14 Dec 2012 13:11
RANGE RESOURCES LTD - Statement re Share TradingRANGE RESOURCES LTD - Statement re Share Trading
PR Newswire
London, December 14
Range Resources notes the unusual trading activity of its stock in recent weeksand confirms that it knows of no reason for this trading.
The Company remains focused on delivering shareholder value from its portfolioof assets and will be providing operational updates over the coming days.
Peter LandauExecutive DirectorContactsRange Resources LimitedPeter LandauTel : +61 (8) 9488 5220Em: plandau@rangeresources.com.au
PPR (Australia) Tavistock Communications (London)David Tasker Ed PortmanTel: +61 (8) 9388 0944 Tel: + 44 (0) 207 920 3150Em: david.tasker@ppr.com.au Em: eportman@tavistock.co.ukRFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)
Stuart Laing Michael ParnesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188Fox-Davies Capital Limited GMP Securities Europe LLP (Joint Broker)Daniel Fox-Davies / Richard Hail James Pope / Chris BeltgensTel: +44 (0) 203 463 5000 Tel: +44 (0) 207 647 2800Range BackgroundRange Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration company with oil & gas interests in the frontier state of Puntland,Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia.
* In Trinidad Range holds a 100% interest in holding companies with three onshore production licenses and fully operational drilling subsidiary. Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2 MMbls of proved, probable and possible (3P) reserves and an additional 81 MMbls of unrisked best estimate prospective resources. * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2 billion barrels of undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1) exploration well having spudded in July in 2011. The Company is focussing on a revised development strategy that will focus on low-cost, shallow appraisal drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central sections of the Company's two blocks. * In Puntland, Range holds a 20% working interest in two licenses encompassing the highly prospective Dharoor and Nugaal valleys. The operator and 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two exploration wells and will continue with a further seismic and well program over the next 12-18 months. * Range holds a 25% interest in the initial Smith #1 well and a 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. Independently assessed 3P reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of oil and 17 mmbbls of natural gas liquids. * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas, USA, where the prospect's project area encompasses approximately 1,570 acres encompassing a recent oil discovery. The prospect has independently assessed 3P reserves in place (on a 100% basis) of 3.3mmbbls of oil. * Range is earning a 65% (option to move to 75%) interest in the highly prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern Colombia. The Company will undertake a 350km2 3D seismic program across the two licences and drill one well per licence, as well as looking to re-enter a previously suspended well that had a significant historical reserve estimate.All of the technical information, including information in relation to reservesand resources that is contained in this document has been reviewed internallyby the Company's technical consultant, Mr Mark Patterson. Mr Patterson is ageophysicist who is a suitably qualified person with over 25 years' experiencein assessing hydrocarbon reserves and has reviewed the release and consents tothe inclusion of the technical information.
The reserves estimates for the 3 Trinidad blocks and update reserves estimatesfor the North Chapman Ranch Project and East Texas Cotton Valley referredabovehave been formulated 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 world–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 S–X an in accordance withthe guidelines of theSociety of Petroleum Engineers ("SPE"). The SPE Reserve definitions can befound on the SPE website at spe.org.
RPS Group is an International Petroleum Consulting Firm with offices worldwide,who specialise in the evaluation of resources, and have consented to theinformation with regards to the Company's Georgian interests in the form andcontext that they appear. These estimates were formulated in accordance withthe guidelines of the Society of Petroleum Engineers ("SPE").
The prospective resource estimates for the two Dharoor Valley prospects areinternal estimates reported by Africa Oil Corp, the operator of the jointventure, which are based on volumetric and related assessments by Gaffney,Cline & Associates.
In granting its consent to the public disclosure of this press release withrespect to the Company's Trinidad operations, Petrotrin makes no representationor warranty as to the adequacy or accuracy of its contents and disclaims anyliability that may arise because of reliance on it.
The Contingent Resource estimate for CBM gas at the Tkibuli project is sourcedfrom the publically available references to a report by Advanced ResourcesInternational's ("ARI") report in 2009: CMM and CBM development in theTkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's technicalconsultants have not yet reviewed the details of ARI's resource estimate andthe reliability of this estimate and its compliance with the SPE reportingguidelines or other standard is uncertain. Range and its JV partners will beseeking to confirm this resource estimate, and seek to define reserves, throughits appraisal program and review of historical data during the next 12 months.
Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.
SPE Definitions for Proved, Probable, Possible Reserves and ProspectiveResources
Proved Reservesare those quantities of petroleum, which by analysis ofgeoscience and engineering data, can be estimated with reasonable certainty tobe commercially recoverable, from a given date forward, from known reservoirsand under defined economic conditions, operating methods, and governmentregulations.
Probable Reservesare those additional Reserves which analysis of geoscience andengineering data indicate are less likely to be recovered than Proved Reservesbut more certain to be recovered than Possible Reserves.
Possible Reservesare those additional reserves which analysis of geoscience andengineering data indicate are less likely to be recoverable than ProbableReserves.
1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and 3Prefers to Proved plus Probable plus Possible Reserves.
Prospective Resourcesare those quantities of petroleum estimated, as of a givendate, to be potentially recoverable from undiscovered accumulations byapplication of future development projects. Prospective Resources have both anassociated chance of discovery and a chance of development. ProspectiveResources are further subdivided in accordance with the level of certaintyassociated with recoverable estimates assuming their discovery and developmentand may be sub-classified based on project maturity.
Contingent Resourcesare those quantities of hydrocarbons which are estimated,on a given date, to be potentially recoverable from known accumulations, butwhich are not currently considered to be commercially recoverable.
Undiscovered Oil-In-Placeis that quantity of oil which is estimated, on a givendate, to be contained in accumulations yet to be discovered. The estimatedpotentially recoverable portion of such accumulations is classified asProspective Resources, as defined above.
ABN 88 002 522 009www.rangeresources.com.auLondonSuite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN
t: +44 (0)207 025 7040, f: +44 207 287 8028
Australia
Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia
t: +61 8 9488 5220, f: +61 8 9324 2400
e: admin@rangeresources.com.au