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Range Resources Ltd (RRL)     

dreamcatcher - 19 Feb 2013 19:28




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

Free counters!

Chart.aspx?Provider=EODIntra&Code=RRL&SiChart.aspx?Provider=EODIntra&Code=RRL&SiChart.aspx?Provider=EODIntra&Code=RRL&Si

dreamcatcher - 24 Apr 2013 15:07 - 61 of 424

Good views Harry.

dreamcatcher - 24 Apr 2013 15:18 - 62 of 424

Looks like the market likes the deal, not.

dreamcatcher - 24 Apr 2013 17:50 - 63 of 424


Range slumps on International Petroleum merger




By Darshini Shah | Wed, 24/04/2013 - 09:26






Shares in Range Resources (RRL) plunged almost 20% on Wednesday, before recovering to an 11% drop, as it proposed a merger with International Petroleum on a ratio of three Range ordinary shares for every two International Petroleum ordinary shares, valuing International Petroleum at approximately AU$105 million (£71 million).

International Petroleum holds "highly prospective" assets in Russia, Kazakhstan, and Niger with total proved, probable and possible (3P) reserves of 233 million barrels (mmbbls) of oil and best estimate prospective resources of 761 mmbbls of oil and 157 billion cubic feet (bcf) of gas.

It is hoped that the merger will create an Australian Securities Exchange and AIM-listed oil and gas company "with a strong production growth profile from the ongoing development of its significant reserves and resources base". The key near-term focus of the merged entity would be the expansion and development of projects in Trinidad, Russia and onshore Africa.

The entity would hold estimated proved (1P), proved and probable (2P) and 3P reserves of 23.6 mmbbls, 100 mmbbls and 264 mmbbls of oil respectively, and best-estimate prospective resources of 802 mmbbls of oil and 156 bcf of gas.

Combined current production for the entity would be approximately 1,000 barrels of oil equivalent per day (boepd), with a target of increasing production to 10,000 boepd from conventional operations and an additional 3,000 boepd from unconventional operations by the end of 2015.

In Trinidad, Range Resources holds 100% in three onshore production licences, with independently assessed 1P reserves in place of 17.5 mmbls, 3P reserves of 25.2 mmbls and an additional 40.5 mmbls of unrisked best-estimate prospective resources. Current production across the fields stands at c. 800 bopd, with a number of activities currently underway aimed at increasing conventional production to 6,000 bopd in 2015 along with 3,000 bopd from the company's waterflood projects.

In Russia, International Petroleum holds interests in five projects: the Kransnoleninsky Project (75%), Yuzhno-Sardakovsky Project (100%), Zapadno-Novomolodezhny Project (100%), Yanchinsky Project (100%) and Druzhny Project (75%). From August to December 2012, International Petroleum produced 25,000 barrels of oil from well number 52 at the Zapadno-Novomolodezhny Project at an average flow rate of 197 bopd, which is projected to increase to 300 bopd with a planned pump upgrade this quarter.

Following the planned completion of a 16-kilometre pipeline during the fourth quarter of 2013 and the first quarter of 2014, an additional 10 wells have been proposed, which are projected to increase production by a further 4,000 bopd. An additional 20 well targets have been mapped, providing excellent potential to further increase production.

In December 2012, International Petroleum was awarded production-sharing contracts (PSCs) over four highly prospective licences in south-east Niger: Manga 1, Manga 2, Aborak and Ténéré Ouest, covering a combined area of over 70,000 square kilometres. The blocks are located in the West African Rift Subsystem, which is a component of the Western Central African Rift System and include parts of the Termit and N'Dgel Edgi rift basins. Recently increased activities by a range of international organisations have highlighted the significant untapped potential of this vastly underexplored region.

"Range Resources and International Petroleum have excellent project and management synergies, with advanced oil and gas projects across eastern Europe, Trinidad, central Asia, Latin America and Africa," commented Peter Landau, executive director of Range Resources.

"The merged entity will have solid oil and gas production that is targeted to increase substantially, backed by a considerable reserve and resource base.

"International Petroleum's production assets in Russia will complement our own core Trinidad assets in building a very significant production base to grow from. International Petroleum's recently acquired assets in the African nation of Niger will also be a strong exploration upside fit with our own portfolio of large potential onshore projects."

The company will be looking to appoint Chris Hopkinson as a managing director of the merged entity. Hopkinson is currently chief executive of International Petroleum and has over 23 years' experience in the oil and gas industry, including senior management positions with BG Group (BG.), TNK-BP, Yukos, Imperial Energy Corporation and Lukoil.

"Hopkinson has immense technical and operational experience which will drive the merged company's production growth in the short and medium term," Landau stated.

Range has received commitments to an AU$20 million placement to major funds and institutions and agreed to provide $15 million (£10 million) to International Petroleum by way of a secured loan over International Petroleum's Russian assets.

Landau added: "The merger will build a stronger, more robust company with greater financial and technical resources, with a particular focus on applying its onshore exploration and development expertise to growing production from its pipeline of projects. We will be able to share people and technical resources in order to maximise returns for our shareholders."

He concluded: "We feel confident that our respective shareholders will be excited by the value-creating opportunities that will be generated through this transaction."

Investor view

"Range got a stonking [good] deal here," stressed Interactive Investor discussion board user 'robjobscotland', explaining: "Combined bopd next year circa 10,000 barrels, institutions in on the act [and] the ramp up in production from the deal is very attractive indeed."

However, 'Symore Bottoms' questioned: "Do you not think that International Petroleum is overvalued at AU$105 million for a company producing just 190-odd barrels a day?"

The user added: "The other stuff about increasing production is conjecture. Plus I thought Range Resources already had enough of those wildcats on its plate with Puntland, Guatemala and Georgia, so why add Niger to the basket?

"International Petroleum also getting a good deal on the loan at 8% as they could never raise this finance themselves. All in all a cracking deal for International Petroleum, while Range Resources does all the 'leg work'.

"The only positive I guess is that Range will get a better chief executive."

'Fin8108' appeared exasperated at the news: "Every deal has been good for the medium/long term yet here we are, years down the line, 4p and still good for medium/long term. The goal posts keep moving the targets keep changing, the shares keep growing but the one thing that never ever changes is targets never get hit. So being excited about bopd in 2015 is crazy."

The user told fellow private investors: "In December last year, you were all excited about the first quarter of 2013, spouting double figures and well over 2,500 bopd. You all need to realise that tomorrow never comes will Range Resources. It never has and it never will."

But 'Shareshopper1' was of the view that the institutional investors knew that something big was due. "Why else would they underwrite this placing? And why else has news been held back for so long?" he asked.

"Exit the frightened, over leveraged and ill informed... long termers and those with vision, come back in a month or two and see where we are and what news has been released... exciting times ahead!"

dreamcatcher - 25 Apr 2013 08:59 - 64 of 424

Just shy of another 6% fall

dreamcatcher - 25 Apr 2013 09:02 - 65 of 424

Been waiting now 6 Months for the last TT drill (I think it was MD 248, so long ago cannot remember) I think it was a 6 week drill. Looks like major problems.

skinny - 25 Apr 2013 09:07 - 66 of 424

I've long had my money + profit from these.

What have have left, whilst being free, are now worth less than £1k.

dreamcatcher - 25 Apr 2013 09:11 - 67 of 424

Perhaps PL will buy a jam factory next, perhaps that's for tomorrow.

skinny - 25 Apr 2013 09:44 - 68 of 424

Or the day after....

dreamcatcher - 25 Apr 2013 10:28 - 69 of 424

or even the day after. :-))

dreamcatcher - 25 Apr 2013 21:45 - 70 of 424

Range Resources merger to provide foundation for production growth
By Jamie Ashcroft April 25 2013, 2:27pm Projects in Russia and Trinidad will provide the initial impetus for this period of growth


Projects in Russia and Trinidad will provide the initial impetus for this period of growth

Range Resources’ (LON:RRL, ASX:RRS) merger with International Petroleum (IOP) will provide the foundation for a period of rapid production growth, according to Range director Peter Landau.

Range revealed on Wednesday that it would merge with IOP in a deal that, at the time, valued the latter at A$105mln.

For Range investors, the merger adds exposure to assets in Russia, Kazakhstan, and Niger. Investors also benefit from the appointment of Chris Hopkinson as the chief executive of the enlarged company.

“We see that the merger will obviously be beneficial to both parties,” Landau told Proactive Investors.

“However, for Range it will bring a proven management team led by Chris Hopkinson, who has a wealth of experience and proven track record through his time with Shell and in particular with Imperial Energy where he was CEO.”

With the enlarged asset base and strengthened management team, the company aims to grow production significantly over the next two years, from 1,000 to 10,000 barrels of oil per day.

Projects in Russia and Trinidad will provide the initial impetus for this period of growth, Landau explains.

“The Russia asset will see near term production with a forecast production ramp up to circa 4,000 bopd day in the first quarter of 2014, adding to the production ramp up forecast in Trinidad.

Once the firm has established this valuable production base the focus is expected to turn to Africa, through the assets in Niger and possibly other new opportunities.

Landau explains the increasing production base will open up funding opportunities, specifically facilities tied to reserves and production.

IOP alone brings 3P - proved + probable + possible – reserves of 233mln barrels of oil, as well as prospective resources in the order of 761mln barrels of oil and 156bn cubic feet of gas.

This means that, once merged, the enlarged company will have 3P reserves of 264mln barrels, and prospective resources of 802mln barrels and 156bn cubic feet of gas.

Range has agreed to secure funding ahead of the merger for the group’s growth plans.

It will raise A$20mln through a share placing to a mixture of UK and Australian institutions and funds; 338mln new shares will be sold at 0.04p each.

Range will also provide a US$15mln loan to International Petroleum, secured against the latter's Russian assets.

Once the dust settles on the merger and the placing, current Range shareholders will own 62.4% of the enlarged company.

Landau expects that the AIM market will see the majority of the liquidity in Range’s shares, as is currently the case, though he believes that the corporate manoeuvres announced yesterday will also see an increase in the liquidity on the ASX.

dreamcatcher - 25 Apr 2013 21:46 - 71 of 424

Talk of questions and answers tomorrow ?

skinny - 01 May 2013 13:06 - 73 of 424

Quarterly Activities Report and Appendix 5B

dreamcatcher - 01 May 2013 17:15 - 74 of 424

..

Range Resources eyes merger funding completion
SharecastSharecast – 15 hours ago..

LONDON (ShareCast) - Range Resources expects to complete the fundraising this week for its planned merger with International Petroleum and is close to finalising new debt finance.

The company said 67m of the 338.98m shares to be issued were allotted on Wednesday, to existing shareholder Capital Group at an average price of 0.04p, with the remainder to be allotted on or around May 3rd 2013.

AIM- and ASX-listed Range also revealed it produced 197,000m cubic feet (cf) of gas during the first quarter of the year, of which 43,000mcf was attributable to Range, and 1,725 barrels of oil.

Cash levels fell from A$7.1m to A$5.8m during the three months but the company said it had received commitment from Cayman Islands finance company Meridian SEZC to purchase $35M of five-year monetary production payment securities from Range secured against future cash flows from Range's Trinidad operations and are repayable in cash on a straight line monthly amortised basis.

Meridian has advised the company that it anticipates closing of the financing shortly.

dreamcatcher - 01 May 2013 17:29 - 75 of 424

“Great potential” of the company’s planned merger with Range Resources.
Published on May 1, 2013
Chris Hopkinson, MD of International Petroleum, tells Proactiveinvestors about the progress of his companies assets in Russia and Niger. He discusses the company’s plans to diversify and look for “something big” in Africa. He also hails the “great potential” of the company’s planned merger with Range Resources.

http://www.directorstalk.com/great-potential-of-the-companys-planned-merger-with-range-resources/

dreamcatcher - 02 May 2013 10:46 - 76 of 424

6.5% up

dreamcatcher - 02 May 2013 16:50 - 77 of 424

Closed up 8.31%

skinny - 03 May 2013 11:55 - 78 of 424

PROPOSED MERGER PRESENTATION

Range Resources Limited ("Range" or "the Company") is pleased to release a
presentation on the proposed merger with International Petroleum Limited. The
presentation outlines rationale behind the proposition with a particular
emphasis on International Petroleum and its assets.

The presentation is available on the Company’s website at www.rangeresources.com.au.

dreamcatcher - 03 May 2013 14:35 - 79 of 424

PROPOSED MERGER PRESENTATION

http://www.rangeresources.com.au/framework/documents/displaydocument.asp?doc=1048

dreamcatcher - 03 May 2013 16:37 - 80 of 424

Range Resources

The Range Resources share price has fallen around 70% over the past 12 months, but the price blipped up 2.3% to 3.6p this morning after the firm released news of its proposed merger with International Petroleum. The raising of the funding needed for the merger is apparently close to completion, with 67m of Range's 339m new shares having been placed and the rest to be allocated within the next day or two.

The merger will provide Range with access to resources in Kazakhstan, Russia and Niger, to add to its main interests in Somalia, Georgia, the USA, Trinidad and Colombia.

More market analysis can be found at www.fool.co.uk.
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