Acquisition of 100% in Producing Trinidad Oilfield
RANGE MOVES TO ACQUIRE 100% INTEREST IN PRODUCING ONSHORE TRINIDAD OILFIELDS
Highlights
* Range has entered in to a Heads of Agreement to acquire the remaining 90%
(previously held a 10% interest) ownership interest, through SOCA Petroleum,
in holding and subsidiary companies which hold three production licences
in producing onshore oilfields in Trinidad together with an associated
local onshore drilling operation;
* The acquisition complements Range's existing portfolio of oil and gas
production and development assets in Texas and exploration projects in
Georgia and Puntland;
* Trinidad has produced over 3 billion bbls to date and currently produces
100,000 bopd with both major and smaller operators active in the country.
All locally produced onshore oil is acquired by the state owned petroleum
refinery with logistics already established;
* Independent geological and petroleum consulting experts Forrest Garb and
Associates have assessed that the producing fields contain:
+ Net Proved plus Probable Reserves (2P) of 4.8 million barrels of oil
with further Possible Reserves of 2.1 million barrels.
+ Undeveloped Prospective Resources (best estimate) of 20 million barrels
of oil.