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

Joint Venture Agreement On Georgian CBM Project
PRNW


18 February 2013


The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000


By e-lodgement

JOINT VENTURE AGREEMENT ON GEORGIAN CBM PROJECT

Highlights:

- Agreement reached on the joint development of the Coal Bed
Methane ("CBM") and conventional gas potential around the Tkibuli-Shaori Coal
Field with Georgian Industrial Group ("GIG");

- Tkibuli Project has estimated Contingent Resources of
approximately 400 bcf of CBM gas (mean 100% basis);

- GIG is the largest industrial holding company in Georgia;

- The fast-track assessment and development program is designed for
gas production and sales to potentially begin within 18 months;

- GIG to purchase all gas produced on a take or pay arrangements;
and

- Pilot project proposal to be predominantly debt financed,
reducing immediate financial commitments for Range.

Range Resources Limited ("Range" or "the Company") is pleased to
announce that the Company, along with its joint venture partners, Strait Oil
and Gas UK Limited ("Strait") and Red Emperor Resources Limited ("Red
Emperor") (together "the Consortium") have executed a heads of agreement with
the Georgian Industrial Group ("GIG") with respect to the joint development of
the Coal Bed Methane project (CBM) and conventional potential around the
TkibuliShaori Coal Field ("Tkibuli") in the Republic of Georgia.

Terms of Agreement

GIG and the Consortium will jointly establish a Development Company
on a 50:50 basis. The Development Company will be commencing feasibility and
technical studies, followed by an initial three to four well pilot project.
The appraisal / pilot production wells will be drilled first to clarify flow
rates and other key parameters including optimum well construction /
completion strategy, well spacing and water treatment, prior to full scale
development. Based on the previous ARI study it is planned to execute 6 CBM
wells per annum that are forecast to produce between 0.3-0.5 mmcf per well per
day, which over a short period of time (ie. 3+ years) are projected to build
to a significant production base for the joint venture that will enable
further expansion of the CBM project.

The initial pilot project will focus on appraising targets already
venting methane, thus ensuring a higher chance of success. The work programme
is anticipated to commence in the second half of 2013 and will be
predominantly debt financed, resulting in limited financial commitments for
Range moving forward. New wells will target horizons at depths between 500 and
2,000 metres and can be drilled within 45 days. The fast-track program is
designed to allow potential gas production and sales to begin within 18 months
given the existing infrastructure and logistics. GIG have agreed a take or pay
arrangement for all gas produced by the Development Company at a 5% discount
to a regional indexed price less transportation, removing the monetization
risk so often faced with prospective CBM projects. Over the last few years
regional prices have averaged between US$8 - US$10 per Mcf.

It is the intention of the Consortium to ensure that the first well
of the pilot program counts as the commitment well with respect to retaining
Block VIb.

Tkibuli Project Overview

Tkibuli has been estimated by Advanced Resources International to
contain Contingent Resources (mean) of approximately 0.4 trillion cubic feet
("tcf") of CBM gas (Range's attributable 40% interest is 0.16 tcf). Sand
horizons have also been identified around the coal beds, which could add
additional, conventional hydrocarbon resources to those estimated for CBM at
Tkibuli alone. Over 400 exploration and non-hydrocarbon wells have been
drilled in the Tkibuli area, many encountering hydrocarbons and one producing
gas for over 35 years.

CBM has become an increasingly important source of energy around the world and
production is well established in the US, Australia and China. Access to
market is key to commercialisation and, although major pipelines transect the
country, Georgia remains almost entirely dependent on imports of foreign
natural gas. CBM production from Tkibuli, therefore, could immediately be fed
into the local energy market.

Georgia Industrial Group Partnership

The Georgian Industrial Group was established in 2006 and has
extensively invested in the local economy and continues to support prospective
businesses. GIG operates the 200MW gas-fired power station located in
Gardabani, as well as importing 25% of gas currently used in Georgia. The
power station currently does not use any gas sourced locally in Georgia.

GIG is the largest holding company within Georgia and embraces a
number of subsidiary companies operating in the energy sector, acquiring and
processing of natural resources, production of building materials, logistics
service and real estate development.

GIG's operations are concentrated on the acquiring and processing
of the Country's resources, which in turn, fosters the long-term development
and success of Georgian industries.

Executive Director Peter Landau commented:

"This is a major opportunity for the company and the significance
of the project should not be understated. The Partnership with the Georgian
Industrial Group, the largest industrial and holding company within Georgia,
is a milestone towards establishing itself in a country that still remains
almost entirely dependent on imports of foreign natural gas. The existence of
take or pay arrangements in place for all gas produced, removes the
monetization risk associated with the project. The ability to finance the
project through debt further underpins the proposition, by removing any
immediate financial commitments to Range. We believe that the deal has huge
potential for the company in the next three to five years as the production
base grows, and will generate significant revenues for the Company. The joint
venture compliments Range's current focus on production growth, whilst
ensuring its operational and financial capabilities remain with Trinidad."


Yours faithfully

Peter Landau
Executive Director

Range Resources strikes Georgian coal seam gas development deal
5:50 am by Proactive Investors



Range Resources (ASX: RRS) and its partners have reached an agreement with Georgian Industrial Group to jointly develop the coal seam gas and conventional gas potential around the Tkibuli‐Shaori Coal Field.

The fast track assessment and development program is designed to bring the Tkibuli project, which has gross estimated Contingent Resources of about 400 billion cubic feet of CSG, into gas production and sales within 18 months.

GIG, the largest industrial holding company in Georgia, will purchase all gas produced on a take or pay arrangement at a 5% discount to a regional indexed price less transportation, removing the monetisation risk. Regional prices have averaged between US$8 and US$10 per 1000 cubic feet of gas.

“This is a major opportunity for the company and the significance of the project should not be understated,” Range executive director Peter Landau said.

He added the ability to finance the project through debt underpinned the deal by removing any immediate financial commitments to Range.

“We believe the deal has huge potential for the company in the next three to five years as the production base grows and will generate significant revenues for the company.

“The joint venture compliments Range’s current focus on production growth, whilst ensuring its operational and financial capabilities remain with Trinidad.”

The joint venture will start feasibility and technical studies before carrying out a three to four well pilot project.

This pilot program will focus on appraising targets already venting methane and is expected to start in the second half of 2013.

New wells will target horizons at depths between 500 and 2,000 metres and can be drilled within 45 days. The consortium will ensure that the first well of the program counts as the commitment well for Block Vlb.

Range and its consortium partners will form a development company on a 50:50 basis.

Tkibuli

Tkibuli has been assessed by Advanced Resources International to host about 400Bcf of CSG.

Sand horizons have also been identified around the coal beds, which could add additional conventional hydrocarbon resources.

Over 400 exploration and non‐hydrocarbon wells have been drilled in the Tkibuli area, many encountering hydrocarbons and one producing gas for over 35 years.

The appraisal and pilot wells will clarify flow rates and other key parameters including optimum well construction and completion strategy; well spacing; and water treatment prior to full scale development.

Based on previous studies, Range expects to execute 6 CSG wells per annum, each capable of producing between 300,000 and 500,000 cubic feet of gas per day.

Range has a 40% interest in blocks Vla and Vlb that cover a total of 7,000 square kilometres.

Georgian Industrial Group

GIG is the largest holding company within Georgia and embraces a number of subsidiary companies operating in the energy sector, acquiring and processing of natural resources, production of building materials, logistics services and real estate development.

Its operations are focused on the acquiring and processing of the country’s resources, which in turn fosters long-term development and success of Georgian industries.

Analysis

While Trinidad remains the focus for Range Resources, the deal with Georgian Industrial Group brings a heavyweight presence to support development of Tkibuli coal seam gas and conventional gas potential.

It also removes the need to secure a buyer for any gas produced as it has already agreed to offtake any gas produced.

The regional pricing of between US$8 and US10 per thousand cubic feet is also attractive as it compares favourably to prices in Australia, which averages between from A$4 to A$6 per thousand cubic feet in the Eastern States.

Taken together, this has the potential to be a strong second arrow in Range’s quiver of projects.

Closed up today 13.48% at 4.80p

http://www.citation.net.au/media/articles/ASX-Announcements/20130220-Atzam-4---Probable-Reserves--188/1196564.pdf

Well done Dreamcatcher on "Giving this BB a smarter look".........Lets hope the Range SP continues its journey Northwards!

Interesting read on the Citation drilling.

GLA........Gerponville18

StockMarketWire.com
Range Resources said an independent report estimated probable reserves of 2.3 million barrels of oil in the Atzam #4 well in Guatemala.

Range's update followed its recent acquisition of a 19.9% interest in Citation Resources Ltd, and 10% at the project level.

The probable reserve at Atzam #4 excluded contributions from the lower C18 and C19 sections, due to minimal log data, with testing recommended in future wells, Range said in a statement.

It added that preparations continue for flow testing the lower C17 and upper C18 carbonate sections with an electrical submersible pump (ESP).

There were estimated flow rates of 300-400 bbl/day, with an 85-90% oil cut from the lower C17 and upper C18 carbonates with an operational ESP, based on results to date.

Further, significant moveable oil identified in electric logs in the C13 and C14 carbonates still untested.

Thanks G, the old thread was just that and out of date .

Closed up 10%

Better than in the red - still a long way to go for us. I certainly won't hold my breath and worry about capital gains tax for now. UGH! I wish.

lol

Large volume today, recovered and held up well.

Good volumes all week; best day was yesterday.

Rumours......... Citation have put a halt to any share dealing until Monday (This is not the rumour.....RNS issued by Citation this morning); the rumour is; Range to become majority shareholder = Buyout Citation. I assume this would come from the imminent sale of Texas?

So we should have some news of sorts definitely on Monday?

We have so much to look forward too from Range. This is all in my opinion of course. I hope so anyway; I have been topping up from the low 3's. I am more confident in the SP reaching 10/12p, not sure on the 25p.......Fox Davies expert analysis, not mine........I do hope I am wrong though!

GLA.........Gerponville18

Well done with that news G.

Up just under 6%

Wake me up dc please when it goes up 150% - only joking!! A young mother of three is missing and has been since yesterday morning from an area about 6 miles away from me, the police have put posters up all over the place and joe public are all out looking for her - how sad, I sincerely hope they find her alive and well.

That may be a long sleep. Thats sad 3m, fingers crossed she will be found ok.

Suspended on the 21st and a trading halt on the 25th (linked to post 12)



http://www.asx.com.au/asxpdf/20130225/pdf/42d7hgc619kdnz.pdf

http://www.asx.com.au/asxpdf/20130226/pdf/42d8lsb50x1w3z.pdf

placement
http://www.asx.com.au/asxpdf/20130226/pdf/42d8ltyyrqmm8r.pdf

Petrotrin expects increased oil production in 2013 – Breaking News – Trinidad and Tobago
26th Feb
http://www.directorstalk.com/petrotrin-expects-increased-oil-production-in-2013-breaking-news-trinidad-and-tobago/

Range Resources investing US$70-US$100 mill in T&T

http://www.guardian.co.tt/business-guardian/2013-02-27/range-resources-investing-us70-us100-mill-tt