STA.L Regulatory News (STA)

RANGE RESOURCES LTD - Trinidad Update

PR Newswire

London, February 11

11 February 2013

Range Resources Limited ("Range" or "the Company") is pleased toannounce the following update with respect to the Company's Trinidadoperations with the following highlights:

- The QUN 135 well makes discovery of a new oil reservoir in theMiddle Cruse formation, indicating 50 ft. of net oil pay at approximately3,500 ft., with the well successfully cemented with 5½" casing;

- The QUN 138 well successfully drilled and put into productionwith initial rates (five day average) of approximately 85 bopd;

- The QUN 139 well successfully reached revised target depth of1,300 ft. and encountered total of 70 ft. of good quality oil sands, and 190ft. of lower resistive oil sands in the Lower Forest formation to beperforated later this week; and

- The QUN 133 well perforated and drilling to commence on QUN 140and QUN 141 wells - all targeting the Lower Forest Formation.

Middle Cruse Formation Drilling

The Company is pleased to report that following the successfuldeepening of the QUN 135 well to a revised target depth of 3,800 ft., theCompany has made an apparent discovery of a new oil reservoir in the MiddleCruse section between 3,490 - 3,540 ft. measured depth. Open hole logsindicate 50 ft. of previously unseen oil pay with porosities in the 21-23%range, while offset well control indicate that the identified reservoirsection has significant areal extent.

As previously announced the well reached a depth of 3,500 ft. andlogging indicated the presence of additional resistive oil sands. The Companysubsequently deepened the well and confirmed the presence of a new oilreservoir. Production casing has been run and testing will now commence. Rangeis extremely pleased with the results of the Company's first Middle Crusewell, with the apparent discovery of a new oil reservoir in the Middle Cruseformation along with the additional resistive sands encountered in both theLower Forest and Upper Cruse formations.

Lower Forest Development Update

Following receipt of the approvals, the QUN 138 well wassuccessfully perforated and placed into production with initial productionrates of 85 bopd over the first five days under a 6/32" choke size. TheCompany will continue to monitor the performance of the well and may look toincrease the choke depending on the performance of the well.

The QUN 139 well has reached its revised target depth of 1,300 ft.and encountered the presence of 70 ft. of high resistive oil sands in additionto 190 ft. of lower resistive oil sands in the Lower Forest formation. Casinghas been set and cemented and approvals received to perforate the well and beplaced into production later this week. As previously announced, the QUN 139well location is contiguous to producing wells QUN 119 and QUN 129 whichachieved initial production rates of 129 bopd and 138 bopd, respectively. Bothwells still flow under natural pressure (QUN 129 and QUN 119 are currentlyproducing 65 bopd and 45 bopd respectively) with QUN 119 having now producedfor 12 months since first production.

Approvals have been received to commence drilling of the QUN 140and QUN 141 wells, which will continue the development of the Lower Foresttrend, being contiguous and up-dip to the recently completed and successfulQUN 138 well.

In addition to the wells mentioned above, the Company is looking tocommence remedial work on four wells that have experienced comingling of oiland water sands. Remedial work will be performed on these wells with a smallwork-over rig, with additional perforations to be added in two of the fourwells. This work is expected to improve the performance of these wells and addfurther to production.

As such, the company has perforated the Lower Cruse formation ofthe QUN 133 well, which experienced oil and water sands comingling in theUpper Cruse and will now assess performance under pump.

Executive Director Peter Landau commented:

"We are extremely pleased with the results of the ongoing drillingprogram in Trinidad, and particularly with the discovery of new oil reservoir.The QUN 135 well confirms once again that the development potential on Range'sTrinidad blocks remains largely untapped. Once production testing of this newzone is complete, we will make a determination as to how best to develop thereservoir as part of our expanding portfolio of exploratory, development, andsecondary recovery opportunities in Trinidad."

Further Updates

The Company will be providing further updates shortly with respectto the MD 248 well, finalisation of the sale of the Company's Texas interests,the finalisation of the GIG joint venture in Georgia, well performance inGuatemala and financing arrangements.

RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)Stuart Laing

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration company with oil & gas interests in the frontier state ofPuntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia.

- In Trinidad Range holds a 100% interest in holding companies withthree onshore production licenses and fully operational drilling subsidiary.Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2MMbls of proved, probable and possible (3P) reserves and an additional 81MMbls of unrisked best estimate prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest inonshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a410km 2D seismic program with independent consultants RPS Energy identifying68 potential structures containing an estimated 2 billion barrels ofundiscovered 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 arevised development strategy that will focus on low-cost, shallow appraisaldrilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")coal deposit, which straddles the central sections of the Company's twoblocks.

- 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 holds a 25% interest in the initial Smith #1 well and a 20%interest in further wells on the North Chapman Ranch project, Texas. Theproject area encompasses approximately 1,680 acres in one of the most prolificoil and gas producing trends in the State of Texas. Independently assessed 3Preserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls ofoil and 17 mmbbls of natural gas liquids.

- Range holds a 21.75% interest in the East Texas Cotton ValleyProspect in Red River County, Texas, USA, where the prospect's project areaencompasses approximately 1,570 acres encompassing a recent oil discovery. Theprospect has independently assessed 3P reserves in place (on a 100% basis) of3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in thehighly prospective PUT 6 and PUT 7 licences in Putumayo Basin in SouthernColombia. The Company will undertake a 350km2 3D seismic program across thetwo licences and drill one well per licence, as well as looking to re-enter apreviously suspended well that had a significant historical reserve estimate.

- Range has taken a strategic stake (19.9%) in Citation ResourcesLimited (ASX: CTR) which holds a 70% interest in Latin American Resources(LAR). LAR holds an 80-100% interest in two oil and gas development andexploration blocks in Guatemala with Canadian NI 51-101 certified proved plusprobable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10%interest in LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

* Reserves attributable to Range's interest in the North ChapmanRanch asset, which are net of government and overriding royalties as describedin the Forrest Garb report.

** The reserves estimate for the Guatemalan Blocks in which LAR(and CTR) have an interest in is as reported by CTR. CTR has not reported 1Pand 3P estimates, but Range is seeking such information from CTR for futurereporting purposes.

Detailed below are the estimated unrisked resources and oil-in-placedelineated across Range's portfolio of project interests.

All of the technical information, including information in relationto reserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the inclusion of the technical information.

The reserves estimate for the Guatemalan Blocks in which LAR (andCTR) have an interest in is as reported by CTR. CTR has not reported 1P and 3Pestimates, but Range is seeking such information from CTR for future reportingpurposes.

The reserves estimates for the 3 Trinidad blocks and updatereserves estimates for the North Chapman Ranch Project and East Texas CottonValley referred above have been formulated by Forrest A. Garb & Associates,Inc. (FGA). FGA is an international petroleum engineering and geologicconsulting firm staffed by experienced engineers and geologists. CollectivelyFGA staff has more than a century of worldâ€wide experience. FGA haveconsented in writing to the reference to them in this announcement and to theestimates of oil and natural gas liquids provided. The definitions for oil andgas reserves are in accordance with SEC Regulation Sâ€X an in accordance withthe guidelines of the Society of Petroleum Engineers ("SPE"). The SPE Reservedefinitions can be found on the SPE website at spe.org.

RPS Group is an International Petroleum Consulting Firm withoffices worldwide, who specialise in the evaluation of resources, and haveconsented to the information with regards to the Company's Georgian interestsin the form and context that they appear. These estimates were formulated inaccordance with the guidelines of the Society of Petroleum Engineers ("SPE").

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.

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 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'stechnical consultants have not yet reviewed the details of ARI's resourceestimate and the reliability of this estimate and its compliance with the SPEreporting guidelines or other standard is uncertain. Range and its JV partnerswill be seeking to confirm this resource estimate, and seek to definereserves, through its appraisal program and review of historical data duringthe next 12 months.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

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.