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

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.

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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.

Indeed it does, it does indeed! ;o)

Gone through all the flavours of jam for tomorrow now.

Hopefully not just a sticky mess left though! We could do with a lot more sticky oil however.

I'm invested in a oil company am I? We need thousands of barrels and they are talking of wells producing a hundred a day. lol

I'm sure it will be so different when the merger takes place. :-))

You sound as convinced as I am DC! :o)

Found this kim - Target price ?

http://www.directorstalk.com/wp-content/uploads/2013/05/RRL-16-05-13.pdf

Wow! Target price 13p? That's the jam on a whole slice of toast! :o)

I'm history if it gets near to that.

Not literally I hope?!

lol. What are you drinking tonight. :-))

Watered down jam!! :o)