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21 May 2010 09:14
21 May 2010
Company AnnouncementsAustralian Securities ExchangeExchange Plaza2 The EsplanadePERTH WA 6000By E-lodgment
Texas Update - Russell Bevly #1 Appraisal Well
Range Resources Limited ("Range" or "the Company") would like to announce an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch Joint Venture's multi-well program in Texas.
The appraisal well Russell Bevly #1 spudded on May 9, 2010 and is progressingas follows:Name of well Russell Bevly #1 Spud date 09 May 2010 Current depth of well ~6,425 ft (1,959m) Target depth of well ~14,000 ft (4,268m) RRS beneficial interest 20%
The projected total depth of the well is 14,000 ft. (4,268m), and located approximately 1,900 ft. (570m) north-northwest of the Smith #1. Range holds a 20% working interest in the well, which has an estimated dry hole cost of $US3.8m (Range share US$760,000 which was pre-paid).
Range will provide regular updates on the progress on the drilling of the Russell-Bevly well.
Boardroom Radio Interview
Range provides the opportunity to listen to an audio broadcast with Mr Peter Landau, Executive Director in a presentation titled "Range Resources: Confirmation of Significant Texas Reserves - Mr Peter Landau, Executive Director".
To listen, copy the following details into your web browser: brr.com.au/event/ 65916
The presentation details are as follows:
* Range Resources: Confirmation of Significant Texas Reserves - Mr Peter Landau, Executive Director * Presented by Mr Peter Landau, Executive Director * Thu, 20 May 2010 11:00am AEST
Georgia Milestone Payment
Pursuant to the previously announced and approved acquisition of the Company's Georgian Blocks PSA interest, the Company has issued 20 million ordinary shares and 20 million listed options (5c exercise price expiring 31 Dec 2011) as a milestone payment in recognition of the completion of Phase II under the PSA.
The Company has also issued a further 10,002,250 ordinary shares at 5c per share to sophisticated and institutional clients under the facility approved by shareholders at the Company's General Meeting held on 19 March 2010, and a further 600,000 ordinary shares as payment for consulting services.
For and on behalf of the Board
RegardsPeter LandauExecutive DirectorContactsRange ResourcesPeter LandauTel : +61 (8) 8 9488 5220Em: plandau@rangeresources.com.auAustralia LondonPPR Conduit PRDavid Tasker Jonathan CharlesTel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7429 6666Em: david.tasker@ppr.com.au Em: jonathan@conduitpr.comRFC Corporate Finance (Nominated Advisor) Old Park Lane Capital (Broker)Stuart Laing Michael ParnesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188Range Background
Range Resources is a dual listed oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas, USA.
* Range holds a 25% interest in the initial Smith #1 well and 20% interest in further wells on the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with independently assessed gross recoverable reserves in place of 215 Bcf of natural gas, 16 mmbbls of oil and 15 mmbbls of natural gas liquids. * In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells - 65% Operator, in 2010. * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range has recently completed a 410km 2D seismic program.
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