STA.L Regulatory News (STA)

New Drilling Rigs Update

Range is pleased to announce that its strategic partner and oilfield services provider, LandOcean Energy Services Co., Ltd (LandOcean) has advised that the first new drilling rig to be added to the drilling fleet has now been shipped from China and is expected to arrive in Trinidad in August. This large rig with a drilling capability of 13,000 ft. (4,000 m) will be utilised to drill deeper, previously inaccessible exploration targets on the Company's licences in Trinidad.

The manufacturing and delivery of the other three new drilling rigs has also been expedited to provide greater capabilities for Range. These rigs are now expected to be shipped from China to Trinidad during July. These rigs have drilling capabilities of 6,500 ft. (2,000 m), 4,900 ft. (1,500 m) and 3,200 ft. (1,000 m) and will be used to accelerate Range's development and exploration campaigns in Trinidad and grow production.

All four rigs are anticipated to be available for drilling from September 2015, subject to necessary approvals.

The rigs will be operated by Range Resources Drilling Services Limited, which was acquired by LandOcean earlier this year. The addition of the new rigs will be crucial to improving capabilities and limiting the downtime of Range's development and exploration operations.