STA.L Regulatory News (STA)

9 May 2014 ASX Code: RRS and AIM Code: RRL Range Resources Limited ("Range" or "the Company") Colombia Update and Issue of Shares Colombia Update Range announces that, given its focus on Trinidad, it has made astrategic decision for a partial withdrawal from Colombia and has relinquishedits investment obligations on PUT-7 block in the Putumayo Basin in Colombia.Therefore, Range will not be pursuing the option to earn into this block. Range's exit from PUT-7 block doesn't affect its position withregards to the farm-in arrangements in relation to PUT-6 block or to the $3.48million performance bond that it holds over PUT-6. The Company is currentlyreviewing its options with regards to PUT-6 and will update the marketaccordingly in due course. Issue of shares Range announces the issue of 25,000,000 Ordinary Fully Paid Sharespursuant to the conversion of debt at $0.01 per share; 7,500,000 UnlistedOptions issued for debt conversion as per agreement (£0.005, 31 May 2017).These shares and options have been issued following receipt of notice ofconversion of convertible notes from Hudson Bay. Application will be made for the 25,000,000 new shares to beadmitted to trading on the ASX and AIM. Trading in the new shares is expectedto commence on or around 14 May 2014. Following the issue of these securities the total number ofsecurities on issue is as follows: 3,875,401,796 Ordinary Fully Paid Shares 80,508,341 Options ($0.05, 31 January 2016) 855,166 Unlisted Options (£0.04, 30 June 2015) 7,058,824 Unlisted Options (£0.17, 30 April 2016) 17,921,146 Class B Performance Shares 5,180,000 Unlisted Options (£0.075, 31 January 2017) 9,000,000 Unlisted Options (£0.125, 31 March 2015) 15,708,801 Unlisted Options (£0.0615, 19 October 2015) 32,275,862 Unlisted Options (£0.05075, 30 November 2015) 5,000,000 Unlisted Options ($0.10, 31 January 2016) 5,000,000 Unlisted Options ($0.06, 10 February 2016) 146,533,850 Unlisted Options (£0.04, 30 April 2016) 5,000,000 Unlisted Options (£0.037, 11 July 2016) 476,190 Unlisted Options (£0.021, 25 July 2016) 952,381 Unlisted Options (£0.021, 29 July 2016) 6,714,284 Unlisted Options (£0.021, 31 August 2016) 9,000,000 Unlisted Options (£0.02, 31 August 2016) 3,947,369 Unlisted Options (£0.19, 30 September 2016) 8,666,670 Unlisted Options (£0.18, 30 September 2016) 694,445 Unlisted Options (£0.018, 31 October 2016) 2,205,885 Unlisted Options (£0.017, 31 October 2016) 1,250,000 Unlisted Options (£0.016, 31 October 2016) 17,333,336 Unlisted Options (£0.015, 31 October 2016) 3,000,000 Unlisted Options (£0.015, 30 November 2016) 1,428,571 Unlisted Options (£0.014, 30 November 2016) 3,923,077 Unlisted Options (£0.013, 30 November 2016) 2,000,000 Unlisted Options ($0.0321, 11 December 2016) 4,083,334 Unlisted Options (£0.012, 31 December 2016) 20,545,457 Unlisted Options (£0.011, 31 December 2016) 21,136,365 Unlisted Options (£0.011, 31 January 2017) 1,450,690 Unlisted Options (£0.010, 28 February 2017) 7,500,000 Unlisted Options (£0.012, 1 March 2017) 3,125,000 Unlisted Options (£0.008, 31 March 2017) 6,250,000 Unlisted Options (£0.006, 31 March 2017) 14,583,334 Unlisted Options (£0.006, 30 April 2017) 7,500,000 Unlisted Options (£0.005, 30 April 2017) 7,500,000 Unlisted Options (£0.005, 31 May 2017) Yours faithfully Rory Scott RussellChief Executive Officer Contacts Range Resources Limited Buchanan (Financial PR - UK)Rory Scott Russell Tim Thompson / Helen Chan T: +44 (0) 20 7466 5000 E: rangeresources@buchanan.uk.com GMP Securities Europe LLP (Broker) RFC Ambrian Limited (Nominated Advisor)Rob Collins / Liz Williamson Samantha Harrison / Trinity McIntyreT: +44 (0) 207 647 2800 T: +44 (0) 20 3440 6800 / +61 (8) 9480 2500 PPR (Financial PR - Australia) Dahlman Rose & Company (Principal American LiaisonDavid Tasker OTCQX International Market (U.S.)T: +61 (8) 9388 0944 Christopher Weekes / Stephen NashE: david.tasker@ppr.com.au T: +1 (212)-372-5766 Range Background Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil &gas exploration company with oil & gas interests in Trinidad; Puntland,Somalia; the Republic of Georgia; Guatemala; Texas, USA, and Colombia. - In Trinidad Range holds a 100% interest in holding companies withthree onshore production licenses and a fully operational drilling subsidiary.Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBOof unrisked prospective resources. Range also has a farm in with NikoResources giving it exposure to circa 280,000 acres of prospective onshore andoffshore acreage. - In the Republic of Georgia, Range holds a 45% farm-in interest inonshore blocks VIa and VIb, covering approx. 7,000sq.km. The Company isfocussing on a revised development strategy that will focus on low-cost,shallow appraisal drilling of the contingent resources around theTkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central sectionsof the Company's two blocks, along with attracting potential farm-in partnersacross the license areas given the recent review performed across thelicenses. - In Puntland, Range holds a 20% working interest in two licensesencompassing the highly prospective Dharoor and Nugaal valleys. The operatorand 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) has completed twoexploration wells and will continue with a further seismic and well programover the next 12-18 months. - Range has the option to earn a 65% (option to move to 75%) interest in PUT-6block in Putumayo Basin in Southern Colombia, which the Company is currentlyreviewing. - Range has taken a strategic stake in Citation Resources Limited (ASX: CTR)and Latin American Resources (LAR) which hold interest in two oil and gasdevelopment and exploration blocks in Guatemala with Canadian NI 51-101certified proved plus probable (2P) reserves of 2.3 MMBBL (100% basis). Rangehas a direct and indirect 32% interest in the Guatemalan Project. Table of Reserves Detailed below are the estimated reserves for the Range projectportfolio. Gross Oil Reserves Range's Net AttributableProject 1P 2P 3P Interest 1P 2P 3P OperatorOil & NGL - mmbbls Trinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 RangeGuatemala 0.4 2.3 - 32% 0.1 0.7 - Latin American ResourcesTotal Oil & Liquids 17.9 22.5 25.2 17.6 20.9 25.2Gas Reserves - TcfGeorgia - CBM - - 0.6 45% - - 0.2 Strait Oil & GasTotal Gas - - 0.6 - - 0.2Reserves With the exception of Guatemala, all of the technical information,including information in relation to reserves and resources that is containedin this document has been reviewed internally by the Company's technicaladvisor, Mr Mark Patterson. Mr Patterson is a petroleum geologist andgeophysicist who is a suitably qualified person with over 30 years' experiencein assessing hydrocarbon reserves and has reviewed the release and consents tothe inclusion of the technical information. The reserves estimates for the three Trinidad blocks have beenformulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is aninternational petroleum engineering and geologic consulting firm staffed byexperienced engineers and geologists. Collectively FGA staff has more than acentury of worldâ€wide experience. FGA have consented in writing to thereference to them in this announcement and to the estimates of oil and naturalgas liquids provided. The definitions for oil and gas reserves are inaccordance with SEC Regulation Sâ€X an in accordance with the guidelines ofthe Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can befound on the SPE website at spe.org. In granting its consent to the public disclosure of this pressrelease with respect to the Company's Trinidad operations, Petrotrin makes norepresentation or warranty as to the adequacy or accuracy of its contents anddisclaims any liability that may arise because of reliance on it. The TSX certified 51-101 certified reserves with respect to theGuatemalan project are as reported by ASX listed Company Citation Resources(ASX: CTR). The prospective resource estimates for the two Dharoor Valleyprospects are internal estimates reported by Africa Oil Corp, the operator ofthe joint venture, which are based on volumetric and related assessments byGaffney, Cline & Associates. The technical information included in this announcement withrespect to Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. DrYukler is a geologist who is a suitably qualified person with more than 38years of experience in the international oil & gas industry, and in assessinghydrocarbon reserves. Dr Yukler has advised companies and government entitiesof all size from small caps to super-majors, as well as state regulatoryauthorities on the management of resources and exploration areas. Dr. Yuklerhas reviewed the release and consents to the inclusion of the technicalinformation with respect to Georgia. SPE Definitions for Proved, Probable, Possible Reserves andProspective Resources Proved Reserves are those quantities of petroleum, which byanalysis of geoscience and engineering data, can be estimated with reasonablecertainty to be commercially recoverable, from a given date forward, fromknown reservoirs and under defined economic conditions, operating methods, andgovernment regulations. Probable Reserves are those additional Reserves which analysis ofgeoscience and engineering data indicate are less likely to be recovered thanProved Reserves but more certain to be recovered than Possible Reserves. Possible Reserves are those additional reserves which analysis ofgeoscience and engineering data indicate are less likely to be recoverablethan Probable Reserves. 1P refers to Proved Reserves, 2P refers to Proved plus ProbableReserves and 3P refers to Proved plus Probable plus Possible Reserves. Prospective Resources are those quantities of petroleum estimated,as of a given date, to be potentially recoverable from undiscoveredaccumulations by application of future development projects. ProspectiveResources have both an associated chance of discovery and a chance ofdevelopment. Prospective Resources are further subdivided in accordance withthe level of certainty associated with recoverable estimates assuming theirdiscovery and development and may be sub-classified based on project maturity. Contingent Resources are those quantities of hydrocarbons which areestimated, on a given date, to be potentially recoverable from knownaccumulations, but which are not currently considered to be commerciallyrecoverable. Undiscovered Oil-In-Place is that quantity of oil which isestimated, on a given date, to be contained in accumulations yet to bediscovered. The estimated potentially recoverable portion of suchaccumulations is classified as Prospective Resources, as defined above.