Range Res. ist Produzent und keiner hats gemerkt

8:39 04/10/2011 Re: New Pete Landau interview

From the interview. Think it will be higher before year end so options can be converted. 12 month target would be fully diluted target..

Peter Landau: Long term strategy is interesting; we’re not into empire building. Clearly we think the patience of investors in this current world has probably shortened from two years to two days. So we’re more into short term impact, high impact high return quickly. So to give you an example, obviously Texas if the P3s go to P1 and P2, we’ll look to monetise and liquidate those assets and do a capital return or share buy-back to shareholders.

Similarly I think the only asset we will hold onto would definitely be Trinidad because that’s going to be a three year development play. But if there is an offer that is commensurate with the return on the investment, if Somalia, or Puntland or Georgia come in, we’d definitely look to obviously capitalise on that and return it to shareholders.

We probably have one other region that we might look at going into onshore. But I think it’s fair to say if you’re a shareholder, you’re not going to be left wondering where the return’s going to be, because we’re in the business over the next 12 months of realising value and returning a lot of it to shareholders, as opposed to trying to accumulate production assets.



Nicholas Hayes: Last question Peter. Where would you like to see the Company 12 months from now?



Peter Landau: We’d like to be capped at, call it the billion dollar mark and that’s not just through issuing shares, it’s from a genuine increase in share price which would effectively represent a tripling of our share price. We’d like to have returned at least $150 million in cash to shareholders through the sale of our Texas assets.

Obviously we’d love Georgia and Puntland to have been a success with each of the two wells that are currently drilling now, so we’ll be drilling appraisal wells in each of those two regions. And we’d probably be in one other onshore area, with a 3D seismic potential drill program.

So that’s the crystal ball, we struggled to predict seven days in advance let alone 12 months, but that is the master plan for the next 12 months. And obviously with Trinidad, hopefully be producing 2,500 barrels a day, this time in 12 months’ time.  

04/10/2011 Re: New Pete Landau interview Script

Nicholas Hayes: Hi, Nicholas Hayes for Finance News Network. Joining me from oil and gas explorer and producer Range Resources (ASX:RRS), is executive director, Peter Landau. Peter thanks for joining us.



Peter Landau: Thanks Nick.



Nicholas Hayes: Can you start by introducing Range Resources?



Peter Landau: I can, thanks. Look Range Resources is a dual listed company trading in both the ASX and the AIM market in London. Currently capped at around $300 million and I guess entering a very exciting stage of its corporate life, with 27 wells being drilled over the next four to five months.



Nicholas Hayes: Thanks. So where are your projects?



Peter Landau: Predominantly our production assets are in Trinidad and Texas, just outside of Corpus Christi. Exploration - big exploration assets in the former Soviet Republic of Georgia and Puntland, Northern Somalia.



Nicholas Hayes: Thanks Peter. So how is it that you have such a diverse geographic spread?



Peter Landau: Well I think it comes more from opportunity. I mean you never look at an asset based on the asset itself or the country; you basically look at it as a value proposition. And obviously when the GFC occurred we just had Puntland. Then after that, we were looking at spreading the risk portfolio and the best value propositions over the last two years have come out of Georgia, then Texas and then Trinidad. So, we don’t operate in all four regions, so we don’t really see ourselves spreading ourselves too thin. Operate Trinidad and Georgia and we’re a partner obviously in Texas and Puntland.



Nicholas Hayes: And for the viewers not familiar with the Company, what’s your share price and market cap?



Peter Landau: Currently around, in Aussie terms, around 18 to 20 cents and that caps us at around AUD320 million.



Nicholas Hayes: Turning to your projects starting with Trinidad. What is the size of the resource, current production and your stake in the project?



Peter Landau: Sure. Trinidad is probably our most recent acquisition and we like it, given where it’s at from a value proposition. So currently it’s producing 600 to 700 barrels a day, P1 to P3 including prospective resources, is around 28 million barrels - that’s pure oil, so it’s 30-32 API. We are looking to increase that production as part of our program, up to 4,000 barrels a day over the next two years.

And then there’s also what are called some deeper Herrera Formations which could increase production anywhere up to 10,000 barrels a day. And of the Herrera structures, you’re looking at around 10 structures on our properties which could again be recoverable, an additional 50 to 100 million barrels over and above the 28, P1 to P3 that we have. And its pure oil no gas.



Nicholas Hayes: What is the prospect of an increase in reserves given the history of the oil and gas production in the area?



Peter Landau: Sure, I mean obviously the P1s to P3s are all the shallow stuff, so that’s pretty well set at that 28 million barrels. But the Herrera is a deeper formation, never been drilled on our properties. Despite that, as I said we’ve got 3D seismic, 10 structures are being mapped, it’s being reprocessed. So that 28 million barrels could go anywhere up to 150 million barrels over the next two years.



Nicholas Hayes: OK, so what is taking place now and planned for 2012?



Peter Landau: So right now we’re doing a 21 well program, through to the end of December - and that’s purely on P1 reserve development. That should take production up to anywhere from 1,500 to 1,800 barrels a day. Then 2012, to increase that production to probably around 2,500 to 3,000, we’ll do another 60 wells shallow and then we’ll also drill three of the deeper Herrera’s.

So the key feature about Trinidad, which makes us probably a bit unique as a junior, is we own all of our rig inventory. We’ve got five drilling rigs, four production rigs; we employ currently ar By hitch19  

http://www.finnewsnetwork.com.au/archives/...e_news_network18867.html  

9:10 05/10/2011 Re: News Is Coming!!

Trout you know that about 83million ordinay shares hit the market yesterday. For those going on about manipulation have a look at Dilution.

"All of the shares are expected to be admitted to trading on AIM on or
around 5 October 2011"

* 83,563,829 Ordinary Fully Paid Shares in a strategic placement to Socius at
$0.1815 to raise $US15m;

* 1,512,590 Ordinary Fully Paid Shares to be issued upon exercise of listed
options (A$0.05, 31 December 2011); and

* 41,781,915 Unlisted Options ($0.1898, 30 September 2016) as attaching
options to the strategic placement to Socius.

Following the issue of these securities the total number of securities on issue
are as follows:

1,803,272,094 Ordinary Fully Paid Shares (RRS)

189,965,531 Listed Options (RRSO) (A$0.05, 31 December 2011)

855,166 Unlisted Options (£0.04, 30 June 2015)

60,000,000 Unlisted Directors Options (A$0.10, 31 Dec 2011)

3,177,029 Unlisted Options (A$0.50, 30 June 2012)

41,781,715 Unlisted Options (A$0.1898, 30 Sep 2015)

17,921,146 Class A Performance Shares

17,921,146 Class B Performance Shares

Range has applied for admission of the new shares to trading on the ASX and AIM
markets. All of the shares are expected to be admitted to trading on AIM on or
around 5 October 2011.

For and on behalf of the Board
By hitch19  

http://moneyam.uk-wire.com/Article.aspx?id=20111010080738P6B2B

Range Resources LTD
Operations Update

10 October 2011

Range Resources Ltd
ABN 88 002 522 009
www.rangeresources.com.au  

Red Emperor report out in Australia

http://www.redemperorresources.com/IRM/Company/...esandCashflowReport

GEORGIA PROJECT
Drilling operations have continued on the Georgian Project during the current quarter and as at 11 October 2011 the well had reached a depth of 1544 meters with a proposed target depth of 3500 meters. A full suite of wireline logs has been successfully recorded and additional valuable information has been obtained through the successful collection of 10 sidewall cores from critical intervals. A Vertical Seismic Profile (VSP) survey is being run and the company expects to be able to update the market on the well in the coming days.  

11:00 31/10/2011 Fox-Davies Capital (BUY, 24p)
Monday, Oct 31 2011 by Fox Davies Capital
http://bit.ly/uBuWct

Range Resources (LON:RRL) Limited (BUY, 24p) (RRL, 9.4p, ▼ 5.53%) provided an operational update. North Chapman Ranch - Texas: Drilling is progressing ahead of schedule on the Company's Smith #2 development well in North Chapman Ranch. The well is currently drilling ahead at a depth of approximately 10,500 ft. with Range and its partners having logged a significant show in the Manley section (at 10,000 ft), possibly representing another productive interval, in addition to the expected primary field pay zones. It is expected that the well will reach an intermediate pipe point in the coming days, at which time it will be logged to this intermediate depth and 9 5/8" casing run before drilling ahead to total well depth of 14,000 ft. Georgia: Following the completion of the Vertical Seismic Profiling ("VSP") on the Mukhiani Well, the Company commenced to flow test two zones of interest whilst waiting for VSP interpretation results. The first test (open hole flow test) at 720m - 768m did not flow as of this morning GMT. The second test (perforation formation flow test at 330 - 370m) will now be undertaken. The Company will provide an update as to the VSP interpretation results and second flow test next week based on current schedules. The VSP interpretation results will confirm whether or not the current zone of hard rock that the well has reached is basement rock or a volcanic overthrust. This current depth is significantly shallower than the initially planned total depth (of approximately 3,500 m) to the primary objective based on surface seismic interpretation. If the VSP interpretation confirms the rock encountered is indeed basement, drilling will not continue with preparations to commence for the drilling of the second exploration well, the Kursebi 2, while if it indicates it is a volcanic overthrust, a decision will be made whether to proceed drilling after reassessing the likely lithography and target potential. Trinidad: On the basis of recent drilling results, together with extensive engineering studies of its mature oil fields in Trinidad, Range expects to release details of an upward revision of its Proved (P1) Reserves in Trinidad next week.  

schient die luft raus zu sein....  

11:14 09/11/2011 Is Trinny the game changer ?

Firstly, Im no expert here so I bow to those with greater knowledge

Referring to the article below, is Trinidad the BIG play for Range ?

http://www.stockopedia.co.uk/content/...ad-be-the-game-changer-58244/

Seeing RMP sinking quicker than Range would indicate to me that were not expecting anything from Georgia. And I suspect a duster is priced in with Range

So, what is most important to Range & therefore share price affecting ?

Im coming round to thinking Trinidad is the big thing we have & there has been much discussion on here about revised numbers from a CPR. Any ideas ?

Im not discounting Texas or Punty etc but is this our big asset that will realistically help move Range in the right direction ?

I also like the fact we are diverse & not a 1 or 2 trick pony like RMP - sorry to those that hold both but they were much much more high risk & high reward than Range.
And Id still like to see them come good for Range sake.
By Virgil54321  

12:35 09/11/2011 Re: Is Trinny the game changer ?
Hi Virgil

In a word, yes. Here's a repost I did some weeks ago.

Trinidad Company-Making Asset
-----------------------------------------------

• No investment made in the last 5 years
• Currently only exploiting 5% of the 2P reserves.
• 4000+ bopd is forecast over the next 3 years just from identified 2P reserves (21-well drilling program).
• 20m identified prospective resources.
• 13 seismic-mapped Herrera prospects starting this year - each one est. 20-120m OIP.
• Altogether over 250 identified, fully-funded, drillable targets over the next 4 years.
• Range owns the entire oil production infrastructure and staff, so no reliance on:
JV partners like Africa Oil
Drilling subcontractors
Rig Infrastructure, equipment, casing, etc
Workshops
• Trinidad was bought for $60m - Currently worth £140m
• Range owns 100% of the Trinidad licence - repeat this to yourself as required


Initial 21-well drilling program of shallow well production over the identified 2P reserves of the Forest and Cruse formations will be the cash underpin that will steadily increase until Q1 2012. Considerable further upside lies in the 20m prospective reserves, plus 13 deeper (about 3500 metres), Herrera formation drills to start in October.

In 2012, perhaps (no solid plans as yet), drilling of deeper Upper Cretaceous formation that is believed to contain billions of barrels of the stuff. Imagine getting a sniff of (100% of) that. Trinidad lies in the Eastern Venezuela basins that contain the largest containment of oil in the world. The Orinoco-Heavy-Oil-Belt contains over a trillion barrels of OIP.

http://geomarkresearch.com/res/...America/Venezuela%20Oil%20Study.pdf  

2:20 11/11/2011 Re: Party time !



Here you go paulo83, Page 5 - http://www.africaoilcorp.com/i/pdf/2011-Q2-MDA.pdf



"During July 2011, the existing Production Sharing Contracts in respect of the Dharoor and Nugaal Valley

Exploration areas were further amended requiring execution of a drilling contract by July 31, 2011,

drilling operations to commence on the first well by November 15, 2011, and drilling operations to

commence on a second well by January 17, 2012. The Company agreed to relinquish 15,627 km2

(gross) of the Nugaal Valley Exploration area, perform a surface geochemistry survey in the Nugaal Valley

Exploration area, and pay the Puntland State of Somalia $1,000,000 in infrastructure and development

support fees of which $500,000 has been paid, $250,000 is due on spud of the first well and the

remaining $250,000 is due on completion of the first exploration well." By preempt  

http://moneyam.uk-wire.com/Article.aspx?id=20111118073456P8E0A

Range Resources LTD
490% P1 Reserve Upgrade in Trinidad & Opera...


18 November 2011  

den kurs scheints aber nicht zu haben  

14:14 23/11/2011 Fire sale values!
Ok, let's say Range goes t!ts up tonight, for whatever reason, call in the administrators and there is a fire sale of assets.
This is the list of P1 quantities and values currently attributed to Range:

East Cotton Valley: 0.32mmbbo / P1 / $8.6mm
North Chapman Ranch: 12.7bcf / 1.9mmboe / P1 / $69mm
Trinidad Original: 2.6mmbbo / P1 / $120mm
Trinidad Beach: 12.8mmbbo / P1 / $290mm

Total P1 Reserves: 12.7bcf / 17.62mmbbo / P1 / $487.6mm
Liabilities: $1.43m

Current mcap @ 8.5p * 1803m shares / £153mm / $237mm

Even if we only got 50% of the P1 values, and zero for the P2/3, and zero for the two big exploration projects, and paid off all the liabilities, you'd still get your current stake back and have some left over.

Alright, the above situation is not likely to happen, but I think it's a valid point to make.

Also, I guess we can dismiss the notion of manipulation now. Yes, I have changed my mind on that in the last two months.
Anyone who was 'fleeced' for their shares in the spike down on Aug 5 has now had ample opportunities to recoup their shares, so why bother taking it down in the first place if 'they' weren't planning on keeping it higher?
There was possibly/probably temporary price holding while larger clients purchased their stake, but on the whole, out and out manipulation seems unlikely for this amount of time. I accept that this created great trading opportunities, but wouldn't that then dismiss the 'accumulation' theory?

From a chart point of view (not that I'm an expert), today we are sitting on the lower bollinger band, and also the short term downtrend line since March 2011 has now met a long term uptrend line stemming from Nov 2009, so if ever there was a great opportunity to dump bad news and start to unload the good news, NOW is the time.

I think we are almost there, so hold on to your shares a bit longer!
It's just my opinion, though, I'm no expert, and I expect there's an equally compelling opposite view, and if so let's hear it!!

cheers
DD

p.s. Here's the £1/share analysis I did back in July, if only to keep your spirits up!
http://rangeresources.narutorpg.org/t57-july-2011-nav-and-forecasting

p.p.s I think the values I gave in my recent half a billion post included P2 on NCR and the old 13.56% share P1+P2 on ECV, so sorry, I was $12.4m short...! By DiamondDon  

http://moneyam.uk-wire.com/Article.aspx?id=20111128074148P2032

Range Resources LTD
Operations Update


28 November 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

OPERATIONS UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following operations update with respect to the Company's interests in Georgia,
Texas and Puntland. A Trinidad operational update will be released once
necessary regulatory approval is received which is anticipated later this week.

Georgia

The re-interpretation of the seismic supported by the Mukhiani-1 Vertical
Seismic Profile ("VSP") results indicates that the well encountered previously
unrecognized faults which led to possible basement being encountered far
earlier than predicted. New fault trap and stratigraphic trapping potential has
been identified in the vicinity of the well and based on these findings, Range
and its partners have the option to side-track and test these targets. However,
the Company and its partners have decided that, based on its exploration
schedule and the availability of the drilling rig, it will continue on the next
proposed Kursebi well.

As a result, Range will suspend the well and move the rig to the next proposed
well site. The Kursebi well is targeting separate geological structures from
the Vani area, with the Kursebi target having been identified using different
seismic lines for interpretation purposes. With additional seismic planned for
Block VIb in Q2 next year, the Company has decided also to complete a further
seismic tie in line over Mukhiani-1 to assist with the proposed side-track well
to be completed in the second half of 2012 along with a well on Block VIb in Q1
2013.

Texas - North Chapman Ranch

Drilling continues at 13,800ft on the Smith #2 well with a proposed target
depth of 14,500 ft. Good hydrocarbons shows have been recorded in the objective
Howell Hight section which will be flow tested following TD. Upon the
successful completion of the Smith #2 well, the rig is will move directly to
the Albrecht #1 well site, with site construction having been recently
completed in readiness to receive the rig. At this stage the Smith #2 has
performed in line with Company expectations for the development well.


Puntland

In Puntland, Horn Petroleum Corp. ("Horn") is currently in final preparations
to commence a two well drilling campaign in the Dharoor Valley Block, with the
first well (Shabeel-1) planned to spud in December 2011. Drilling locations
have been selected over two robust prospects targeting gross best estimated
prospective resources of over 300 million barrels each, based on internal
operator estimates.

Horn has completed sourcing drilling related materials and the majority of
materials are on site or on route to the drilling site. Site preparation
including the drill site, air strip and ingress route construction have been
completed. Water wells are currently being drilled to provide source water for
drilling operations.

Shareholder Presentation Evening

Range Resources will be hosting a London presentation evening on Monday, 5th
December at 6.00pm to update shareholders on current activities and the work
program for 2012.

Attendance is by registration only as venue location size is limited. Please
email events@okapventures.co.uk for RSVP and details.

Yours faithfully


Peter Landau

Executive Director

Ends  

http://www.asx.net.au/asxpdf/20111201/pdf/422zv4l8h1fc2c.pdf  

http://www.asx.net.au/asx/research/...o.do?by=asxCode&asxCode=RRS


http://www.asx.net.au/asxpdf/20111206/pdf/4233214dnnz8hn.pdf  

http://www.asx.net.au/asxpdf/20111212/pdf/4236hbmjzwxvrb.pdf

http://www.asx.net.au/asx/research/...o.do?by=asxCode&asxCode=RRS  

12:11 14/12/2011 Mining Maven TRINIDAD TEXT
This is the transcript of the interview pertaining to Trinidad only.

Worth reading a couple of times to realise just how prospective this is. This is your $1bn uplift in 12 months alone, imo.

Along with Puntland, this is the reason optimism is returning to PI's (grahamytrain excepted, clearly!).

MM: You mentioned Trinidad before. Can we just go back to when you first became involved with Trinidad? What attracted you to the project?

PL: What attracted us was the nature of the deal itself and anyone who thinks deals are easy, the best deals you do are the hard deals. What attracted us to Trinidad, it was held by two individuals out of the United States who had been warring in multiple litigations, not over the Trinidad asset, but amongst themselves and spent on these assets for at least 3-4 years. Despite the fact that there is over 270 well locations, they’re rarer structures, there’s water flood programs – all they basically gave the project manager down there, we want to take as much cash out of this as possible and you need to spend as little as possible on development. So for me, that’s automatically one of the great reasons for going into the deal. Other factors about the deal was Trinidad itself, no one argues its 8 miles off the coast of Venezuela, it’s part of the Orinoco Basin, 70% of its GDP comes from oil and gas, it’s got its own refinery Petrotrin will pick your oil up at FOT so monetising oil in Trinidad, so it’s obviously, country, environment, established oil and gas, but as I said, the greatest excitement for us was it was just so undeveloped based on the potential there and the fact that it hadn’t really been touched for 4 years and even now, we’re only scraping the surface of the potential of what Trinidad has to offer.

MM: And you walked into that project and there was already capital equipment there and you’ve added another rig and lots of extra staff and you’re really starting to motor.

PL: Again, that was one of the other attractions: we are completely self sufficient, other than your drilling inventory of mud or things like that but in terms of equipment, workshop, fabrication, electrical, five rigs, 3 work overs, swab rig, pipe, production, storage tanks, everything which means every well we drill and maintain, we’re probably doing it at about half the cost as if we were going to use a contractor, so that obviously, when you can control your destiny both in terms of development timetables and again, it was a big attraction for us.

MM: If we take say, the next 3-6 months, what can investors expect in terms of news flow and developments from Trinidad?

PL: We’ve got a 21 well program, which basically is in line to increase current production from around the 600 level to 1400-1800 barrels a day and we have said it, that we are on track to meet that. Now I know that some shareholders were disappointed with our first two wells that we drilled being a 25 barrel a day well and that’s probably our fault, because if you look at the program, that’s exactly what we expected. These were 1,000ft wells where there is no pressure – they were infill replacement wells, so none of those wells we expected to do anything but the 25 barrels a day. Already, so we’re doing 12 of those, which will be anywhere from 15-30, we have 6 wells at around 2,000ft. Now those ones attaining production of 50-100 barrels, already that first well of the 2,000ft has come on under natural pressure at around 80-85 barrels a day and that’s on a limited choke so increasing that choke we think they can get up to 120 barrels a day comfortably. And as I said, we’ve got 6 of those types of wells and then more importantly we’ve got 3 6,500ft wells and they can come on anywhere between 100-200 barrels a day. We’re about to spud the first 6,500ft, I think its next week, once it gets certified by Petrotrin. Again, it’s very important to understand when we do state in those announcements we’re on track  

11:57 14/12/2011 Trinidad
From Oil Barrel;

Range Resources Enjoys Early Boost To P1 Reserves Tally In Trinidad & Tobago

Last week delegates at oilbarrel.com’s 49th conference got a taster of the opportunities on offer in Trinidad & Tobago. While the fiscal terms may be stiff, the islands are home to many undeveloped oil deposits overlooked after the dash for gas of the 1990s as the Caribbean islands became a leading LNG exporter on the back of world-class gas finds in the deepwater off the north coast. But, as Hywel John, CEO of Bayfield Energy, explained at oilbarrel.com, the US shale gas revolution has prompted a rethink of priorities as the US, the major consumer of Trinidadian LNG, is predicted to become an exporter of LNG in its own right.

With this, and the ongoing strength in the oil price, there has been another look at Trinidad’s remaining oil potential. Bayfield has taken over operatorship of one mature oilfield and is busy driving up production there as well as appraising existing but undeveloped discoveries. Fellow AIM company Lenigas has modest production and a growing lease position in the country while Range Resources, which is dual listed on AIM and the ASX, holds three onshore blocks.

Range secured its position in Trinidad earlier this year and is already reaping rewards. In November, the company announced a 490 per cent increase in P1 reserves on its Trinidadian leases, up from 2.6 million barrels to 15.4 million barrels. The 12.8 million uplift in P1 reserves, which carry a PV10 valuation of US$290 million, follows extensive engineering studies on the mature Beach Marcelle oilfield in the southeast corner of Trinidad, where Range now plans for a US$12 million development programme over the next 12-18 months. Old Park Lane Capital analyst Barney Gray said this was “particularly good news for Range given that the Beach Marcelle Block previously had negligible reserves attributed to it” although he estimated a rather more conservative valuation of US$255 million.

The upcoming work programme at Beach Marcelle includes a water flood project to drain an additional 1 million to 1.5 million barrels per year from the low pressure field for the first eight years. Production is expected to get underway in 2013, with peak oil production of almost 5,000 bpd within three years. This represents a significant increase on current output of about 20 bpd of light 34 degree API crude. Waterflooding has been used on the field before, with two of the six horizons already water flooded, a technique that successfully increased production by over 80 per cent.

This is a promising start to Range’s recently acquired position in Trinidad, with an immediate uplift in P1 reserves and the waterflood promising a near-term increase in production. Gray at Old Park Lane Capital said the additional proved reserves in Trinidad represented a further underpinning of Range’s core valuation with the Beach Marcelle waterflood worth 7.4 pence per share on a fully diluted basis; he has set a target price for the company of 33 pence a share. On Thursday the stock closed at 8.16 pence.

Trinidad is a nice addition to Range’s portfolio, which includes assets in Texas, the Republic of Georgia and Puntland in Somalia. Trinidad joins the company’s Texas development project as a means to derisk a business model that has been highly skewed to Georgia and Puntland, both of which carry a high degree of geological and political risk.

In Georgia, the recent high impact Mukhiani-1 well, which spudded in July, has prompted a rethink of the subsurface model after it encountered previously unrecognized faults which led to possible basement being encountered far earlier than predicted. The well has been suspended with a view to sidetracking in H2 2012. This has been a disappointment as Mukhiani-1 was probing the Vani 3 prospect that carried a very material pre-drill estimate of 115 million barrels of oil in place. The next well to drill will be the Kursebi well,  

23 December 2011

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

By e-lodgement

ALBRECHT #1 WELL SPUDDED

Range Resources Limited ("Range" or "the Company") is pleased to announce that
the Albrecht #1 Appraisal well on the Company's North Chapman Ranch Project in
Texas has recently spudded and has reached a depth of 2,030 ft., where surface
casing will be set. Programmed to reach a total depth of approximately 14,500
ft., the Albrecht well follows the recently drilled Smith #2 well, where a
production liner has been run and cemented, with the well awaiting final
completion and fracture stimulation prior to being tied back to sales.

The Albrecht # 1 appraisal well marks another milestone in the Company's
onshore Texas drilling program, as if successful, it is anticipated to prove up
reserves in the South East portion of the North Chapman Ranch license area, and
support a re-classification of current Possible (P3) reserves into the Probable
(P2) and Proved (P1) categories.

Following on from the Albrecht #1 well, the joint venture has the option to
continue with the development of the field with a possible four-well program in
2012 under discussion among the joint venture partners.

Yours faithfully

Peter Landau
Executive Director

Contacts

Range Resources Limited
Peter Landau
Tel : +61 (8) 8 9488 5220

Em: plandau@rangeresources.com.au

Australia London

PPR Tavistock Communications
David Tasker Ed Portman/Paul Youens
Tel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7920 3150
Em: david.tasker@ppr.com.au Em: eportman@tavistock.co.uk

RFC Corporate Finance (Nominated Advisor) Old Park Lane Capital (Joint Broker)
Stuart Laing Michael Parnes
Tel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188

Panmure Gordon (Joint Broker)
Katherine Roe / Brett Jacobs
Tel: +44 (0) 207 459 3600  

INDEPENDENT RESERVES, RESOURCES AND VALUATION REPORT

Highlights:

- Independent Petroleum Consultants, Forrest A Garb and Associates
have completed a consolidated, independent reserves, resources and valuation
report on the Company's worldwide production and development assets, being its
project interests in Trinidad and Texas

- Reserves report estimates total gross Proved, Probable and
Possible (3P) Reserves across these assets of:

- 44.1 MMBbl of oil (net attributable to Range* - 26.4 MMBbl)

- 19 MMBbl of natural gas liquids (net attributable to Range* - 3.7
MMBbl)

- 246 Bcf of natural gas (net attributable to Range* - 43.0 Bcf)

- Reserves report estimates total gross Prospective Resources
across these assets of:

- 27 MMBbl of oil (net attributable to Range* - 20 MMBbl)

- Independent Discounted Cash Flow ("DCF") valuation (at 10%
discount rate) of Range's net interest in 2P Reserves of:

- US$568m (using flat US$85/bbl and US$4.69 Mcf price assumption)

- US$624m (using Nymex Futures Price Deck @ 1 October 2011
assumption)

* before royalties & government interest

Following the acquisition of 100% of the Trinidad assets completed
by Range Resources Limited ("Range" or "the Company") in mid-2011, the Company
engaged Independent Petroleum Consultants Forrest A. Garb and Associates
("Forrest Garb") to complete an analysis of the estimated reserves,
prospective resources and future net revenue attributable to the Company's
portfolio of producing and development assets onshore Trinidad and Texas,
having previously completed a similar report on the Trinidad licenses in June
2010.

The current report includes the recently announced 490% Proved (1P)
Reserve increase in Trinidad following the completion of engineering work on
the secondary recovery potential of the Company's Beach Marcelle block,
however it does not include the positive results from the Company's
development drilling program at North Chapman Ranch in Texas,
recent extensions to the Morne Diablo field in Trinidad where Range has
drilled five successful development wells to date, nor the significant
exploration potential associated with the Herrera formation, which underlies
the existing Trinidad production. The Company will look to engage Forrest Garb
to update the current report once results from the ongoing drilling programs
are known.

Range holds a 100% interest in three onshore Trinidad licenses;
Morne Diablo, South Quarry and Beach Marcelle, a 21.75% interest in East Texas
Cotton Valley Prospect in Red River County Texas and a 25% interest in the
Smith #1 well and 20% interest in subsequent wells in the North Chapman Ranch
Project in Nueces County Texas. Range is the operator of the Trinidad
licenses, while the Texas licenses are operated by its private joint venture
partners.

Set out below is Range's attributable interest in the net
recoverable reserves combined across the 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.

Category Oil (MMbbls) Natural Gas Natural Gas
(Bcf) Liquids (MMBbls)
Proved (P1) 16.1 10.8 29.2
Probable (P2) 2.8 5.5 21.2
Possible (P3) 3.7 14.6 56.5
Total Reserves 22.6 30.9 106.9
Prospective Resource
Best 1.7 - -
High 18.2 - -
Total Reserves / Resources 42.5 30.9 106.9

Set out below is the total estimate Gross Reserves and Resources
across split between Trinidad and Texas.

Category Oil (MMbbls) Natural Gas (Bcf) Natural Gas 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
Prospective
Resource
High 2.4 - - - - -
Best 25.0 - - - - -
Total Reserves / 27.4 22.0 3.2 242.5 - 18.9
Resources

Set out below is Range's 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.

Category Oil (MMbbls) Natural Gas (Bcf) Natural Gas 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
Prospective
Resource
High 1.7 - - - - -
Best 18.2 - - - - -
Total Reserves / 39.5 3.0 3.2 27.7 - 2.5
Resources

The reserve numbers above do not take into account the recently
drilled Smith #2 well, nor the Albrecht #1 well, which has recently spudded
this week. The Company anticipates that the two wellswill result in the
upgrade of current Possible (P3) reserves on the North Chapman Ranch project
into the Probable (P2) and Proved (P1) categories, assuming success.

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 two pricing scenarios:

- Flat US$85 / bbl oil and US$4.69 / Mcf gas

- Nymex forward strip prices reported on 1 October 2011

following reductions for royalties, opex, capex, production taxes
etc are as follows:

Flat Nymex Forward Strip
Price at
$85/bbl & $4.69/Mcf
1 October 2011
Category Undiscounted PV10 US$'m Undiscounted PV10 US$'m
US$'m US$'m
Proved (P1) 787 452 885 495
Probable (P2) 211 115 243 129
Possible (P3) 335 134 420 162
Total Reserves 1,334 701 1,549 786

The cost assumptions for the valuations are as estimated by Range
and provided to Forest Garb and have not been escalated for valuation
purposes. The price for natural gas liquids has been assumed to be 47.824% of
the prevailing oil price.

An extract of Forrest Garb's report will be available on Company's
website, which includes further details on the properties and the assumptions
used to generate the results.

Range's Executive Director Peter Landau commented, "the Company is
extremely buoyed by the fact that we have a significant valuation underpin to
Range on its Trinidad and Texas assets as evidenced by this report, with
significant upside potential still to be established through:

- completion of the two development well program (Smith #2 and
Albrecht) on North Chapman Ranch;

- ongoing testing of the Ross 3H horizontal well in its East Texas
Cotton Valley play;

- integration of the results from the current 21 well drilling
program on Morne Diablo into this report; and

- integration of the highly prospective Herrera potential following
completion of the 3D seismic reprocessing due shortly and subsequent drilling
during 2012 .

Range is highly encouraged by the reserves and valuation assessed
by Forest Garb, which significantly exceeds Range's current market
capitalisation without even taking into consideration the huge potential that
exists on its exploration assets in Georgia and Puntland, especially given the
imminent spudding of two exploration wells in both of these regions in January
2012. Range management looks forward to realising this potential value for
shareholders and adding further value through ongoing exploration,
development, production and project acquisition activities."

Yours faithfully

Peter Landau

Executive Director  

iii -

12:14 23/12/2011 Holy cow...
I am not an expert. But this part of the RNS is striking!



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 two pricing scenarios:


- Flat US$85 / bbl oil and US$4.69 / Mcf gas


- Nymex forward strip prices reported on 1 October 2011


following reductions for royalties, opex, capex, production taxes
etc are as follows:


Flat Nymex Forward Strip
Price at
$85/bbl & $4.69/Mcf
1 October 2011
Category Undiscounted PV10 US$'m Undiscounted PV10 US$'m
US$'m US$'m
Proved (P1) 787 452 885 495
Probable (P2) 211 115 243 129
Possible (P3) 335 134 420 162
Total Reserves 1,334 701 1,549 786 "



Is that $1.3billion? Attributable to Range - 100%?

Do the Maths. Look at the figure you get, re-calculate the figure, look at the same answer again. Then buy more shares.

Grahmytrain. Must be annoying that RMP dont have this joker up their sleeve. There is only one way the RRL shareprice is going.



By short arms short pockets  

http://www.proactiveinvestors.co.uk/companies/...valuation-37293.html


Oil explorer Range Resources' (LON:RRL, ASX:RRS) executive director Peter Landau today said firm "extremely buoyed" by an independent valuation of its Trinidad and Texas assets.

The firm released today a reserves, resources and valuation report for those assets - stating that total gross prospective resources stood at 27 million barrels of oil - of which net attributable to Range was 20 million barrels.

The reserves report by Forrest Garb estimates total proved, probable and possible reserves across Trinidad and Texas of 44.1 million barrels with 26.4 million barrels net to the firm.

The consultants also estimate 19 million barrels of natural gas liquids with 3.7 million barrels net to the firm and 246 billion cubic feet of natural gas (with 43 billion cubic feet net to Range).

Landau also pointed out that "significant upside" for the assets was still to be established through a number of activities - not least the development well programme on the North Chapman Ranch in Texas.

There is also the ongoing testing of the Ross 3H horizontal well in its East Texas Cotton Valley play and the results from the current 21 well drilling program on Morne Diablo.

Also pending, said Landau, was the inclusion of the highly prospective Herrera potential following completion of the 3D seismic reprocessing due shortly and subsequent drilling during next year.

Range also highlighted that today's report does not even include the huge potential of its exploration assets in Georgia and Puntland particularly as the spudding of two wells in both these regions is due next month.

"Range management looks forward to realising this potential value for shareholders and adding further value through ongoing exploration, development, production and project acquisition activities," it said in today's statement.

Today's valuation includes the 490 per cent increase in proved resources in Trinidad (to 15.4 million barrels of oil) following work at Range's Beach Marcelle block.

Range holds a 100 per cent interest in the three onshore Trinidad licences - Morne Diablo, South Quarry and Beach Marcelle.

It also has a 21.75 per cent interest in East Texas Cotton Valley Prospect in Red River County, Texas and a 25 per cent interest in the Smith No. 1 well and 20 per cent interest in subsequent wells in the North Chapman Ranch project in Texas.

Earlier today, the firm revealed it has spudded the Albrecht No.1 appraisal well on the North Chapman Ranch project.

Now at a depth of 2,030ft, the well is programmed to reach a total depth of approximately 14,500ft and follow the recently drilled Smith No. 2 well, where a production liner has been run and cemented.

Range added that if successful, the Albrecht No. 1 appraisal well will prove up reserves in the South East portion of the North Chapman Ranch licence area and support a re-classification of current Possible (P3) reserves into the Probable (P2) and Proved (P1) categories.

Range Resources rose 2.28 per cent to trade at 8.08 pence.  

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has successfully drilled and logged the QUN118ST development well on the
Morne Diablo concession in Trinidad. The QUN 118ST logged more than 200 ft. of
gross oil pay in the shallow Forrest formation, further extending the existing
field area to the north and east. The well is currently being completed for
initial production from natural pressure, which is expected to commence within
the next week.

The Company operates three production areas onshore Trinidad, where it
continues to develop existing reserves, extend producing trends, and exploit
marginal producing properties.

Exploratory drilling for deeper targets is programmed for 2012, following
reprocessing and interpretation of the Company's 3D seismic database, which is
scheduled to be completed next month.

Texas

The Company would also like to announce that the surface casing was
successfully set on the Albrecht #1 appraisal well on the Company's North
Chapman Ranch Project in Texas and recommenced drilling and is currently
drilling ahead at a depth of 7,900 ft. with a target depth of 14,500 ft.

The Albrecht # 1 appraisal well marks another milestone in the Company's
onshore Texas drilling program, as if successful, it is anticipated to prove up
reserves in the South East portion of the North Chapman Ranch license area, and
support a re-classification of current Possible (P3) reserves into the Probable
(P2) and Proved (P1) categories.

Following on from the Albrecht #1 well, the joint venture has the option to
continue with the development of the field with a possible four-well program in
2012 under discussion among the joint venture partners.

http://www.investegate.co.uk/....aspx?id=20111230071738P5D31&fe=1