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Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) exploration and production company, with a diverse portfolio of oil and gas assets and a strategic focus on Trinidad, where the Company holds 100% interest in three onshore production licenses.  Range has further interests in Guatemala; Puntland, Somalia; Colombia; Georgia; and Texas, USA.

+61 8 9322 7600
945 Wellington St, West Perth WA 6005, Australia.
Super Sector:
Oil & Gas Producers
Exploration & Production
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Range Resources RNS Press Releases

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Range Resources Articles, News, and Media Files

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Broker press

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  • 12/04/12

    Press: 12.04.12: -0.75, (11.50) Press: Range Resources and Red Emperor fell after an update on their Shabeel well in Puntland, Somalia.The two... read more

  • 23/02/12

    Press: 23.02.12: -1.25, (11.75) Press: Range Resource and Red Emperor Resources fell after delaying the mobilisation of drilling equipment to... read more

  • 17/01/12

    Press: 17.01.12: -2.50, (10.75) Press: Range Resources fell after it placed 18.3m shares at 11.5p. Drilling has started on the first well in... read more

  • 16/01/12
    +2.25 +13.25

    Press: Range Resources rose amid rumours of an imminent update from its oil prospect in the Puntland region of Somalia. Source - Financial Times

  • 18/11/11
    +0.28 +9.10

    Press: Range Resources rallied after raising an estimate of proven reserves at its Trinidad prospect from 2.6m barrels to 15.4m barrels. Source... read more

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
24/05/12 A.N.C. Eastman BUY 150,000 ORD 7.36 11,040 4,356,522 0.19
22/05/12 M.E.S. Edwards-Jones BUY 150,000 ORD 7.30 10,950 3,531,522 0.15
22/05/12 P.N. Landau BUY 750,000 ORD 7.30 54,750 13,956,522 0.61
06/01/12 Sir S.E. Jonah SELL 13,043,478 ORD 7.50 978,261 21,597,833 N/A
06/01/12 Sir S.E. Jonah EX 19,135,013 OPT 0.00 0 0,000 N/A


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/14 Interim 7.84 -10.74 -0.40 0.00 USD
30/06/14 Full year 21.19 -64.78 -2.89 0.00 USD
31/12/13 Interim 12.05 -17.58 -0.80 0.00 USD
30/06/13 Full year 27.26 -17.72 -0.95 0.00 USD
31/12/12 Interim 15.70 -6.68 -0.48 0.00 USD

Company Statement

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) exploration and production company, with a diverse portfolio of oil and gas assets and a strategic focus on Trinidad, where the Company holds 100% interest in three onshore production licenses.  Range has further interests in Guatemala; Puntland, Somalia; Colombia; Georgia; and Texas, USA.



Range holds a 100% interest in three onshore production licenses and fully operational drilling subsidiary. Independently assessed Proved (1P) reserves in place of 19.0 MMBO with 28.2 MMBO of proved, probable and possible (3P) reserves. Range also has a farm in with Niko Resources giving it exposure to circa 280,000 acres of prospective onshore and offshore acreage.



Range has taken a strategic stake in Citation Resources Limited (ASX: CTR) which holds a 60% interest in Latin American Resources (LAR). LAR holds an 80-100% interest in two oil and gas development and exploration blocks in Guatemala with Canadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 20% interest in LAR.



Range holds a 45% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license areas given the recent review performed across the licenses. 



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 10% interest in three exploration blocks, PUT-5, VMM-7, and VSM-1, located in mature basins of the Putumayo and Magdalena Valley.

Current Operations


Range entered Trinidad in 2011 through the acquisition of three producing onshore licenses from SOCA Petroleum, gaining 100% working interest in Morne Diablo, South Quarry and Beach Marcelle licenses.


Range also acquired 100% of a fully operational drilling subsidiary comprising of six drilling rigs plus further completion / workover rigs and operational personnel.


The Company has 250+ employees in Trinidad with 125+ having been added by Range since acquisition in 2011 and is operating 24 hours a day, 7 days a week, and opened a technical and administration office in San Fernando in mid-2012.


The Company is a leader amongst its peers with respect to its in-house technical capabilities, with the current primary technical capabilities including:


In December 2013, Range farmed-into two contracts on the Niko Resources Guayaguayare block (onshore and offshore). Spread over 280,000 acres, the block surrounds Range’s Beach Marcelle Field and extends south to the limits of Trinidad’s territorial waters. Range will earn 50% of Niko’s existing interests in both PSCs by drilling two onshore wells. Range will fund the two onshore wells and the potential initial appraisal well as its sole expense. Thereafter, Range will share costs equally with Niko including the cost of drilling an initial offshore well.

Additionally, Range was awarded St Mary’s Block in February 2014 under an onshore bid round (first dedicated onshore round in Trinidad in 15 years). Negotiations of the PSC are currently underway and when complete a JOA will then be concluded.


Range's License Blocks

Morne Diablo

The Morne Diablo onshore license comprises 9,300 acres along the southern coast of Trinidad. The field has been producing since 1937 and produced over 10.5 mmbbls to date.


The license has full 3D seismic coverage which was shot in 1999. There are currently over 300 wells on the license of which 142 are currently producing. To date, development and production has only occurred on less than 10% of the license area with the majority of the license area having the potential for further development of up to 140 wells.


There are multi-productive horizons underlying Morne Diablo with the majority of current production coming from the shallow Lower Forest and Upper Cruse reservoirs (depth 1,000-2,000 feet). The current program is targeting all horizons, including a number of wells to be drilled to the semi-exploratory Lower Curse and exploratory Herrera horizon.


Within the Morne Diablo license is the shallow pilot waterflood program over 8 acres, which has produced an incremental 35,000 bbls since its inception in December 2009 from a depth of 150-300 feet. Range intends to expand this program to 80 acres subject to regulatory approvals.


South Quarry

The South Quarry onshore license comprises 3,700 acres along the southern coast of Trinidad, immediately west of the Morne Diablo license. The field was discovered in 1938 and has produced a total of 1.95 mmbbls.


Like Morne Diablo, South Quarry is underlined by numerous productive horizons with the majority of current production coming from the Middle Cruse equivalent “Quarry 19 Sands” horizons.


Over 95 wells have been drilled to between 900 ft. and 6000 ft. on the structure over its life, however, there had been no development drilling on South Quarry for a number of years - development drilling on the South Quarry license has only commenced in early 2014.


Beach Marcelle

The Beach Marcelle onshore license comprises 3,500 acres and is located within the Guayaguayare sub-basin that has a number of oilfields around its rim, including the Navette and Goudron fields and the offshore Galeota and Samaan fields. The field has been producing since 1902 and has produced over 30 mmbbls to date with around 230 wells drilled.


Texaco completed the first of a planned multi waterflood project in mid-60’s before the field was transferred to Petrotrin. Range acquired the larger license area in 2010 with the view to utilise its experience with waterflood EOR from the shallow Morne Diablo program and transfer this experience to the Beach Marcelle license targeting four of the six individual fault blocks.


In addition to the waterflood work, a technical study of the license was completed in early 2012 identifying 50+ infill well locations along with the potential deepening of 6 old well bores to test for primary by-passed reserves (4,500 feet TD).


Trinidad’s Southern basin is the eastern extension of the prolific E. Venezuelan petroleum province, defined by a regionally extensive, world class Upper Cretaceous source rock. These rocks underlie deposits of Paleocene to Miocene age that account for large oilfields in Venezuela (El Furrial) and Trinidad (Penal-Barrackpore, Angostura). The producing reservoirs in Range’s three fields are within this delta sequence. The underlying Miocene turbidites (Herrera sands) are also prolific producers within the basin and form exploration targets. The Upper Cretaceous Source rock is in itself a potential target. Modern shale fracturing technology has upgraded the potential of this formation.


Trinidad Waterflood Program

What is waterflooding?

Waterflooding is a low cost secondary production solution to increase the amount of oil that can be recovered from an oilfield. The process involves converting some oil production wells into water injection wells by injecting (sea) water into the reservoir to encourage oil production from the remaining producers. The injected water helps to increase pressure within the reservoir; it also helps to move the oil in place increasing the amount of oil that can be recovered from the reservoir rocks. Although the effectiveness of water injection varies according to formation characteristics, a waterflood can recover anywhere from 5% to 50% of the oil that is remaining in the reservoir, greatly enhancing the productivity and economics of the development.


Sir Sam Jonah, Non-Executive Chairman

Sir Samuel Jonah is non-executive Chairman of Range Resources Limited. He is Executive Chairman of Jonah Capital (Pty) Limited, and investment holding company in South Africa and serves on the boards of various public and private companies, including The Standard Bank Group and Vodafone Group Plc. He previously worked for Ashanti Goldfields Company Limited, becoming Chief Executive Officer in 1986, and was formerly Executive President of AngloGold Ashanti Limited and oversaw its growth and listing as the first operating sub-Saharan African company on the NYSE. He is also a member of the Advisory Council of the President of the African Development Bank.

He is an advisor to the Presidents of Ghana, South Africa, Nigeria and Namibia. An Honorary Knighthood was conferred on him by Her Majesty the Queen in 2003 and in 2006 he was awared Ghana’s highest national award, the Companion of the Order of the Star.

Mr Rory Scott Russell, Chief Executive Officer

Mr Rory Scott Russell has over ten years of international experience in upstream positions at Shell. Most recently he was Finance Manager for Exploration in Europe and Russia based in London. In this role he oversaw all financial aspects of the business, corporate governance and control, treasury management and sat on regional investment committees covering the North Sea, onshore Netherlands and Germany, Italy, Russia and Kazakhstan. He was involved in country entries and project start-ups in Greenland, Albania, Spain, Ukraine and Russia. Prior to this he was Finance and Commercial Manager for exploration in Russia based in The Hague and Moscow and has also worked in the strategic planning unit for Shell's global upstream business, based in The Hague. Rory has a BSc (Hons) from the University of Edinburgh.

Mr Nick Beattie, Chief Financial Officer

Mr Nick Beattie has over twenty years of experience in finance working with a range of international banks. Most recently he was a Managing Director in the BNP Paribas Upstream Oil and Gas team in London where he was responsible for leading the bank relationships with UK focused independent E&P companies. Nick has approximately ten years’ experience specifically financing the E&P sector and whilst at BNP Paribas, he structured and led numerous reserve based loans, development financings and other debt facilities. Prior to working with BNP Paribas, Nick worked as a Director within the Oil and Gas finance team at Fortis Bank covering Europe, Middle East and Africa and in a variety of roles with National Australia Bank Group. Nick is an Associate Member of the Association of Corporate Treasurers and a Fellow of the Chartered Institute of Bankers in Scotland.

Mr William Duncan, Chief Operating Officer

Mr William Duncan is a Geoscientist with over 30 years international exploration and production experience. Most recently he was VP of Exploration and Development for Suncor Energy in Calgary where he was responsible for leading all exploration and commercial activities in Canada, UK, Norway, Libya and Syria, as well as building technical capabilities in a team of 250 professionals. Prior to this Mr Duncan was General Manager for Suncor in Libya where he led their participation in the Harouge joint venture production company and started an operated onshore exploration programme. From 2004- 2009 he was Petro-Canada's Regional Manager for Northern Latin America leading Petro-Canada's asset portfolio and growth in Venezuela and Trinidad, where he managed the negotiation of PSC's, the drilling of eight offshore wells in Trinidad and participation in LNG production. Mr Duncan also has exploration and business development experience in a wide variety of countries including Iran, Kuwait, Qatar, the North Sea, and Kazakhstan. Mr Duncan has an MSc in Mineral Exploration.

Dr Douglas Field, Vice President of Engineering

Dr Douglas Field is a petroleum and reservoir engineer with over 30 years international exploration and production experience. Since 2003, he has held a number of engineering and business development posts at Tullow Oil plc, and from 2003-2007 was Group Engineering Manager where he was responsible for Tullow's petroleum, reservoir, well services, production and facilities engineers, and from 2007-2012 Business Unit Manager for Tullow’s activities in North and North West Africa. Prior to this he worked in technical leadership positions for LASMO Grand Maghreb Ltd, Monument Oil and Gas plc, Centrica plc and BHP Petroleum Ltd. His experience includes running field and production operations in onshore Libya, Iran, Algeria, Angola and the North Sea. Dr Field holds a Ph.D. in Organic Chemistry from the University of Leeds

Mr Graham Lyon, Non-Executive Director

Mr Graham Lyon has over 30 years of experience in the oil and gas industry, working for a wide range of listed and private companies. Graham has a BSc Eng (Hons) in Petroleum Engineering from Imperial College London. He started his career with Chevron before moving to Shell as sub surface team leader and as project petroleum engineer. Graham then spent 14 years with Deminex in a series of technical leadership roles in the UK, Germany and Egypt, and its successor, Veba Oil and Gas, including Regional Manager for the Caspian and Middle East, thereafter he was heavily involved with the sale of the company to Petro-Canada. Graham remained with Petro-Canada for a further 7 years holding roles culminating in Vice President Strategy and Business Development, International and Offshore. Within the last 5 years Graham has held the position of President and Chief Executive Officer of Mena Hydrocarbons Inc, a TSX-V listed energy company, with assets in Egypt and Syria and is currently a Non-Executive Director at Hawkley Oil and Gas Ltd an ASX listed energy company, and a Director at Tarbagatay Munay LLP a private Kazakhstani oil and gas company and Soncer Ltd


Dr Christian Bukovics, Non-Executive Director

Dr Christian Bukovics has 33 years’ experience in exploration and has held executive positions at Shell. Until end of 2012, Christian was Vice President for exploration in Russia and the Former Soviet Union and a member of the global exploration leadership team. Prior to this he held the exploration manager position for the European Atlantic Margin, was General Manager for Shell businesses in Iran and Kazakhstan and Vice President for the Commercial division of Shell Global Exploration. Over his career Christian participated in and managed the discovery of over three billion barrel equivalents of oil and gas, pioneered the application of new technology (notably 3D seismic) in Shell and spearheaded entries into new territories with over fifty thousand square kilometers of acreage acquired. Christian has a PhD in experimental physics from the University of Vienna. He is a member of Petroleum Exploration Society of Great Britain (PESGB) and of the European Association of Geoscientists and Engineers (EAGE). In addition to his Board position, Christian is a partner in an exploration-focused venture fund.

Mr Marcus Edwards-Jones, Non-Executive Director

Mr Edwards-Jones is currently Managing Director (and co-founder) of Lloyd Edwards-Jones S.A.S, a financial boutique firm specialising in selling European equities to institutional clients and introducing resource companies to an extensive institutional client base in the UK, Europe and Asia/Middle East. Mr Edwards-Jones has previously held senior positions with Bank Julius Baer Paris (European equities), and UK/Continental European equity sales at Credit Lyonnais Securities. In addition, Mr Edwards-Jones has significant experience in world wide institutional capital raisings for large resource projects in Africa.

Mr David Riekie, Non‐Executive Director

Mr Riekie has 20 years of corporate experience through a variety of executive and advisory roles in the Industrial and Resource sectors of Australia.  He is a Member of the Australian Institute of Company Directors and with more than 14 years’ experience as an Executive Director of a corporate advisory and consulting enterprise, has specialised in capital raising initiatives and development strategies for both ASX listed and unlisted entities. Mr Riekie is a former director of ASX listed entities including Hawkley Oil and Gas Limited and was a founding Director of Otto Energy. Mr Riekie holds Bachelor of Economics and Diploma of Accounting and as a Chartered Accountant with Price Waterhouse, operated in jurisdictions including Australia, New Zealand and UK over a period of 10 years.

Mr Ian Olson, Non-Executive Director

Mr Olson is a Chartered Accountant with over 25 years of experience whose areas of expertise include corporate finance, audit and assurance across a broad range of industries including energy. Mr Olson is a Non-Executive Chairman of two ASX listed companies and consults to KPMG’s M&A practice in Australia. Previously Managing Partner of PKF Chartered Accountants in Perth, Western Australia, Ian also spent numerous years working with global investment banks in London and New York. He is a member of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors.

Mr Walter Cukavac, Trinidad Chief Operations Officer

Geologist and geophysicist with over 17 years experience in the growth and development of onshore projects in Trinidad, which includes organizing the first 3D seismic acquisition onshore Trinidad, initiation of the first waterflood EOR project by an independent operator, and drilling over 250 wells.

Major Shareholders


With Shares outstanding: 4,990.74 M


Information taken 29.09.2014


  • Additional Information
    ASX / AIM
    Share Price
    5,117.17 m
    Mkt Cap
    £27.63 m
  • Contact Information

    Range Resources Ltd

    PO Box 1263

    West Perth WA 6872


    UK Office

    Suite 1A, Princes House

    38 Jermyn Street


    SW1Y 6DN

    T: +44 (0) 20 7025 7040

    F: +44 (0) 20 7287 8028


    Australian Office

    945 Wellington Street

    West Perth WA 6005

    T: +61 (0) 8 9322 7600

    F: +61 (0) 8 9322 7602

    Corporate Information


    Steinepreis Paganin

    Level 4, Next Building

    16 Milligan Street

    Perth WA 6000

    Tel: +61 8 9321 4000

    Fax: +61 8 9321 4333


    BDO Audit (WA) Pty Ltd

    38 Station Street

    SUBIACO WA 6008

    Tel: +61 8 6382 4600

    Fax: +61 8 6382 4601


    Public Relations


    107 Cheapside

    London EC2V 6DN

    Tel: +44 207 466 5000

    Email: rangeresources@buchanan.uk.com


    Cantor Fitzgerald Europe (Nomad and Broker)

    One Churchill Place

    London E14 5RB

    Tel:  +44 207 894 7000


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