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

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)

General electric has 10.1 billion shares kim. We only need to issue another 6 billion then we are in front. lol

Range Resources targets Trinidad oil production growth
Friday, May 17, 2013 by Bevis Yeo




Range Resources (ASX: RRS) is poised to grow its Trinidad oil production with operations to complete a well that intersected one of the thickest Lower Forest pay sections encountered to date.

The QUN 141 well is currently being completed with logs indicating 160 feet of gross oil pay while drilling is currently underway on the QUN 142 well that directly to east and expected to encounter the same well-developed oil pay.

Further development on the Lower Forest pay includes the evaluation of a possible re-activation of the QUN 16 well, which previously produced up to 145 barrels per day of oil during a one week test.

QUN 16 well was drilled and tested in 1942 and logged thick oil sands that correlate with the Lower Forest reservoirs being completed by the company about half a mile to the west.

Re-activation of the QUN 16 well will be performed using one of the company’s production rigs, which have recently returned to operation following the receipt of necessary approvals.

This has the potential to not only add new reserves and production but also extend the Lower Forest trend to the east of the QUN 16 well and establishing a large area for low-risk infill drilling between the well and the current Lower Forest development at a relatively modest cost.

In addition, Range is expecting several production rigs to be placed back into operation within the week to begin remedial work on up to 20 existing wells, which could increase production by an additional 100 barrels to 150 barrels per day of oil.

Depending on the type of workover required, individual wells are estimated to require an average of 1-2 days to perform the necessary remedial work.

Lower Cruse Formation Drilling



Range continues to make steady progress in drilling the MD 248 well towards its target depth of 6,500 feet.

MD 248 well is currently at a depth of 5,425 feet and had encountered a ‘drilling break’ along with multiple gas shows requiring mud to be conditioned properly.

The shows are encouraging as they are usually associated with oil sands consistent with the Morne Diablo field.

Middle Cruse Formation Drilling

The company is currently preparing a completion procedure designed to maximise recovery from the multiple pay zones encountered by its QUN 135 well in the Lower Forest, Upper Cruse, and Middle Cruse sections.

This could include the possibility of perforating and producing the Upper Cruse pay zone while evaluating potential stimulation of the Middle Cruse.

Range is still assessing the applicability of formation stimulation in QUN 135, including a possible mini hydraulic fracture stimulation, which has been successful in other fields in Trinidad.

If successful, low-cost stimulation technology could lead to higher initial production rates and greater recoveries from the established producing horizons.

Based on historical production rates seen from the Middle Cruse formation, a successful well at this location could potentially have initial production rates of up to 200 barrels to 300 barrels per day of oil, which could be further enhanced with mini-hydraulic fracture stimulation techniques.

Other developments

Range is in the final planning stages of a new development program in the South Quarry field following the recent receipt of approvals for the construction of four initial well pad locations.

Operations will commence with site construction and fabrication of equipment to support the drilling, which is expected to start towards the end of June or early July.

Previous drilling campaigns have yielded higher than average rates and recoveries due to increased geopressure in the area.

Given the proximity to established production, the South Quarry program has a high probability of boosting production, while extending the producing trends and establishing multiple locations for future drilling.

Range has also received environmental approvals to proceed with the deepening of six wells at its Beach Marcelle licence.

It will now mobilise a production rig to test and prepare existing well bores in anticipation of deepening those wells to recover Proved Undeveloped Reserves, estimated at up to 90,000 barrels of oil per well at costs significantly lower than drilling and completing new wells.

New Technology

Range continues to evaluate exploration, drilling, completion, and production technology to maximize recovery of oil and gas from its producing areas at the lowest cost possible.

This includes mini-fraccing as well as horizontal drilling, which could increase initial production rates by between 5 and 10 times in suitable reservoirs.

Guatemala

Range associate Citation Resources (ASX: CTR) is preparing to test the two most prospective oil bearing reservoir units at the Atzam-4 well in Guatemala.

Flow testing of the C13 and C14 carbonates, which demonstrated strong oil shows during drilling, is expected to start within two weeks.

Some potential pay zones in the C16 and C17 sections will also be tested.

Citation had made the decision to test the two units instead of carrying out further testing of the Lower C17/Upper C18 carbonates that had experienced unexpected gas production following a technical review.

In addition, the operator plans to install a gas separator on the electrical submersible pump for further evaluation of the oil production potential from Lower C17/Upper C18 after testing of C13 and C14 is completed.

These had produced oil at an initial rate of 50 barrels per day with limited ESP performance due to gas production.

Ralph E Davis and Associates (RED) have estimated that Atzam-4 holds Probable Reserves of 2.3 million barrels of oil based on the results of the logging and the analytical work completed by Schlumberger.

Range has a 19.9% strategic interest in Citation, which holds 70% in Latin American Resources (LAR), as well as a direct 10% interest in LAR.

LAR in turns holds between 80% and 100% in the two oil and gas development and exploration blocks in Guatemala.

Analysis

Range Resources continues to make progress in its goal of increasing oil production from its Trinidad operations and looks set to pen in a marked production increase in the short term.

With the proposed merger with International Petroleum, this will place the combined company in an even stronger position with strong production, reserves and exploration upside.

another red day so far

We do not need many more.

Range Resources predicts production growth
Wed 22 May 2013


Range Resources predicts production growth LONDON (SHARECAST) - Range Resources said it is well positioned to grow production as it plans to merge with International Petroleum to build an AIM- and ASX-listed oil and gas company.

The acquisition of International Petroleum is expected to bolster Range’s current production by 300% to 76m barrels of oil equivalent (mmboe) of 2P reserves (proven and probable) and by 750% to 233m barrels of 3P reserves (proven, probable and possible).

International Petroleum’s oil and gas projects in Kazakhstan and Russia will combine with Range’s Georgian exploration properties.

Chief Executive Officer of International Petroleum, Chris Hopkinson, said he expects the merger to be completed in September.

He will take the helm of the newly merged company, which will focus exploration
in Trinidad, Russia and Africa.

In Trinidad, the QUN 141 well is being completed with logs indicating 160 feet of gross oil pay. Drilling is also currently underway on the QUN 142 well which is expected to encounter the same well-developed oil pay.

Hopkinson said the company was able to keep a tight rein on costs as it owns its own operating and drilling subsidiary in Trinidad.

In Russia, the firm is waiting for the “big freeze” to access towns that are surrounded by swamps in the summer.

The group plans to put an additional 10 wells into production, which are projected to increase output by 4,000 barrels of oil per day (bopd). Another 20 well targets have also been mapped.

Cashflows from Trinidad and Russia will then be used to fund exploration opportunities in Africa.

“We have an advantage over other mining companies in Africa because we have the cash flow and resources to back exploration. It gives us a huge leverage,” Hopkinson told Digital Look and Sharecast.

International Petroleum recently acquired exploration assets in Niger, Africa which covers 7,000 square kilometres of highly prospective and underexplored land in the Western Central African Rift System.

Range has received commitments for an AU$20m placement from major funds and institutions which will provide a secured loan for the assets which will complement the company’s current portfolio.

Hopkinson added the merged company expects to make £150m a year profit by 2016.

He also said it would consider exiting the ASX to become solely AIM-listed once its market capitalisation reaches around £250m. Range currently has a market cap of £82.76m on AIM.

Shares in Range fell 2.5% to 2.93p at 15:18 Wednesday.

Market still not convinced at this time.