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

Range signs conditional MOU for up to US$35 million funding

Proposed terms of funding:

Pursuant to the MOU, it is envisaged that under the subscription agreement:

· Sibo will provide the full proceeds of a minimum of US$20 million and up to US$35 million in cash upon signing of the subscription agreement at a subscription price of £0.008 per Share;
· The Shares will be issued in two Tranches:
o Tranche 1 - Range will issue approximately 550 million Shares (representing a value of GB£4.4 million) upon signing of the subscription agreement;
o Tranche 2 - Range will issue the remaining Shares to Sibo for the remaining amount of the investment at the subscription price of £0.008 per Share, subject to requisite shareholder and regulatory approvals being obtained by Range. Range will use reasonable endeavours to ensure this is completed by 30 November 2015. Shareholders will be provided with further details in the meeting documentation for a shareholder meeting to approve Tranche 2 of the transaction in due course;
· Funding is subject to Sibo obtaining requisite government approvals, and, in respect of Tranche 2 of the fundraising, is subject to Range's shareholder and regulatory approvals;
· Upon completion of the initial GB£4.4 million investment, it is expected that Sibo will hold approximately 9.7% of the enlarged share capital of the Company. The final number of Shares to be issued as part of the total investment will be determined upon signing of the subscription agreement. However, based on today's exchange rate, and assuming the maximum amount of the investment is provided and shareholder and regulatory approvals obtained, Sibo would hold approximately 36% of the enlarged share capital of the Company; and
· Once the full proceeds have been received, Sibo may nominate two persons to be appointed as non-executive directors of the Company. These nominee directors will be eligible for re-election at the next Annual General Meeting of the Company.

Trinidad Development Update
RNS
RNS Number : 7296O
Range Resources Limited
31 May 2015

Trinidad Development Update

Range provides the following update with respect to its development programme in Trinidad.

Production overview

The average production in Trinidad in May was 620 barrels of oil per day (bopd).

For the first time in Range's history and despite the challenging oil price environment, the Company has positive operating cashflows across the Group at current levels of production following the sale of the drilling business.

Range strives to be a low cost operator and at a WTI price of US$60 / barrel, the Company is cashflow positive at and above a 510 bopd production level (this figure is before any exploration and development capital expenditure).

Drilling operations

Following the announcement on 13 May 2015, Range has completed drilling the QUN 158 well located on the north flank of the Southern Range anticline on the Morne Diablo field. The QUN 158 well is the first development well of the first 13 development and exploration wells to be drilled this year.

The well was spudded on 15 May 2015 and took 11 days to drill to a target depth of 2,000 ft. The well was drilled by drilling services contractor, Range Resources Drilling Services Limited (RRDSL), using drilling Rig 6.

The QUN 158 well was targeting the relatively under-explored Lower Forest 3 sands, which flowed at a stabilised production rate of 120 bopd in the previously drilled QUN 157 well, located 200 ft. to the South East. The well was also testing a less-explored Upper Cruse formation, which is well-developed in the nearby QUN 120 and QUN 128 wells. During the drilling, the well has encountered good shows of oil and gas from both the Lower Forest and Upper Cruse formations.

However, Range was advised by RRDSL on 26 May 2015 that during drilling operations, as Rig 6 was in the process of pulling out of the hole to log the well, an incident occurred at the area of the mud tank. As a result, all operations on the rig and the QUN 158 well were ceased. Despite no damage being caused to personnel or the drilling rig, operations will not resume until further investigations are undertaken by the authorities. Range estimates these investigations will take a minimum of one month.

Other field operations have not been affected by this incident and they continue as normal. Preparations on the upcoming Canari North exploration well onshore Trinidad are also progressing as planned ahead of an anticipated spud date in June 2015 (as announced on 21 May 2015). This well will be drilled by RRDSL using drilling Rig 8. Range will update the market on commencement of operations.

Of the first 13 development and exploration wells to be drilled this year, 8 wells were planned to be drilled using Rig 6, including the second planned development well in the programme, the MD 249 well. Range is in discussions with its strategic partner LandOcean Energy Services Co., Ltd (LandOcean) with regards to minimising the impact of the rig incident on the planned drilling schedule and will provide further details to the market in due course. The Company believes that the previously announced production target of 1,000 bopd expected to be achieved in Q4 2015 will not be affected.

Having received all necessary approvals to proceed with the first three wells in the programme (the QUN 158, MD 249, and Canari North wells), Range is continuing the process of preparing the final documents for drilling approvals on the remaining 10 wells, which are expected to be submitted in early June. In addition, Range and LandOcean are finalising 9 further development and exploration wells to be drilled as part of the 2015 / 2016 work programme, the details of which the Company expects to announce in due course.

Despite being disappointed by the recent incident, Range management believes it further highlights the importance of the four new drilling rigs to be added to the fleet by LandOcean this year, as these new rigs will be crucial to improving capabilities and limiting the downtime of Range's development and exploration operations. The first new drilling rig is scheduled to arrive in Trinidad in July 2015 and is anticipated to be available for drilling from September 2015, subject to necessary approvals. This large drilling rig with a drilling capability of 13,000 ft. (4,000 m) 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.

In addition, Range provides the following update on the previously drilled South Quarry development wells:

· The QU 454ST well encountered potential oil bearing sands in three zones and is currently being tested from the lowest zone, which is expected to be completed by the end of June;

· The QU 455 well is scheduled for optimisation in June; and

· The QU 456 well has been perforated and testing operations are expected to be completed in June.



Electromagnetic Surveying (Stratagem)

The Company has commenced Electromagnetic Surveying in the Morne Diablo and South Quarry fields. This technology will be used to image shallow resistive bodies and identify possible oil reservoirs at depths of 1,000 ft. or less, thus reducing exploration and development risks at a relatively low cost with minimal environmental impact.



Qualified Person's Statement

In accordance with AIM Rules, Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by Dr Douglas Field. Dr Field is a petroleum and reservoir engineer who is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves, and holds a PhD in Organic Chemistry.

Completion of funding and issue of shares

Not many shares issued then. Range has now 5,767,169,188. Near on 6 billion shares.

Range expects trading to resume on AIM on Monday June 8.

Range Resources tops AIM risers as trading resumes


June 08 2015, 10:00am

The Trinidad oil and gas firm clarified its financial position on Friday, after receiving £5mln




Drilling operations are currently underway to expand production




Range Resources (LON:RRL) AIM’s top rising share on Monday morning as trading resumed following a near 6 month hiatus.

The Trinidad oil and gas company on Friday clarified its financial position following the receipt of £5.2mln in cash as part of a recently agreed funding deal with Beijing Sibo Investment Management.

Shares subscribed for by Sibo were priced at 0.8p, a 48% premium to the Range share price back in December. The Chinese investor as a result of the share subscription takes a 11.3% stake in the company.

Sibo agreed in May to provide up to US$35mln of new capital, the remainder of the funding is anticipated to complete in August subject to a number of approvals.

Range is currently advancing an ongoing drill programme in Trinidad and it is expanding its production operations up to a targeted 1,000 barrels per day.

On AIM, Range shares more than doubled in value from the price prior to the suspension of trading in December, and by around 10:00am the oil firm was up 0.42p, 77%, trading at 1p each.

A couple of administrative updates

trends-and-targets/trends-and-targets

Puntland Update

New Drilling Rigs Update

Lind Financing Update

Following the Company's announcement on 2 July 2015 relating to the Lind Asset Management, LLC financing, Range advises that the Supreme Court of Western Australia has made orders in respect of the deadline for payment of the statutory demand for an amount of US$7.225 million.

If no appeal is lodged by Range, the deadline for payment is 24 July 2015. If an appeal is lodged by Range, the deadline for payment would be 31 July 2015, or until further order of the Court.

Range is considering the court decision with its legal advisers, including a proposed appeal of the decision and will update the market upon further developments. In the event of an appeal the Company will seek a further extension of time to pay the demand pending the appeal hearing.

StockMarketWire.com
Range Resources said the Canari North exploration well, Trinidad, is expected to spud during the week beginning July 27, following the required regulatory approvals, drilling the well on paper (DWOP) meeting and pre-spud meeting with partners, contractors, service providers and regulatory agencies associated with the well.

The Canari North well will be the first exploration well to be drilled by Range in Trinidad, and any success with the well is expected to de-risk the Moruga sub-basin and could result in material potential upside in the Guayaguayare block with multiple follow-on prospects and leads to be tested by further exploration drilling in 2015 / 2016.

Quarterly Activities Report For the Period Ended 30 June 2015

Highlights
· Average oil production of 602 bopd in Trinidad increased by 8% from the previous quarter;
· Preparation work continued with good progress for the drilling of the Canari North exploration well, which is the first shallow onshore well planned on the Guayaguayare PSC licences;
· Range signed an amendment agreement allowing the Company to double its working interest in the Guayaguayare PSCs with any consideration payable being contingent upon a commercial discovery and subsequent production, subject to final government approvals;
· Exploration work programme and budget for 2015 on the St Mary's block has been finalised and is planned to commence in the second half of the year;
· The sale of Range's drilling business to LandOcean completed. LandOcean will add four new drilling rigs to the fleet this year. Manufacturing of all four rigs has been completed. The largest rig will arrive in Trinidad in mid-August, and the other three rigs will arrive in Trinidad in September;
· As a result of the driling business sale and the implementation of other cost reduction measures, the Company has positive operating cashflows across the Group at current levels of production;
· Equity funding package of approximately US$30 million with Sibo signed at a premium to the share price, with final completion subject to shareholder approval at the EGM on 28 August 2015;
· Supplier financing agreed, whereby LandOcean will provide extended credit terms of 12 months on drilling related invoices; and
· In line with the Company's stated strategy of non-core asset rationalisation, Range completed its withdrawal from Puntland and the disposal of its equity holding in Citation Resources Limited.


Production overview

The Company's oil and gas production for the period in Trinidad is as follows:
· 54,770 bbls (average of 602 bopd) net to Range, which is an 8% increase from 557 bopd in the previous quarter. The Company is cashflow positive at current levels of production.




more....

Trinidad Update

Trinidad Operations Update

Production overview

The average production in Trinidad for June and July was 570 barrels of oil per day ("bopd"). The overall production decreased by 8% compared to the last reported production of 620 bopd in May, due to a number of factors, including lack of drilling activity, natural production decline, and electrical outages. Despite the decrease in average production, the Company remains cashflow positive at current levels of production.

The Company believes that the next six months will show substantial improvements in operational performance. The access to additional four brand new drilling rigs during 2H 2015, will be pivotal to improving capabilities and limiting the downtime of Range's development and exploration operations.

Drilling fleet

Following the sale of Range's drilling business in the previous quarter, the drilling business is operated by LandOcean Energy Services Co., Ltd ("LandOcean") and its subsidiaries. As previously announced, LandOcean will be adding four new drilling rigs to its fleet in Trinidad this year. Management is delighted that all four rigs are already on their way to Trinidad.

more....

StockMarketWire.com
Range Resources has finalised the drilling schedule in Trinidad with LandOcean for the next 22 development and exploration wells.

It is expected that the proposed 22 wells will be drilled by the end of the first quarter of next year. However, certain drilling logistics are beyond the company's control and, therefore, the drilling schedule remains subject to a number of variables.

It has been granted permission to construct 15 drilling pads.

Construction of the drilling pads for the wells GY 161S, MD 42N, Canari North, GY 180SE and QUN 158 redrill has been completed. Contracts for land work and construction of the remaining seven locations are currently being negotiated.

The management believes that the 22 well programme presents an ambitious target, given a number of challenges that need to be overcome.

Sibo Funding Update

New Drilling Rig Arrives in Trinidad

Range is pleased to advise that the vessel carrying the first new 4,000 m rig has arrived at the port in Trinidad. This is the largest rig to be added to Range Resources Drilling Services Limited ("RRDSL") drilling fleet this year.

The other three new rigs (with drilling capabilities of 2,000 m, 1,500 m, and 1,000 m) are on route to Trinidad. The vessel carrying the rigs is currently passing the coast off the US and will make a stop in Guatemala before arrival at the port in Trinidad. The rigs are now expected to arrive by the end of September.

The 4000 m rig is expected to be available for drilling from October 2015, and the other three new rigs from November 2015, subject to a number of conditions, including customs clearance, various government and regulatory approvals and availability of suitable drilling staff to operate the rigs.

Following shareholders' queries, the Company wishes to clarify that the Guayaguayare deep commitment well which was not included in the work programme schedule released on 24 August 2015 is expected to be drilled next year. The details including proposed spud date for this well are still being finalised and will be released in due course.

Completion of US$30M Funding and Issue of Shares

Trinidad Operations Update

Annual Financial report

http://www.moneyam.com/action/news/showArticle?id=5122726

Last para from The Chairman:
"The creation of long-term value for our shareholders remains the fundamental driver of everything we do and we look forward to demonstrating this as we develop our ambitious plans and achieve our goals. With the Company's highly prospective licences, drilling underway, and funding in place, I believe the Company is well positioned for future success by growing production and reserves, and transforming Range into a significant oil producing company, which is not yet reflected in today's share price."