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The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
TEXAS AND TRINIDAD UPDATE
Range Resources Limited ("Range" or the "Company") is pleased to announce the
following updates with respect to its Texas and Trinidad assets.
Texas
Following the successful drilling of the Smith #2 and Albrecht #1
wells, the Company engaged Forest Garb to prepare an update to the Company's
reserves and valuation report with respect to Range's interests in the North
Chapman Ranch field. As expected, the report confirms a significant increase
to the Company's Proved Reserves (1P), by as much as 50% with the final report
released once the Albrecht #1 well is producing steady state.
The Smith #2 was recently placed into production while the Albrecht
#1 is currently unloading frac fluid following a successful multi-stage
fracture stimulation. With more than 3,000 bbl of frac fluid left to recover,
the Albrecht well has already produced at approximately 1 mmcf of gas and 150
bbl of oil per day with 4500 psi Flowing Tubing Pressure on an 8/64" choke
while unloading 125 bbl of water per day. The well is performing in line with
expectations with regards to previous completed wells and flow rates at North
Chapman. With the Smith #2 and Albrecht #1 wells completed and online,
approximately 60% of the Company's North Chapman Ranch reserves can now be
classified as Proved (1P), with approximately 80% in the Proved + Probable
(2P) categories.
The Company is extremely pleased with the results and will now
commence its various initiatives to monetize its North Chapman Ranch
interests.
In the Company's East Texas Cotton Valley interest, the joint
venture has successfully commenced the long awaited fracture stimulation
operations on the Ross 3H well, which the Company believes will add valuable
oil reserves and production within its Texas portfolio of assets. The Company
will provide ongoing updates on the progress of the Ross 3H well.
Set out below is Range's current attributable interest in the net recoverable
reserves split between the Company's Texas and Trinidad assets which is net of
government and overriding royalties and represents Range's economic interests
in its development and production assets as classified in the report from
Forest Garb which will be updated shortly.
Category Oil Natural Gas Natural Gas
(MMbbls) (Bcf) Liquids
(MMBbls)
Trinidad Texas Trinidad Texas Trinidad Texas
Proved (P1) 15.4 0.7 3.2 7.6 - 0.7
Probable (P2) 2.2 0.6 - 5.5 - 0.5
Possible (P3) 2.0 1.7 - 14.6 - 1.3
Total Reserves 19.6 3.0 3.2 27.7 - 2.5
Set out below is the total estimate Gross Reserves and Resources
across split between Trinidad and Texas.
Category Oil Natural Gas Natural Gas
(MMbbls) (Bcf) Liquids
(MMBbls)
Trinidad Texas Trinidad Texas Trinidad Texas
Proved (P1) 16.2 6.0 3.2 64.3 - 5.0
Probable (P2) 3.0 4.4 - 48.6 - 3.8
Possible (P3) 2.9 11.6 - 129.6 - 10.1
Total Reserves 22.1 22.0 3.2 242.5 - 18.9
Trinidad
The Company is also pleased to report that progress continues to
gain pace with respect to the Company's development program of the shallow
Lower Forest Horizons within the Morne Diablo field. The three drilling rigs
are now progressing on schedule with the fourth rig due to be added in June.
Drill site preparation continues on pace, with a total of 8 future well sites
having been prepared in anticipation of the three shallow rigs extending the
producing trend to the east of the existing field.
Also in Trinidad, work continues to prepare the Company's rig #8
for June spudding of the Middle and Lower Cruse formations (6,500 ft) within
established producing areas. As historically prolific producing horizons, the
Middle and Lower Cruse targets are expected to add significant production and
reserves to Range's growing operations. Based on drilling results to date as
well as planned development drilling throughout the Company's Trinidad
acreage, Range expects to certify additional reserves in 2012, while steady
progress is made towards growth in production and cash flow.
Added Peter Landau, Executive Director "Range is fully funded with
respect to all its operations which are progressing extremely well. Clearly
there will be short term frustration with our current share price and world
markets but nothing has changed with regards to our development program for
2012 with the added bonus of the landmark results to date of the Shabeel-1
well in Puntland and the spudding of the second Shabeel North well shortly."
Yours faithfully
Peter Landau
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Lodgement of Open Briefing Puntland
18 May 2012
Lodgement of Open Briefing Puntland
Managing Director on Puntland Drilling and Outlook
Open Briefing interview with Managing Director Peter Landau
Range Resources Limited (ASX: RRS, AIM: RRL) ("Range" or the "Company") is an
oil & gas producer and explorer with producing assets in Trinidad and Texas, US
and with exploration interests in Puntland, Somalia and the Republic of
Georgia.
Market capitalisation: $255 million
In this Open Briefing®, Peter Landau discusses
* Update on Shabeel-1 well
* Spudding of the Shabeel North Well in early June
Record of interview:
openbriefing.com
Range Resources Limited (ASX: RRS, AIM: RRL) yesterday announced the completion
by operator Horn Petroleum of drilling of the Shabeel-1 well (Range Resources Limited
20%, Horn Petroleum 60%, Red Emperor Resources NL 20%) in the Dharoor Block in Puntland
approximately 300 metres above planned target depth (TD). You've suspended
drilling the well for future testing. What is your assessment of the result?
MD Peter Landau
The well has been a significant success to date with the discovery of a 12 to
20 metres net hydrocarbon pay zone in the Jesomma sands. The zone needs to be
commercially flow tested and this will be undertaken after the completion of
the second well, Shabeel North, which will spud early June. Based on Range's
internal technical team's review of the net pay zone and results to date, a
successful flow test could result in 70 to 130mm barrels of recoverable oil
from the well of which 14 to 26mm bbls would be attributable to Range.
It is also important to remember that this is the first hydrocarbon well
drilled in the Dharoor Valley for over 50 years and it is a massive credit to
all involved, namely Horn Petroleum, the Puntland Government and the local
Puntland communities that the well has been successfully drilled to date.
Globally, the average discovery rate is between one in five and one in 10 for a
`wildcat' well, which essentially is what Shabeel-1 is, hence we consider the
well successful to date with both the net pay and the confirmation of an active
petroleum system.
Whilst the market and short term traders may have been anticipating further
success in the deeper sections of the well, what we have discovered is
extremely significant and the chances of a commercial hydrocarbon operation in
Puntland are far greater now than when the well was spudded. And it must be
remembered that we did encounter additional potential net pay sands in a
Jurassic aged formation over a 184 metre section at a depth of 3,246 metres to
3,430 metres. The fact that hydrocarbons were encountered at a number of levels
is particularly significant moving ahead.
openbriefing.com
Is there a reason the commercial flow test cannot occur immediately before
moving to Shabeel North?
MD Peter Landau
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Range Resources confident of commercial discovery in Puntland
Monday, May 21, 2012 by Philip Whiterow
Range Resources’ (LON:RRL ASX:RRS) Shabeel-1 well in Puntland, Somalia could produce up to 130mm barrels of recoverable oil, the company’s MD said in an interview today.
Drilling of Shabeel-1 has been suspended pending testing, with Range saying it had been a significant success to date with the discovery of a 12 to 20 metres net hydrocarbon pay zone in the Jesomma sands.
Managing director Peter Landau added that based on Range's internal technical team's review of the net pay zone and results to date, a successful flow test could result in 70 to 130mm barrels of recoverable oil from the well.
Of that, 14 to 26mm bbls would be attributable to Range.
“The zone needs to be commercially flow tested and this will be undertaken after the completion of the second well, Shabeel North, which will spud early June,” he said.
“It is also important to remember that this is the first hydrocarbon well drilled in the Dharoor Valley for over 50 years and it is a massive credit to all involved, namely Horn Petroleum, the Puntland Government and the local Puntland communities that the well has been successfully drilled to date,” he said in an interview with Open Briefing.
“Globally, the average discovery rate is between one in five and one in 10 for a ‘wildcat’ well, which essentially is what Shabeel-1 is, hence we consider the well successful to date with both the net pay and the confirmation of an active petroleum system.
“Whilst the market and short term traders may have been anticipating further success in the deeper sections of the well, what we have discovered is extremely significant and the chances of a commercial hydrocarbon operation in Puntland are far greater now than when the well was spudded.
“And it must be remembered that we did encounter additional potential net pay sands in a Jurassic aged formation over a 184 metre section at a depth of 3,246 metres to 3,430 metres. The fact that hydrocarbons were encountered at a number of levels is particularly significant moving ahead.”
Landau added the company decided to test the Shabeel-1 well after drilling Shabeel North for timing and logistic reasons.
“Obviously the preference would be to flow test immediately but timing and logistics would mean that the rig and crew would be idle for four to six weeks at what are expensive day rates in the region.
“Previous test equipment flown in was designed for open hole, smaller diameter testing as opposed to the now cased well requiring high performance perforation.
“This is quite standard practice across the world, particularly in remote areas.”
Laundau added that the Shabeel North well is scheduled to spud early June with a revised target depth of 2,400 metres.
“The well has an identified Jessoma formation significantly thicker and of better quality than the Shabeel-1 well providing the joint venture with great comfort in moving the rig immediately to drill the second well.
“Internal technical estimates suggest recoverable oil of between 100 to 150mm barrels from a successful discovery in the Jessoma formation, of which 20 to 30mm barrels would be attributable to Range.
“It is also important to note that given the Jessoma discovery in the first well, the second well will be drilled with smaller casing to ensure that open hole testing can be undertaken with the equipment already on site.“
Landau said that the Shabeel North well is not contingent on the Shabeel-1 outcome, but the success there certainly gives Range greater confidence moving forward.
He added that he was still confident of a commercial discovery even with a revised target of just the Jessoma formation.
“If the Shabeel-1 well successfully flows and the Shabeel North well delivers to current expectations, we would have discovered between 170 to 280mm barrels of recoverable oil in our first two wells (with 34 to 56mm barrels attributable to Range) with the remainder of the basin still to be tested.
“Investors must also remember the well's proximity to the coast (approx 60 km) and the relative ease of constructing a pipeline to an offshore loading facility based on a commercial discovery.
“Nothing changes for Range in the immediate future. We are fully funded and look forward to updating the market on a number of fronts including Colombia and our flagship operations in Trinidad and of course hopefully on further drilling success in Puntland,” he concluded.
Range has a 20 per cent stake in the Dharoor Block in Puntland, Horn Petroleum has 60 per cent and Red Emperor Resources 20 per cent.
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Range to spin off Somalia assets
by: Paul Garvey
From: The Australian
May 31, 2012 12:00AM
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THE Australian market's affair with the controversial Somalia exploration assets of Range Resources looks set to come to an end as the company prepares a spin-off of the projects on to London's AIM board.
Speaking to The Australian at the ASX Small to Mid Caps conference in Hong Kong, Range executive director Peter Landau said the spin-off would help focus attention on the company's other assets in Trinidad and Colombia.
http://www.worldstocks.co.uk/forum/...adb802d049feda0b152978fe7cda3ea
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Friday 08 June, 2012
Range Resources LTD
Texas Reserves Upgrade
8 June 2012
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
TEXAS RESERVES UPGRADE
Highlights
- Range's net attributable interest * in Proved Reserves increase
by 54-57%
- Range's net attributable interest * in Probable Reserves
increased by 16-20%
* net of government and overriding royalties
Range Resources Limited ("Range" or "the Company") is pleased to announce a
significant increase in Proved (P1) and Probable (P2), reserves for the North
Chapman Ranch Project, in which Range holds a 20-25% interest.
The Company engaged leading Independent Petroleum Consultants
Forrest A. Garb and Associates ("Forrest Garb") to complete a review of the
North Chapman Ranch reserves following the successful completion of the Smith
#2 and Albrecht wells that has seen a significant reclassification of the
previous Possible (P3) reserves into the Proved (P1) and Probable (P2)
categories.
Set out below is a comparison of the gross reserves (100% basis)
for the Company's North Chapman Ranch asset between the previous reserve
update in December 2011 and the current gross reserves update for June 2012.
Category Oil Natural Gas Natural Gas Liquids
(MMbbls) (Bcf) (MMBbls)
Dec Jun %age Dec Jun %age Dec Jun %age
`11 `12 Mvmt `11 `12 Mvmt `11 `12 Mvmt
Proved (P1) 5.1 8.4 +64% 64.3 106.0 +65% 5.0 8.0 +60%
Probable (P2) 3.7 4.4 +19% 48.6 56.7 +17% 3.8 4.4 +16%
Possible (P3) 9.9 5.0 -50% 129.6 64.8 -50% 10.1 5.1 -50%
Total Reserves 18.7 17.8 242.5 227.5 18.9 17.5
Set out below is the comparison between June 2012 and December 2011
of Range's attributable interest in the net reserves on the Company's North
Chapman Ranch asset which is net of government and overriding royalties and
represents Range's economic interests in its development and production assets
as classified in the report from Forest Garb.
Category Oil Natural Gas Natural Gas Liquids
(MMbbls) (Bcf) (MMBbls)
Dec Jun %age Dec Jun %age Dec Jun %age
`11 `12 Mvmt `11 `12 Mvmt `11 `12 Mvmt
Proved (P1) 0.7 1.1 +57% 7.6 11.7 +54% 0.7 1.1 +57%
Probable (P2) 0.5 0.6 +20% 5.5 6.4 +16% 0.5 0.6 +16%
Possible (P3) 1.3 0.7 -46% 14.6 7.3 -50% 1.3 0.7 -46%
Total Reserves 2.5 2.4 27.7 25.4 2.5 2.4
Based on the reserve numbers cited above, Forrest Garb's estimated
net undiscounted cash flow value to Range for Proved (P1), Probable (P2) and
Possible (P3), along with discounted cash flow (at a 10% discount rate)
valuation based on the Nymex forward strip prices reported on 7 March 2012
following reductions for royalties, opex, capex, production taxes etc is as
follows:
Nymex Forward Strip Nymex Forward Strip
Price at Price at
1 October 2011 7 March 2012
Category Undiscounted PV10 Undiscounted PV10
US$'m US$'m US$'m US$'m
Proved (P1) 116 67 165 93
Probable (P2) 86 43 89 39
Possible (P3) 246 95 102 37
Total 448 205 356 169
The Company notes that the valuation of the Company's interest in the Proved
and Probable Reserves has not increased to the same extent of the actual
percentage increase in physical volumes, which is primarily related to the
significant reduction in the futures gas price since the previous report.
With the drilling of the Smith #2 and Albrecht #1 wells, gross current average
production from the field increased to approximately 4.5 MMcfd and 394 Bopd.
With the field having now been largely appraised and value demonstrated, the
Company has commenced with the sale of its North Chapman Ranch interests
targeting completion in Q3 2012 so that it can focus its capital on higher
value adding opportunities in its portfolio. Any such divestiture decision
will be based on market conditions and the ability to achieve a sales price
that appropriately reflects the value of the project interest.
East Texas Cotton Valley
Work also continues in the Company's East Texas Cotton Valley project area,
where additional sections of the Ross 3H horizontal well were recently
fracture stimulated and are currently unloading frac fluids. With
approximately 5000 barrels of load left to recover, the well has already
yielded early indications of oil saturation, consistent with strong oil shows
recorded during drilling.
If successful, the Ross 3H well is expected to form the basis of a new
horizontal development of the shallow oil reservoir within the Cotton Valley
formation. The project is considered to be analogous to the neighbouring
Clarksville Field, which is expected to ultimately produce more than 7 million
barrels of oil.
Added Peter Landau, Range's Executive Director, "We are extremely pleased with
the recent results from our Texas drilling programs, which has confirmed what
the Company had strived to do in increasing shareholder value through the
increase in the Company's share of Proved and Probable reserves from the North
Chapman Ranch Project. This now paves the way for the Company to commence
divestment of the Company's interest in the project during Q3 2012. The sales
prices of similar production assets in the region have been encouraging, and
any such divestment will provide significant funding that could be applied to
Range's current activities and other possible corporate initiatives such as an
on market share buy back."
The Company looks forward to providing operational updates for Trinidad and
Colombia next week.
Yours faithfully
Peter Landau
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The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
PUNTLAND DRILLING UPDATE
Range Resources Limited ("Range" or the "Company") is pleased to announce that
the Shabeel North well currently being drilled in Puntland, Somalia by the
Company's Joint Venture Operator, Horn Petroleum Corp. (TSXV: HRN), is at a
current depth of 984m targeting a total depth of 2,400m. Drilling operations
have progressed smoothly since spudding and remain on track to reach target
depth on time and on budget.
The Shabeel North well is targeting Upper Cretaceous Jesomma sands, which had
good oil and gas shows in the Shabeelâ?“1 well 3.5 kilometers to the south.
Petrophysical analysis of downhole electrical logs in the Shabeelâ?“1 well
indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an
average porosity of 18 to 20%. Upon completion and testing of the Shabeel North
well, the rig will move back to Shabeel-1 to flow test the identified Jesomma
sands.
Yours faithfully
Peter Landau
Executive Director
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1. If you do find oil in Puntland, what do you think the resale value of the reserves might be, if
anything at all? Maybe the only option there is to develop the resource? It is too early to tell
what the value realisation alternatives might be for the Puntland project. Once commercial
flow tests of Shabeel and Shabeel North are completed we will have a much better
appreciation of the value of the project and the alternatives for realising value. A lot will
depend on what Horn Petroleum wants to do as operator.
2. If Shabeel North has a commercial flow rate, will Range consider spinning-off its interests
into a new company? Yes, this is one of the corporate alternatives being considered by The
Company. Whilst the intention would be to list any such spin-off on ASX and AIM
simultaneously, the structure, management and nature of any such spin-off would be
subject to regulatory, funding and other considerations that have yet to be fully ascertained
or decided.
3. Please can management provide an indication of the current drill depth for Shabeel-North
and any other information they can disclose on how the drill is progressing to date. In terms
of the information gleaned from the Shabeel-North drill to date, does management feel
further wells may be warranted in the Dharoor region or is the plan still to complete the
Shabeel-1 and Shabeel-N drills and then immediately move to the Nugaal region? Operating
updates for the Puntland project, including future drill program plans, will be provided in
Company announcements as and when such information becomes available through the
project operator, Horn Petroleum.
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VANCOUVER, BRITISH COLUMBIA, Jul 23, 2012 (MARKETWIRE via COMTEX) -- Horn Petroleum Corporation ("Horn Petroleum" or the "Corporation") CA:HRN +4.05% provides the following update on the Shabeel North well in Puntland, Somalia.
An open hole Drill Stem Test (DST) was conducted over a 50 metre gross interval which contained several sands in the upper portion of the primary Jesomma Formation which had oil shows. The test recovered fresh water (1200 ppm Cl-) without any traces of oil. The current plan is to drill ahead to the originally planned depth of approximately 2400 metres which will penetrate the remaining section of Jesomma sands at which point the entire section will be evaluated by electrical logging to determine if further testing is warranted.
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Das Leben dieser Company in Trinidad ist kein Leichtes. :-(
Revenue from continuing operations $8,435,309
Cost of sales ($17,554,790)
Gross loss ($9,119,481)
Loss before income tax expense from continuing
operations ($48,112,929)
Quelle:
http://www.rangeresources.co.uk/fileadmin/...s_annual_report_2017.pdf
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Könnten paar 100% bei rum kommen.
https://wertpapiere.ing-diba.de/DE/...D=23&ISIN=AU000000RRS3&
nmM
