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

Cantor Fitzgerald Buy 1.56 1.55 3.70 3.70 Reiterates

Range Resources - Cantor pleased with ‘key milestones’ towards loan recovery

By Jamie Ashcroft

September 09 2014, 12:40pm
Cantor repeated a ‘buy’ recommendation and a 3.7p price target after Range yesterday announced that it has moved closer to settling the loan.
Cantor repeated a ‘buy’ recommendation and a 3.7p price target after Range yesterday announced that it has moved closer to settling the loan.


City broker Cantor Fitzgerald said it is pleased that key milestones have been reached in the recovery of Range Resources (LON:RRL) loan to International Petroleum.

Cantor repeated a ‘buy’ recommendation and a 3.7p price target after Range yesterday announced that it has moved closer to settling the loan.

It confirmed in a stock exchange statement that International Petroleum’s shareholders has approved a disposal of assets in Russia and also approved the issue of new shares to Range.

All that is left to clear the matter is the release of the Russia assets to the buyer, Range added.

At the same time Range relayed an announcement regarding the Atzam project in Guatemala, where Citation Resources intends to evaluate the potential for commercial oil production via ‘acid wash’ stimulation processes.

Citation will start with an acid wash of the C18 interval in the Atzam 5 well, and if that section cannot produce at commercial volumes the programme will next test C17.

StockMarketWire.com
Range Resources has confirmed that its Annual Financial Report for the year ended 30 June 2014 will be published on Tuesday, 30 September 2014.

Shares suspended.

"pending an announcement". They have found a stack of out of date Tesco food in the fridge which was part of their inventory!

StockMarketWire.com
Range Resources has noted the recent movement in the Company's share price and said that it was aware of related market speculation.

As previously announced, the Company confirms it is continuing to explore various financing options (which may result in financing of up to US$15 million) and will make a separate announcement should any material financing agreement be formally signed.

Portfolio Update

RNS


RNS Number : 8452S

Range Resources Limited

29 September 2014






ASX Code: RRS

AIM Code: RRL

Range Resources Limited ('Range' or 'the Company')



Portfolio Update



Colombia



In line with the previously stated strategy of portfolio rationalisation and the Company's focus on Trinidad, Range has made a strategic decision to refocus its Colombia portfolio to fully-carried positions on three exploration assets, and will not be proceeding with a farm-in option for the PUT-6 block in the Putumayo basin, given the high cost work commitments associated with the block. This strategic exit follows a previously announced withdrawal from PUT-7 block (see announcement on 9 May 2014).

Instead, the Company will focus on its fully-carried 10% interest in three exploration blocks, PUT-5, VMM-7, and VSM-1, following the finalisation of a Joint Operating Agreement ("JOA") with the blocks' operator, Optima Oil Corp ("Optima"), a private oil and gas company (80% interest) and Petro-Caribbean Resources Ltd (10% interest). These interests were secured as a result of having assisted Optima in successfully bidding for these three licences, by Range being a registered operator in Colombia.

These interests will enable Range to maintain a presence in Colombia for future growth, at minimal cost. The three blocks are found in mature basins of the Putumayo and Magdalena Valley and hydrocarbon accumulations are found in the vicinity of each block.

Optima will bear and pay 100% of all costs and expenses incurred up to production under the JOA. The initial exploration term expires in December 2015 during which time 2D seismic and one exploration well needs to be drilled on each block. The operator is currently working towards fulfilling the Phase 1 work programme commitments.

PUT-6 Performance Bond

In 2012, Range provided US$3.48 million cash to secure the issuance of a performance bond in support of the minimum work commitments for the PUT-6 block. This cash is held by a bank in Colombia as collateral for the bond issued in favour of Colombia's National Hydrocarbons Agency (ANH). Given that Range will no longer be pursuing an interest in PUT-6 licence, the Company has decided it is appropriate to write-off this cash along with the investment made to date in the block in the upcoming financial accounts.

Whilst it is disappointing to write-off this cash, it should be considered in light of the substantial commitments significantly in excess of this amount which would have been incurred should Range have elected to earn the farm-in option through funding the required work programme for the block.

Puntland Offshore

Given the Company's strategic focus on onshore assets, the Company will not be pursuing any formal agreements relating to potential offshore blocks in Puntland. This doesn't change the Company's strategy in respect of its 20% non-operated onshore interests, which Range intends to continue to hold.

Rory Scott Russell, CEO, commented:



"To minimise our cost exposure on all fronts, we have taken pragmatic steps to exit our position in PUT-6 and PUT-7 blocks, where the work programme would have been very expensive for Range, so I am particularly pleased that we will maintain our exposure to Colombia at minimal cost.



We are excited to maintain a presence in both the Putumayo and Magdalena Valleys in Colombia with considerable and diverse exploration and appraisal potential. Having a full carry on the three blocks through to production significantly reduces our spending commitments and allows us to benefit from the value created by our local partners.



While our efforts remain focused on our unique position in Trinidad, we continue to review our portfolio to ensure a balance of production, development and selective onshore exploration. With that in mind, the Company will not be pursuing further any entry into the Puntland offshore and any associated high cost, high risk exploration work commitments.



We remain committed however, to our prospective onshore acreage in Puntland, and continue to work with the operator Horn Petroleum Corporation and the authorities to come to an agreement on the timing and level of future activities in this onshore oil exploration project."

ah well
gla

Annual Financial Report

http://www.moneyam.com/action/news/showArticle?id=4894365

Range secures up to US$15 million loan financing


Range secures up to US$15 million loan financing

Range is pleased to announce it has signed a loan agreement for up to US$15 million in medium-term financing with Lind Asset Management, LLC, a New York-based institutional investor managed by the Lind Partners, LLC (together, "Lind").

The proceeds will primarily be used to invest in the Company's rig fleet, accelerate development drilling of the Trinidad portfolio and for general working capital purposes of the Company.

Off 25% not good.

OIL COLUMN - Range Resources chief draws the line here
By Jamie Ashcroft
October 04 2014, 7:00am The US$15mln financing deal unveiled by Range Resources (LON:RRL) will start to put right years of under investment in the company’s Trinidad operations, according to chief executive Rory Scott Russell.

Speaking with Proactive Investors Scott Russell said Tuesday’s results and the financing represents a final line in the sand between Range and what he hopes will be viewed as legacy problems.

“We’re drawing the line here. We had to get everything out there warts and all (the annual results). There’s no more talk of a new beginning after this.”

Scott Russell says steering the company in the months since taking over, in February, has been quite a challenge but now he is confident that the group’s difficulties can be overcome and the business will be able to move forward on a more cost efficient basis.

“Really the problem has simply been years of under investment, something which the secured financing addresses. It is not like we’re trying to drill something that might not exist or having to downgrade reserves or lost a licence or something like that.

“The production target is a few months delayed, mainly because it took longer to find the appropriate financing.

“But, despite the disappointment, the encouraging thing is we’ve got a profitable business here.

“Our Trinidad business was profitable on an EBITDA basis generated positive net operating cash flow, which highlights the underlying strength of our Trinidad business and the potential that exists to grow.

“There are a few profitable AIM businesses out there, and I hope we’ll soon be recognised as being one of them.”

New York based investment group Lind Asset Management is lending Range up to US$15mln, starting with US$10mln which can be added to in about six months’ time. Range will have the option to either repay Lind in either cash or shares, and the repayment amount for full US$15mln loan will total US$18.375mln.

Range also reported a US$65mln loss from continuing operations - it made non-cash write-offs totalling US$24.5mln and revealed US$22mln of finance costs.

The gross loss for the year was US$3.2mln.

Scott Russell expects Range’s rigs will soon be turning around the clock in Trinidad, following the investment into the fleet, and as a result he expects production to ramp up to the 1,000 barrel a day target in the first half of 2015.

Once there, the operation will be approaching something close to optimal performance with improved cost management enhancing cash-flows further.

“Our costs are going to be much slimmer. It is a case of building a strong business. So now, with the financing secured our first priority is to get rigs working to full capacity, and we’ll start improving production.

“What this financing will enable us to do is really kick start production growth now.

“We could’ve gone for bigger numbers [in the financing] and all kinds of different structures, but after we undertook a detailed review of all available options, we firmly believe that this facility is the most appropriate and attractive option for us at this moment in terms.

“It provides the company with flexible, medium-term financing can be repaid at any time and has limited security most importantly with Trinidad remaining unencumbered.

“Our problem was not about oil, we have plenty of oil. It has just been a question of financing. Without enough money we couldn’t really do anything.

“Now it’s all down to the delivery.”

- FIRST PUBLISHED OCTOBER 1 -

US$15 million loan financing completion and Issue of Shares

Range announces that the loan financing agreement of up to US$15 million, signed on 30 September 2014 with Lind Asset Management, LLC ("Lind") has completed today. As previously announced, Range will use the proceeds primarily to invest in the Company's rig fleet and to accelerate development drilling of the Trinidad portfolio.

The Company also advises that following movement in the Company's share price since 30 September 2014, Range and Lind have agreed to amend certain terms of the financing as follows:

· As previously announced, Range has the right to repay the entire facility at any time. If all amounts outstanding are repaid in full within 6 months of closing a reduction to the required repayment amount of US$350,000 will apply.

· In the event of an early repayment in full, Lind retains a right to convert an amount up to a maximum of 25% of the total relevant Tranche into equity at the premium conversion price.

· Tranche 1 drawdown schedule has been amended with US$5 million now funded at closing and the remaining US$5 million to be drawn on a monthly basis over the following 10 months.

· Tranche 2 drawdown schedule totalling US$5 million has also been amended and will now be available on a monthly drawdown basis (from April 2015 as previously announced).

· Total collateral shares remain unchanged, but Range has now issued the full 38million shares at closing.

· The premium conversion price (applicable if Lind chooses to convert after the initial 6 month lock-up period), and the option exercise price have been amended and will now be equal to 130% of the average of the VWAP during the 11 trading days prior to the amended agreement being signed (equal to either A$0.0243 or 1.203p per share).

· During the lock-up period, Repayment Shares on the initial advance would be priced at 92.5% of the average of 3 day VWAP, chosen by Lind, during the 20 trading days prior to each issuance of shares. Post lock-up period, Lind retain the ability to select either that price, or the premium conversion price.

As previously announced, Range will propose appropriate resolutions in respect of this agreement at the upcoming Annual General Meeting in November.

International Petroleum Loan Update

Range advises that further to the Company's announcement on 4 August 2014, all conditions precedent to the settlement of Range's loan have been met.

According to the settlement agreement, International Petroleum Ltd ("IOP") has made a cash payment of US$500,000 to Range and all other outstanding monies have converted into 147,803,270 ordinary shares of IOP. Following conversion, Range holds approximately 9% of the enlarged share capital of IOP. In addition, IOP has issued 5 million unlisted options to Range exercisable at AU$0.06 per option on or before 2 October 2016.

IOP advises Range that its securities are expected to be restored to trading on the National Stock Exchange of Australia ("NSX") within the current quarter.

Quarterly Activities Report For the Period Ended 30 September 2014

Highlights
· Average oil production in Trinidad increased by 7% from previous quarter;
· Revenue increased by 11% from previous quarter;
· Administration costs decreased by 50% from previous quarter;
· Loan financing of up to US$15 million completed;
· Loan settlement agreement signed with International Petroleum;
· Refocused strategy in Colombia - exit from high cost commitments to
fully-carried positions;
· Ian Olson appointed as Non-Executive Director;
· Amy Just appointed as Joint Company Secretary; and
· Graham Lyon appointed as Non-Executive Chairman, effective from the conclusion of AGM in November (announced subsequent to quarter end).

Range signs St Mary's Block licence in Trinidad

Range is pleased to confirm that following the announcement of award on 3 February 2014, the Company has signed the Exploration & Production Licence for the St Mary's Block in Trinidad with the Government of the Republic of Trinidad and Tobago. A signing ceremony was held in Port of Spain on 31 October attended by Senator the Honourable Kevin Ramnarine, Minister of Energy and Energy Affairs.

The Exploration & Production licence is awarded for 25 years should a commercial discovery be made. During the six year period, Range has committed to drilling four exploration wells, shooting of 160 km 2D seismic and 60km2 of 3D seismic, along with various other technical studies. As part of the award, the state oil company Petrotrin is given a 20% carried interest through the exploration work programme commitment.

Range is in final negotiations with regards to the Joint Operating Agreement with Petrotrin and a subsequent announcement will be made when this has been finalised.

St Mary's Block Overview

The 44,731 acre St. Mary's Block was awarded to Range on 3 February 2014 via competitive tender in the Trinidad Onshore Bid Round 2013.

The Block is on trend with highly prospective acreage with multiple plays, and several significant recent onshore discoveries, including the 150 million barrel Penal / Barrackpore field, the 20 million barrel / 0.5 TCF gas condensate Carapal Ridge field and other fields ranging in size between 10 and 25 million barrels of oil. The main reservoir targets identified in St Mary's Block are Pliocene Deltaic sands, Miocene Herrera sands, Cretaceous sands and the source rock itself.

The western part of the Block is adjacent to Range's extensive production infrastructure which could be utilised in the development of any discoveries on this new block.

Range's evaluation of existing seismic and well data has enabled the Company to high-grade a number of areas and the exploration potential of St Mary's will be assessed further through the acquisition and interpretation of new 2D and 3D seismic.

Range signs conditional MOU for US$50 million funding

Range is pleased to announce the signing of a binding Memorandum of Understanding (the "MOU") with Core Capital Management Co., Ltd (the "Investor"), a Chinese-based institutional investor.

Under the terms of the agreement, subject to completion of final due diligence, standard regulatory stock exchange approvals, and any requisite shareholder approvals, the Investor will provide approximately US$20 million in cash to subscribe for Ordinary Fully Paid Shares of the Company ("Share" or "Shares") at a price of £0.01 per Share (the "Subscription"), representing a premium of approximately 26% to the mid-market share price at the close of business on AIM on 31 October 2014 (being the business day immediately prior to this announcement). In addition, the Investor will provide convertible bonds with a total value of approximately US$30 million, which convert at a price of £0.01 per Share, to achieve the full US$50 million commitment.

Upon completion of the initial US$20 million equity investment, it is expected that the Investor will hold approximately 19.99% of the enlarged share capital of the Company. The final number of shares to be issued as part of this investment will be determined at completion to ensure that the Investor does not contravene s606 of the Corporations Act 2001.

The proposed funding may be used to repay existing debt, and accelerate the Company's oil production targets through drilling, secondary recovery and exploration projects in Trinidad. The investment may also be used to fund other potential acquisition opportunities.

Trinidad Operations Update

Range is pleased to provide an update on its Trinidad operations with the following highlights:

· Production continues to increase following successful drilling operations. Since the last reported production figures (30 September 2014) there has been a 5% increase from 564 barrels of oil per day ("bopd") to 592 bopd. This represents nearly a 15% increase in production since January;
· The increase in production is a result of continued development drilling and successful workover operations;
· Two shallow development wells in the Morne Diablo field have been successfully drilled since 30 September 2014, to depths of 807 and 1,111 ft. and are now producing;
· Operations continued without any significant Health, Safety, Security and the Environment (HSSE) incidents;
· STOW (Safe to Work) audit has been successfully completed and final certification from the Trinidad Energy Chamber is expected to be awarded before the end of 2014;
· Work continues with LandOcean on technical studies related to the waterflood projects and the Company remains on track to begin water injection in 2015.

Drilling Rig Fleet
· One rig is being mobilised to its next location in the Morne Diablo field;
· Three other rigs are operational and will recommence drilling subject to final permits from the government;
· Upgrade work continues on rig 8 in preparation for deep drilling;
· One rig remains stacked in long-term maintenance.

Production continues to increase following successful drilling operations. Since the last reported production figures (30 September 2014) there has been a 5% increase from 564 barrels of oil per day ("bopd") to 592 bopd


What more can you say then :-))

Trading Halt Request

Dear Ms Wutete,

Pursuant to ASX Listing Rule 17.1 Range Resources Ltd (ASX: RRS) ("the Company") requests an immediate trading halt of the Company's securities pending the release of an announcement to market regarding an update on the Company's Board composition and funding arrangements.

The Company requests the trading halt until the earlier of commencement of trade on Wednesday, 3 December 2014 or upon the provision of an announcement to the ASX by the Company regarding the above.

The Company is not aware of any reason why the trading halt should not be granted nor of any other information necessary to inform the market about the trading halt.