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

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

Or the day after....

or even the day after. :-))

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.

Talk of questions and answers tomorrow ?

Worth a read over the weekend: (the Q & A session)

http://www.miningmaven.com/companies/aim-mining/range-resources/range-resources-international-petroleum-strategic-merger-management-q-a1/

Quarterly Activities Report and Appendix 5B

..

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.

“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/

6.5% up

Closed up 8.31%

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.

PROPOSED MERGER PRESENTATION

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

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.

StockMarketWire.com=
Range Resources is currently reviewing multiple well completion options for its Trinidad operations, including the use of mini-hydraulic fracturing and horizontal drilling.

Range says that if successful, these options can potentially increase initial production rates by 5 to 10 fold.

Range said the QUN 141 well was currently being completed with logs indicating 160 ft of gross oil pay, one of the thickest Lower Forest pay sections to be encountered to date.

Range said the QUN 142 well spudded and was drilling ahead at 800 ft and was expected to encounter the same well-developed oil pay as the QUN 141 well. The company said planning had startedfor the possible re-activation of the QUN 16 well, which previously produced up to 145 barrels of oil per day, to add new reserves and production, while further extending the Lower Forest trend.

And it said several production rigs will be placed back into operation within the week to begin remedial work on up to 20 existing wells, expected to yield an additional 100-150 bopd of production.

It says the MD 248 well continues to make steady progress towards its target depth having reached 5,425 ft. and encountered a `drilling break' (a sudden increase in the rate of penetration during drilling), associated with oil sands along with hydrocarbon shows, indicating a potential oil zone at approximately 5,000 ft.

And it says it is in the process of determining the applicability of formation stimulation on the QUN 135 well, designed to maximize recovery from the multiple pay zones, including the possibility of mini-hydraulic fracture. A successful well at this location could have initial production rates of up to 200-300 bopd.

Range adds that operations will commence shortly on the South Quarry field following the recent receipt of approvals for the construction of 4 initial well pad locations with drilling in the area to start end June/early July.

Within the Beach Marcelle field, the company is planning to deepen 6 wells, which are expected to recover up to 90,000 barrels of oil per well at costs significantly lower than drilling and completing new wells.

GUATEMALA UPDATE
Range Resources Limited ("Range" or "the Company") would like to draw attention to the announcement released by Citation Resources Limited (ASX: CTR) on the current flow testing program on the Atzam #4 well in Guatemala (in which Range has an indirect attributable interest of 24%).

Citation Resources has announced that following a technical review program on the Atzam#4 well undertaken with Schlumberger, flow testing of the C13 and C14 carbonate sections of the well is expected to commence within 2 weeks.

Trinidad update full RNS

I may be wrong but I feel that the wording of the RNS has a veiled warning that more funds may be needed, therefore probably another dilution ahead. I probably am wrong though!

Must be some of the longest drills in history. Bully bull comes to mind. Gee whiz.

Must be some of the longest drills in history. Bully bull comes to mind. Gee whiz. Ends the day as per norm in the red.

Indeed it does.