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 OPERATIONAL UPDATE
Range is pleased to provide an update with respect to its Trinidad operations with the following highlights:

· The recently drilled well located at the Beach Marcelle field has been successfully put into production and is flowing at a stabilised rate of 120 barrels of oil per day ("bopd") on a restricted choke of 5/32";

· Production growth from the waterflood programme is showing a positive trend with 40% of current production (240 bopd) attributed to this programme; and

· As at 29 December 2017 the average production for the quarter to date is 629 barrels of oil per day ("bopd"). The current daily production (as at 29 December 2017) is 703 bopd.

Range's CEO, Yan Liu commented:
"We are very pleased with the production results from the latest well which is one of the best producing wells drilled by Range in recent years in Trinidad.

We are also continuing our focus on production growth from the ongoing waterflood programme and seeing a steady increase in oil production from this programme. With approximately half of our total production currently attributed to Beach Marcelle, we are excited by both the waterflood and development opportunities of the field and are planning to exploit its full potential as part of the upcoming work programme."

EXECUTIVE DIRECTOR SIGNS CONTRACT TERMS
Range makes the following disclosure in connection with new employment contract entered into with Executive Director Mr Lubing Liu. This disclosure is made in accordance with ASX Listing Rule 3.16.4.

As announced on 21 February 2018, Mr Lubing Liu has been appointed as Group Chief Operating Officer and General Manager of Trinidad. The key terms of the contract are:

Group Chief Operating Officer
· Engaged to provide the services of a Chief Operating Officer commencing on 1 March 2018;

· A set annual fee of US$84,000; and

· 3 month termination notice (or payment in lieu of notice, subject to the Corporations Act and Listing Rules).

General Manager of Trinidad
· Engaged to provide the services of a General Manager of Trinidad Operations commencing on 1 March 2018 (subject to work permit approval in Trinidad);

· A set annual fee of US$60,000; and

· 3 month termination notice (or payment in lieu of notice, subject to the Corporations Act and Listing Rules).

Half-year Report
RNS
RNS Number : 9204H
Range Resources Limited
16 March 2018

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

HALF-YEARLY REPORT
Range today releases its half-yearly report (unaudited) for the 6 months ending 31 December 2017.
Yan Liu, Range’s Chief Executive Officer, commented:
“We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results.
We continue to invest in growing the asset base and completed two important acquisitions during the period. Throughout the remainder of this year we look forward to seeing further improvements in key metrics such as operating costs as a result of RRDSL acquisition, and revenue growth from our upstream assets.
We are confident that as we focus on growing the business, we will continue to deliver substantive value and results to our shareholders.”
Highlights for the period include:
Operational
Trinidad:
The average production for the period of 605 bopd was 22% higher than comparable prior year;
Increase in production is mainly attributed to the ongoing waterflood programme, selective development drilling and workovers;
· The Company continued with implementation of the Beach Marcelle waterflood project, which accounts for the vast majority of Range's reserves in Trinidad;
Production from waterflood continued to increase with approximately 30% attributed to this programme;
Two development wells successfully drilled and brought into production;
Over 130 workovers completed; and
Independent Competent Persons Report (“CPR”) published confirming net 2P reserves of 16 MMstb and net 2C contingent resources of 8 MMstb.

Indonesia:
The Company has been building an experienced operating team, and undertaking initial geological and geophysical studies;
Upcoming work programme and budget are being finalised; and
Independent CPR published confirming net 2C contingent resources of 10.9 Bscf and 3.1 MMstb.

Corporate:
In line with the growth strategy, the Company completed two new acquisitions:
23% indirect interest in an established oilfield in Northern Sumatra, Indonesia;
100% interest in Range Resources Drilling Services Limited (“RRDSL”), an oilfield services provider based in Trinidad with a fleet of modern drilling rigs, workover rigs, and equipment.
AIM re-admission completed; and
Group Chief Operating Officer and Trinidad General Manager, Mr Lubing Liu appointed subsequent to the period end.
Financial:
Financial performance has materially improved with a 77% reduction in loss before tax to US$8.5 million (prior year: US$37.8 million);
Revenues increased by 39% to US$5.4 million (prior year: US$3.9 million), principally due to an increase in production;
Operating expenses decreased by 14% to US$34.5 per barrel (prior year: US$40 per barrel);
General, administration & other expenses decreased by 40% to US$3.2 million (prior year: US$5.4 million);
No impairment charge has been recognised for the first time since 2013;
Cash and other liquid assets at the end of the period of US$10.9 million (prior year: US$20.6 million). The reduction in cash is due to a number of factors including the investment into the new acquisitions and the funding of a drilling programme in Trinidad; and
Range continues to benefit from the generous credit terms offered by LandOcean Energy Services Co., Ltd across various funding arrangements. The average maturity profile is in excess of two years and none of the credit arrangements have any security, and nor do they have any financial covenants or restrictive controls.

StockMarketWire.com
Range Resources announced a subscription for new ordinary shares to raise £1m before expenses.

Pursuant to the subscription, the company will issue 909,090,910 new ordinary shares at a price of 0.11p per new ordinary share.

The proceeds of the subscription will be used to accelerate the growth strategy of the company's current assets in Trinidad, with a view to further increasing production and cashflow.

CEO Yan Liu commented: "We are pleased to be able to commit this additional funding into infrastructure upgrades at our Trinidad assets.

"This will enable us to continue production growth and allow us to further develop our significant assets with a view of unlocking the full potential of our reserves base in the years ahead.

"With an active ongoing work programme, we are focused on delivering on our key objectives geared towards production growth to 1,000 bopd target and increasing cashflows.

"We look forward to demonstrating progress to our new and existing shareholders."