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New oil reservoir discovered at Range Resources' Trinidad Operations
Mon 11 Feb 2013

RRL - Range Resources Ltd. (DI)


LONDON (SHARECAST) - AIM-listed oil and gas exploration company Range Resources has discovered a new oil reservoir at a well on its Trinidad operations.

The company reported that the reservoir had been discovered at its QUN 135 well, indicating 50 feet (ft) of net oil pay at approximately 3,500 ft, with the well successfully cemented with 5.5 inch casing.

Peter Landau, Executive Director of Range Resources, commented: "We are extremely pleased with the results of the ongoing drilling program in Trinidad, and particularly with the discovery of new oil reservoir.

"The QUN 135 well confirms once again that the development potential on Range's Trinidad blocks remains largely untapped. Once production testing of this new zone is complete, we will make a determination as to how best to develop the reservoir as part of our expanding portfolio of exploratory, development, and secondary recovery opportunities in Trinidad."

Range Resources' share price was up 10.98% to 3.64p at 12:34 on Monday.

Latest Range discovery underlines Trinidad potential




By Darshini Shah | Tue, 12/02/2013 - 09:37






Range Resources (RRL) on Monday reported that the deepening of the Quinam 135 well (QUN 135) in Trinidad had resulted in an oil discovery in the Middle Cruse formation between 3,490 and 3,540 feet.

The well reached a depth of 3,500 feet and logging indicated the presence of additional resistive oil sands. The company subsequently deepened the well and confirmed the presence of a new oil reservoir, stating that production casing had been run and testing would now commence.

Following receipt of the approvals, the QUN 138 well was successfully perforated and placed into production, with initial production rates of 85 barrels of oil per day (bopd) over the first five days.

The QUN 139 well has reached its revised target depth of 1,300 feet. Casing has been set and cemented and approvals received to perforate the well and kick off production later this week. The QUN 139 well location is contiguous to producing wells QUN 119 and QUN 129, which achieved initial production rates of 129 bopd and 138 bopd respectively. Both wells still flow under natural pressure - QUN 129 and QUN 119 are currently producing 65 bopd and 45 bopd respectively - with QUN 119 having now produced for 12 months in total.

Approvals have been received to commence drilling of the QUN 140 and QUN 141 wells, which will continue the development of the Lower Forest trend, which is contiguous and up-dip to the QUN 138 well.

Finally, Range is looking to commence remedial work on four wells that have experienced comingling of oil and water sands. Remedial work will be performed on these wells with a small work-over rig, with additional perforations to be added in two of the four wells. "This work is expected to improve the performance of these wells and add further to production," the company stated.

"We are extremely pleased with the results of the ongoing drilling programme in Trinidad, and particularly with the discovery of new oil reservoir," commented executive director Peter Landau. "The QUN 135 well confirms once again that the development potential on Range's Trinidad blocks remains largely untapped.

"Once production testing of this new zone is complete, we will make a determination as to how best to develop the reservoir as part of our expanding portfolio of exploratory, development, and secondary recovery opportunities in Trinidad."

Analyst view

Analysts at broker FoxDavies said the news underlined the potential upside in Trinidad, as well as the extent to which it would generate cash flow: "While new discoveries have a potentially explosive impact on the valuation, the company's drilling programme has been no less successful on the development drilling front, with QUN 138 brought on at 85 bopd.

"While singly this will not move the company's needle, once you compare it with the number of wells in the inventory and the relatively modest costs involved (c.$50 million (£32 million)), the wells will bring all-important cash flow."

FoxDavies reiterated its 'buy' recommendation, stating it was "encouraged" by the progress Range was making at the start of 2013.

Are we "encouraged" dc????

I think we will have to wait and see. Not over excited at the sp at the moment 3m.

At least your wand is doing fine and good for you - my day will come, heaven knows when probably when I hit the pearly gates or meet the devil haha!!!

They will I'm sure 3m. This one the Analysts seem to have started to push.

Well done on all your other investments Dreamcatcher..........Especially "WAND".......Every time I look at that share it has gone on a Northward direction.

Now with Range, it will not move that quickly, but it seems we are heading in the right direction at last. Nice and slowly will do me. Lots /many good RNS’s during the next 12 months will be fine by me……...Come on Range, get that black stuff out of the ground!

GLA ………Gerponville18

Thank you G.

only worth adding to them is when you see the Directors dip into their pockets to buy some shares. until then sit on the sidelines and have to wait. If they had a postive story I'm sure they would have been in by now. Concerend that they are going to do a good news/bad news with their next rns. Report that texas has finally been sold and then to announce that they are going to dilute the shares again to raise more funds to support Trinidad, Guatamala and Columbia ! Only my thoughts on the evidence of the last 18 months !

http://www.asx.com.au/asxpdf/20130213/pdf/42czwl6ywxpffh.pdf

An RNS from Citation..........More oil out of the ground for Range (200/300 BOPD for Range)!


GLA.....Gerponville18

13 February 2013


The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000


By e-lodgement

GUATEMALA UPDATE

Range Resources Limited ("Range" or the "Company") is pleased to
announce the following update with respect to its recent investment in
Citation Resources Limited ("Citation") - 19.9% interest in Citation and 10%
at project level - regarding the Atzam #4 Well update released by Citation
(ASX:CTR) today:

- Testing continuing on Lower C17/Upper C18 carbonate sections -
perforated zones cleaning up with increasing recoveries of oil;

- High quality oil (37.0° API) recovered during testing operations;

- Estimated flow rates of 300-400 bbl/day with an 85-90% oil cut from
Lower C17/Upper C18 carbonates with an operational submersible pump,
based on results to date;

- Upper C18 carbonates displayed impressive log results with permeability
averaging 300 md and porosity averaging 17% - Rubelsanto Field
(+30mmbbl produced) is 100md and 3-6% porosity; and

- Significant moveable oil identified in electric logs over C13 and C14
carbonate sections still untested- remain behind pipe above the current
perforated Lower C17/Upper C18 sections.

Flow testing operations on the perforated Lower C17/Upper C18
carbonate sections in the Atzam #4 well are continuing, with encouraging
results from the well having been received over the past two weeks. Latin
American Resources Ltd, Operator of the Atzam Oil Project in Guatemala, has
continued swabbing the well to recover the drilling and perforation fluids
and establish the commercial potential of the perforated Lower C17/Upper C18
carbonates.

The Operator is now arranging to use an Electrical Submersible Pump
("ESP") to help fast track the finalisation of the clean-up operations and
establish the commercial potential of these perforated zones. The Operator
estimates that, with an ESP operational and based on the results to date from
the perforated Lower C17/Upper C18 carbonates, the potential flow rate will be
approximately 300-400 bbl/ day with an 85-90% oil cut. It is estimated that
approximately 50% of the total drilling and perforation fluids used in the
operations have now been recovered.

The ESP is currently being sourced from the United States and the Operator
expects that it should be landed on site and operational in two to three
weeks.

The recovery of high quality (37.0° API) oil from recent swabbing of the
perforated Upper C18 sections, with continued pressure build ups prior to
commencement of acid wash operations, is considered very encouraging by the
Operator for the potential of this section. Due to the heavy muds used whilst
drilling (10.5 lb/gallon) and high permeability of these
carbonates, there were significant mud losses into the Upper C18 section
whilst drilling, which required the acid wash to establish a clear oil cut and
flow rates from these zones.

Testing Highly Prospective C13 and C14 Carbonates in Atzam #4

The Atzam #4 well produced very encouraging, and unexpectedly strong, oil
shows during the drilling of the well through the C13 and C14 carbonates,
which was complemented by higher than expected permeability and porosity
results from the electric logs. This has established these reservoir sections,
the main producing zones in the nearby Rubelsanto Field, as the most likely
appraisal targets to be tested in the upcoming Atzam #5 appraisal well if they
are not tested in the current Atzam #4 well.

Both Latin American Resources and Schlumberger are highly encouraged by the
logging results seen in the C13 and 14 carbonates and their potential to be a
new commercially productive zone in the Atzam Field to the primary C18 and C19
carbonates sections.

The Rubelsanto Field has produced over 30 mmbbl to date from eight wells and
is located only 17km to the north east of the Atzam Field, along a structural
fault offset.

Atzam and Tortugas Fields

The primary producing formations on the Atzam structure are the C18 through
C19 formations. The Atzam #2 well had initial flow rates of 1,200 bbl/day of
34°API oil which led to new well designs for the Atzam #4 well. The second
well, Atzam #5, will spud following completion of a successful flow testing
program on the Atzam #4 well.

Recent mapping of the Atzam structure using existing data from previous
operators (Basic, Hispanoil) and MEM, and incorporating reservoir data
acquired since production initiated in December 2007, indicate the possibility
of a structure of comparable size and orientation to that of the existing
Rubelsanto field in Guatemala. To date, the Rubelsanto field has produced +30
mmbbl of oil since its discovery in 1976. The field currently continues to
produce +1,000 bbl/day, 36 years after its discovery.

In addition to the Atzam structures on Block 1-2005, the Tortugas structure is
a suspended oil field. Originally 17 wells on Tortugas salt dome were drilled
by Monsanto looking for sulphur. One well (T9B) had an oil blowout at approx.
1,500 ft. and most others had oil shows in multiple zones.

The Atzam and Tortugas Fields have had previous exploration and
development programs with old 2D seismic and previous production wells.


Yours faithfully


Peter Landau
Executive Director

Don't all look at once but RRL is in the 4's

Not sure whether to fart or faint DC :O)

Its up 0.23p, which is incidentally - the spread :-)


On edit - its not now!

Judging by the smell, I can guess your choice. lol

You got your nose too near your arse again DC :O) Surely one day in the next fifty years it will get over 9p?

I'm not going there Chris. lol

Isn't it strange all these small mining and oilie type outfits seem to operate in remote countries, where nothing they announce can be easily verified, don't be another conned lemming!

JOINT VENTURE AGREEMENT ON GEORGIAN CBM PROJECT

Highlights:

- Agreement reached on the joint development of the Coal Bed
Methane ("CBM") and conventional gas potential around the Tkibuli-Shaori Coal
Field with Georgian Industrial Group ("GIG");

- Tkibuli Project has estimated Contingent Resources of
approximately 400 bcf of CBM gas (mean 100% basis);

- GIG is the largest industrial holding company in Georgia;

- The fast-track assessment and development program is designed for
gas production and sales to potentially begin within 18 months;

- GIG to purchase all gas produced on a take or pay arrangements;
and

- Pilot project proposal to be predominantly debt financed,
reducing immediate financial commitments for Range.