Big picture - Why invest in Range Resources Ltd
Range Resources Ltd Snapshot
Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) Trinidad-focused independent E&P company, with a 100% interest in three onshore production licenses, namely Beach Marcelle, South Quarry and Morne Diablo, as well as additional highly prospective exploration acreage on Guayaguayare and St Mary’s licences.The Company is focused on growing its production through waterflood projects, combined with selective high impact drilling programme.
The Company has Proved & Probable reserves (2P) of 22 million barrels.
Range has further interests in Guatemala and Georgia.
Range entered Trinidad in 2011 through the acquisition of three producing onshore licences - Morne Diablo, South Quarry and Beach Marcelle.
The Company also holds additional exciting exploration acreage on Guayaguayare and St Mary’s licences.
Range in Trinidad today:
- Largest independent onshore acreage in Trinidad (475 km2)
- Operator and majority interest holder of all 5 blocks
- Most active onshore work programme in Trinidad amongst independents
- Largest scale waterflood projects ever undertaken in Trinidad commenced
- Five high impact wells to spud in 2016
- Proved and probable (2P) reserves of 22 million barrels
- Prospective resources of 91.3 million barrels (excludes St Mary’s and Guayaguayare blocks)
- Annual production in excess of 205,000 barrels (FY2015)
- Production guidance with medium-term stabilised production goal of 2,500 barrels of oil / day
Mr David Yu Chen, Non-Executive Chairman
Mr Chen has over 15 years of corporate experience, having served as Chief Executive and Board member for companies listed both on US and Chinese stock markets. He founded Huashan Capital in 2009 to specialise in cross border investment transactions in the resources sector. His investment experience includes the establishment of a listed special purpose acquisition fund and venture capital investments. He has served as an independent director at Zhonglu Group, a Shanghai Stock Exchange listed diversified investment holding company, and serves as a director at SmartLink Ltd, a leading mobile payment service provider in China of which he is a lead investor. Mr Chen is currently the Vice Chairman and President of Hengxing Gold, a Hong Kong Stock Exchange listed gold mining company.
Mr Yan Liu, Non-Executive Director
Mr Liu, has over 17 years of accounting and corporate advisory experience in China and Australia. Mr Liu was the Chief Financial Officer with AIM listed China Rerun Chemical Group Limited, a China-based lubricant oil company and a partner of Agile Partners, the financial advisory company based in China. Previously, Mr Liu was the Financial Controller at Legalwise Seminars Pty in Australia and he spent 8 years at Chinatex Corporation where he worked in project management positions. Mr Liu holds a Bachelor degree in Economics from Central University of Finance and Economics, China, and a Master degree in Commerce from the University of New South Wales, Australia.
Mr Zhiwei (Kerry) Gu, Non-Executive Director
Mr Gu, is an experienced corporate lawyer, who has worked with numerous companies seeking listing approval on various stock markets including Chinese A share, NASDAQ, TSX and HKSE. He is currently a partner of Dacheng Law Offices, the largest law firm in China. Mr Gu has participated in several Venture Capital and Private Equity investment cases by various funds, such as London Asia Fund, Warburg Pincus, Korea Development Bank, China Venture Investment Co, and China Cinda AMC. During his time with China National Gold Group Corp., Mr Gu was in charge of mineral resource M&A activities. Mr Gu holds a LL.B. from the Jilin University in China; a LL.M. from the Northeast University in China; and a Master of Applied Finance from the Macquarie University in Australia. Mr Gu is a qualified lawyer and securities practitioner in China.
Ms Juan (Kiki) Wang, Non-Executive Director
Ms Wang is currently an investment manager at Anterra Energy Inc. where she is responsible for Chinese investor liaisons. Prior to joining Anterra she was manager of corporate mergers and acquisitions at Land Ocean Energy Services Co. Ltd. Ms Wang has a commercial banking background, having previously worked for Deutsche Bank and Bank of East Asia.
Mr Yu Wang, Non-Executive Director
Mr Wang has five years of corporate experience in finance and investments, focusing on energy and mineral sectors. He is currently a senior investment manager at Shanghai Anjin Investment Co., Ltd., responsible for project investments and management, both domestically and overseas. Previously, he worked as an investment manager at Weihai International Economic & Technical Cooperative Co., Ltd, specialising in project analysis and evaluation of energy and mineral projects in Africa, including oil and gas projects in the Republic of the Congo. Prior to that, Mr Wang was an investment analyst at Beijing Golden Valley Investment Management Co., Ltd. Mr Wang holds an MSc in Economics from the University of Edinburgh, and a BSc in Financial Economics from the University of Dundee.
Mr Nick Beattie, Chief Financial Officer and Joint Company Secretary
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 Lijun Xiu, Trinidad General Manager
Mr Xiu has a long and distinguished geological career of over 30 years working for Jilin Oilfield Research Institute of Petroleum Exploration & Development (a division of China National Petroleum Corporation), where most recently he was a Deputy Chief Geologist for Jilin oilfield located in Songliao Basin, China. This oilfield is one of the largest in China, covering 130,000km2 with total proved reserves of over 7 Bbbl and production exceeding 142,000 bopd. Mr Xiu has extensive experience in oilfield exploration and development planning, drilling design, research on geological conditions for oil and gas accumulations and target selection, evaluation of oil reservoir properties and productivity construction, evaluation of well logging, and assessment of hydrocarbon reserves. Mr Xiu holds a Bachelor degree in Geological Prospecting from the Northeast Petroleum University in China. He also holds a number of professional titles, including Reserves Evaluation Specialist from the Ministry of Land and Resources of the People's Republic of China. Mr Xiu has published more than 20 research papers in domestic and international academic journals.
Ms Sara Kelly, Joint Company Secretary
Ms Sara Kelly is an experienced Company Secretary and Corporate Lawyer with over 9 years’ experience. Sara has comprehensive knowledge and experience in administering regulatory frameworks and processes in a listed company environment and practised as a corporate lawyer specialising in acquisitions, takeovers, capital raisings and listing of companies on ASX and AIM. Sara has acted as the company secretary of a number of ASX listed companies.
Ms Evgenia Bezruchko, Group Corporate Development Manager
Ms Evgenia Bezruchko has extensive experience in Investor Relations and Corporate Advisory in natural resources sector. Prior to joining Range in 2012, Evgenia worked in corporate broking and equity sales for a number of private and listed oil and gas and mining companies. Evgenia holds a BSc in Pharmacology from the University of Bristol.
Mr James Warren, Group Financial Controller
Mr James Warren is a Chartered Accountant with over 10 years' experience, predominantly in the oil and gas sector. Prior to joining Range in 2014, James was the Group Financial Controller with AIM listed oil and gas company Ascent Resources plc. James had previously worked within BDO LLP’s natural resources department in London where his client portfolio included numerous AIM listed oil and mining companies with exploration and production assets. James holds a Bachelor degree in Economics with Hispanic studies from The University of Nottingham.
Dr Douglas Field, Engineering Consultant
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.
Professor Tong Xiaoguang, Technical Advisor to the Board
Prof. Tong Xiaoguang has worked in numerous positions within China National Petroleum Corporation since 1964. His main expertise is in the area of petroleum basin geology and exploration. With his innovation in understanding the rules of hydrocarbon accumulation, he has made a great contribution to the discovery of many oil and gas fields. Prof. Tong, as the chief pioneer of overseas petroleum E&P activities for China, was appointed as Vice President and Chief Geologist in 1993, Senior Advisor in 2002 of China National Oil and Gas Exploration and Development. He has performed extensive studies on petroleum geology, hydrocarbon potential, investment environment, evaluation methods and technology of new venture oil projects for many countries around the world. Prof. Tong holds numerous China National Science and Technology Innovation Awards. He also won several provincial and ministerial level awards. In 1986, he was awarded the title of "China National Young Expert with Distinguished Contribution". In 2005, he was elected member of Chinese Academy of Engineering.
Significant Shareholders of the Company:
1. Beijing Sibo Investment Management LP - 32%
2. Abraham Limited - 9%
3. Barclayshare Nominees Limited - 6%
4. TD Direct Investing Nominees Limited (Europe) - 4%
5. Investor Nominees Limited - 3%
7. HSDL Nominees - 3%
8. Hargreaves Lansdown Limited - 3%
9. TD Direct Investing Nominees Limited - 2%
10. HSBC Client Holdings Nominees Limited (UK) - 2%
Information taken 22.02.16
Range Resources Upstream Services Limited
10 Adam Street
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