· Production increased by 23% from the previous month;

· Testing on two wells in the South Quarry field is currently ongoing;

· One further well is drilling ahead in the South Quarry field;

· The sale of Range Resources Drilling Services Limited is on track to complete before the end of the month;

· LandOcean has committed to add four new drilling rigs this year to the existing fleet to be available for drilling from Q3 2015;

· Waterflood preparations are progressing, with the first preferred waterflood project now identified on Beach Marcelle field;

· Waterflood studies have been extended to include further blocks;

· In accordance with the revised internal forecast, management believes the production target of 1,000 bopd will now be achieved during Q4 2015.

Development and exploration programmes

Current production in Trinidad reached 645 barrels of oil per day (bopd) from an average of 525 bopd in the previous month.

During the current quarter, the Company has:

· Completed two new development wells (QU 454 and QU 455) in the South Quarry field to depths of 1,440 ft. and 890 ft. respectively, with testing operations currently ongoing;

· Brought three new development wells in the Morne Diablo field into production (these wells were drilled in the previous quarter), including the QUN 157 well, which is currently flowing at a stabilised rate of 105 bopd on a restricted 5/32" choke from an average perforated depth of 1,300 ft.;

· The QU 456 well spudded and is drilling ahead in the South Quarry field to a target depth of 2,000 ft.;

· Spudding of the first shallow onshore exploration well on the Guayaguayare licence has been postponed to Q2 2015; and

· Range and its strategic partner LandOcean Energy Services Co., Ltd (LandOcean) are progressing with geological and geophysical studies which are aimed at improving operational efficiency, and sub-surface evaluation, in order to reduce risk and increase reward. These studies resulted in a revision of the previous development and exploration drilling programmes. The refined 2015 / 2016 work programme is being finalised and will be announced in the coming weeks.


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Completion of Texas Sale
RNS
RNS Number : 2959I
Range Resources Limited
24 March 2015



Completion of Texas Sale



Range is pleased to announce that further to the Company's previous announcements, the sale of its Texas assets to Citation Resources Limited (Citation) has completed.



As part of the sales proceeds Range has received a AU$500,000 cash payment, 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.



Range also has the right to appoint one Director to the Board of Citation, provided that Range holds a minimum of 100 million Citation shares. Range has not appointed any Director at this time but will keep this option under review.

Investor Q&A

In response to a number of shareholder requests, the Company is pleased to provide its ongoing monthly investor Q&A addressing questions from shareholders, which can be accessed at:

http://www.rangeresources.co.uk/framework/documents/displaydocument.asp?doc=1321

No material new financial or operational information will be included in these sessions.

US$60M Financing Update
Range advises that further to the Company's announcement on 1 April 2015, Range has been advised by Core Capital Management Co., Ltd (Core Capital) that it has not yet received all necessary regulatory and government approvals to complete the funding. Under the terms of the funding agreements, completion should occur by 30 April 2015, subject to satisfaction of this remaining condition precedent.

Range is disappointed that the completion has not occurred to date, but has agreed with Core Capital to extend the completion date to 14 May 2015 to enable Core Capital to progress with the receipt of the approvals.

Range continues to closely monitor the progress with Core Capital and will provide a further market update in due course.

Georgia Project Update
Range provides the market with the following update in respect of its interest in the Georgian project.

The Ministry of Energy of Georgia has formally notified the Operator of the Georgian project, Strait Oil & Gas ("SOG": in which Range holds a 45% interest) that the Production Sharing Contract ("PSC") over Block VIb has been terminated. The Ministry cites the non-performance of obligations, specifically the requirement to drill a well in accordance with the stipulated procedure. The penalty to be imposed on SOG by the Ministry is US$1 million, payable immediately.

Range has been a supportive investor in SOG and the Georgia project since 2009 and has invested approximately US$40 million into the project, which is significantly in excess of the original expectation of cost to this point.

As announced on 14 April 2015, subject to all the conditions of the various agreements between the shareholders of SOG which were entered into during 2011 being satisfied, Range would have been required to fund the costs of the second exploration well. However, Range believes that SOG has failed to comply with material terms of the agreements and has notified SOG of a dispute. Range expressly reserves all its legal rights under the agreements.

As previously announced, Georgia is a non-core asset for Range and the Company continues to explore potential disposal options for its interest. However, whilst pursuing a disposal Range will work with the other shareholders of SOG in a constructive manner to achieve a satisfactory outcome for all the parties.

This notification is solely in respect of Block VIb and does not affect the validity of Block VIa.

Hmmm.

Range Resources aims to get shares trading again after financing deal

By Andrew Neil

April 30 2015, 10:31am
Trading in Range shares has been suspended, on the AIM and ASX exchanges, since 11 December.
Trading in Range shares has been suspended, on the AIM and ASX exchanges, since 11 December.


Range Resources (LON:RRL) said it is committed to getting its shares back to the trading floor once it wraps up a financing deal with Chinese investor Core Capital.

Trading in Range shares has been suspended on the AIM and ASX exchanges since 11 December, following the departure of the prior management team and the arrangement the alternative financing.

The Trinidad-focused oil firm told investors on Tuesday that it had agreed with Core Capital to extend the completion date of the US$60mln package to 14 May.

Today, in a quarterly update on its activities, Range confirmed that once the proceeds from the Core Capital funding have been received, it will seek approval from ASX and AIM to resume trading of the company's shares."

During the quarter, Range completed the sale of its assets in Texas to Citation Resources, receiving AU$500,000 in cash and 200mln new Citation shares in the process.

In Trinidad, three new development wells were drilled in the South Quarry field, with one well brought into production and completion operations ongoing on two other wells.

It also brought three new development wells in the Morne Diablo field into production.

Overall - from January to March - Range produced 557bopd in Trinidad, a 6% rise on the previous quarter.

Meanwhile, waterflood preparations are progressing, with the first target to be treated now identified at Beach Marcelle.

Management believes the production target of 1,000 bopd will now be achieved during the fourth quarter of 2015.

Completion of Drilling Services Sale
RNS
RNS Number : 0809M
Range Resources Limited
01 May 2015



Completion of Range Resources Drilling Services Limited Sale



Further to the Company's announcement on 13 April 2015, Range is pleased to advise that the sale of Range Resources Drilling Services Limited (RRDSL) to LandOcean Energy Services Co. Ltd., (LandOcean) has completed.

In accordance with the Sale & Purchase Agreement, Range has received the remaining sale proceeds of US$2.07 million (total received US$4.37 million). Additionally, at the date of completion RRDSL owes Range approximately TT$10 million (US$1.6 million), which is inclusive of a US$0.5 million dividend payment declared by RRDSL and payable to Range. This receivable will be offset against future invoices in respect of drilling services.

As previously announced, RRDSL will continue to provide full oilfield operations services to Range in Trinidad. Range and LandOcean have finalised the Trinidad Drilling Contract agreement, as an extension of the Integrated Master Services Agreement (signed in May 2014) with services to be provided on a turnkey basis and priced in line with market rates in Trinidad, to be reviewed periodically by both parties.

Range is pleased to advise that within the drilling contract LandOcean has agreed to provide extended credit terms of 12 months on drilling related invoices payable to RRDSL. This will ensure that Range is able to accelerate its planned exploration and development programmes in Trinidad, which is critical to grow production. Interest will be payable by Range on any third party costs contained within the invoices at the rate of 10% per annum (being the rate stipulated in the Integrated Master Services Agreement signed in May 2014).

Range and LandOcean have finalised the first 13 development and exploration wells to be drilled in Trinidad this year, with full details to be provided in the Company's operations update in May.

LandOcean has also committed to add four new drilling rigs to the existing fleet this year. The new drilling rig schedule has been amended to provide greater capabilities for Range and RRDSL. The first new drilling rig is now scheduled to arrive in Trinidad in June 2015 and is expected to be available for drilling from August 2015, subject to necessary approvals. The rig has been substituted for a larger rig with drilling capability of 13,000 ft. (4,000 m), instead of 9,800 ft. (3,000 m) as originally planned. This large drilling rig will add significant capability to Range's operations as it will be utilised to drill deeper, previously inaccessible exploration targets on the Company's licences in Trinidad. The other three drilling rigs are expected to arrive in Trinidad during the second half of 2015.

Trinidad Development and Exploration Update

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

· Average production in Trinidad in May reached 650 barrels of oil per day (bopd) from an average of 617 bopd in the previous month;

· The work programme on the first 13 development and exploration wells to be drilled this year has been finalised;

· Range and LandOcean are also finalising 9 additional development and exploration wells to be drilled as part of the 2015 / 2016 work programme;

· Funding for these wells is available under the extended 12 month credit facility with LandOcean which has enabled Range to commence its exploration and development programmes. In addition, Range is in discussions with Sinosure and LandOcean to finalise the previously announced US$50 million trade financing package;

· All necessary approvals have been received on the first three wells, including an exploration well on the Guayaguayare licence (the Canari North well) and preparations are underway to spud these wells during the current quarter;

· During the current quarter to date, the Company has:

o Initiated testing operations on the QU 454ST development well located in the South Quarry field. This well was drilled to a target depth of 2,000 ft. in the previous quarter. The well encountered potential oil bearing sands in three zones and is currently being tested from the lowest zone;

o Brought into production the QU 455 development well, located in the South Quarry field. This well was drilled to a target depth of 890 ft. in the previous quarter. The well is scheduled for optimisation in the short term; and

o Waiting to perforate the QU 456 development well, located in the South Quarry field, subject to relevant government approvals. This well was drilled to 2,002 ft. in the previous quarter.


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Financing Update

Following the Company's announcement on 28 April 2015, Range has been actively engaged with Core Capital Management Co., Ltd (Core Capital) to complete the US$60 million funding. Range regrets to advise that the funding with Core Capital has not completed by the previously agreed deadline of 14 May 2015 and therefore the proposed funding has been terminated. The Directors are very disappointed that Core Capital has not been able to complete the transaction and will consider appropriate action in conjunction with its legal advisers.

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