• Watchlist/Portfolio

    Add to watchlist:

    Only registered members can add into watchlist !

    Register here !

Range Resources Limited is a dual listed (ASX: RRS; AIM: RRL) Trinidad-focused independent E&P company. Range is the largest private onshore acreage holder in Trinidad with strong operating experience, in-depth knowledge of the local environment, and wholly owned in-house drilling and services company. The Company aims to create sustainable shareholder value by growing oil production and developing discovered resources from its core assets in Trinidad through intensive low-cost shallow onshore development drilling programme, combined with low-risk waterflood projects.

+61 8 9488 5220
Level 3, 1 Havelock Street, 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

  • Page 1 of 75

Range Resources Articles, News, and Media Files

  • Page 1 of 30

Range Resources Related Media

  • Page 1 of 5

Broker press

  • Page 1 of 3
  • 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

  • Page 1 of 3
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


  • Page 1 of 3
Date Type Turnover Profit EPS (p) Dividend (p) Currency
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
30/06/12 Full year 30.57 -11.66 -0.46 0.00 AUD
31/12/11 Interim 12.77 -2.22 -0.13 0.00 AUD

Presentations & Company Media

Related Research & Media

Company Statement

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas exploration, development and production company with interests in Trinidad; Puntland, Somalia; Colombia; Guatemala; the Republic of Georgia and Texas, USA.


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 prospective resources.


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 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. 


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.


Range has taken a strategic stake (19.9%) in Citation Resources Limited (ASX: CTR) which holds a 70% 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 10% interest in LAR.


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.

Current Operations

Trinidad - Exploration / Appraisal / Development / Production

In mid-2011 Range acquired a 100% interest in three production licences in producing onshore oilfields in Trinidad and a local fully operational drilling company which has six drilling rigs plus further completion / workover rigs and operational personnel.

The three production licenses include:

- Morne Diablo
- South Quarry
- Beach Marcelle

Morne Diablo

The Morne Diablo onshore license comprises 9,300 acres along the south coast of. The License is subject to a farm-in agreement with Petrotrin which extends for three - 5 year periods and is under a royalty / tax fiscal regime.

Historically the Morne Diablo license had produced 7.7MM bbls of oil between 1936 - 1996, with an additional 2.8MM bbls of oil having been produced from 1996 to present.

There are multi-productive horizons underlying Morne Diablo (refer to diagram above) with the majority of current production coming from the Lower Forest and Upper Cruse horizons. 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.

There are currently +300 wells on the license of which 142 are currently producing with 23 of new development wells having been added since acquisition mid 2011.
The license has full 3D seismic coverage which was shot in 1999. To date, development and production has only occurred on circa 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 over the next 4 years.

Within the Morne Diablo license is the shallow pilot water flood program over 8 acres (refer to photo below), which has produced an incremental 35,000 bbls since its inception in December 2009 from a depth of circa 150-300 ft in the shallow forest formation. It is the intention of commencing the expansion of this 8 acre pilot program up to a total of 80 acres with the commencement of injection early 2013 subject to approvals, targeting a production rate of up to 700 bopd estimated capex of circa $2.5m.

Morne Diablo Pilot Waterflood

Rig 8

South Quarry

The South Quarry onshore license comprises 3,700 acres along the south coast of Trinidad, immediately west of the license Morne Diablo. The License is subject to a farm-in agreement with Petrotrin which extends for three - 5 year periods and is under a royalty / tax fiscal regime.

Historically the South Quarry license had produced 1.1 MM bbls of oil between 1977 - 1996, with an additional 1.0 MM bbls of oil having been produced from 1996 to present.

Like Morne Diablo, South Quarry is underlined by numerous productive horizons (refer to diagram above) with the majority of current production coming from the Middle Cruse equivalent “Quarry 19 Sands” horizons. There are also numerous oil seeps present on the license in areas that have not experienced any significant appraisal work and it is the intention to move one of the shallower rigs from the Morne Diablo program across to South Quarry early in 2013 to commence appraisal of some of the oil seeps along with the development of an inventory of up to 20 wells.

The current program is targeting all horizons, including a number of wells to be drilled to the semi-exploratory Lower Cruse and exploratory Herrera horizon.

There are currently 80 wells on the license of which 13 are currently producing and like Morne Diablo, the license has full 3D seismic coverage.

Oil Seeps     

South Quarry Storage Tanks

Beach Marcelle

The Beach Marcelle onshore license comprises 3,500 acres near the south / east coastal corner of Trinidad. The License is subject to an Incremental Production Sharing Contract with Petrotrin which extends for ten year periods and is under a royalty / tax fiscal regime.

Historically the Beach Marcelle field had produced 30 MM bbls of oil, with first production occurring in 1902 and in the 1960's Texaco successfully carried out water floor enhanced recovery on the field. The Company 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. There are four of six individual fault blocks that the waterflood program will target with an aim to achieve average production in the range of 1-1.5mm bbls per annum following initial production. Development is expected to commence early 2013 following the receipt of approvals with first production between 18-24 months following the commencement of development.

In addition to the waterflood EOR 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 (4,500ft TD).

There are currently 236+ wells on the license of which 13 are currently producing.

Old Well     

Beach Storage Tanks

Drilling and Technical Operations

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 current staffing levels can support the projected activity on the Company's licenses for the next couple of years, with only additional drilling staff to be hired upon commissioning of the last 2 of the Company's drilling rigs plus some further technical support personnel.

The Company also owns a fleet of six drilling rigs, three production rigs and three swap rigs with the drilling rigs having the following depth capacities:

- 3 shallow capability < 3,500 ft
- 2 medium capability < 6,500 ft
- 1 medium/deep capability < 11,000 ft

The Company is currently undertaking the Safe to Work (“STOW”) certification.

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

    Full work station capability
    Seismic interpretation software
    Reservoir simulation and modelling
    3-D visualization room
    Geologic mapping and interpretation software

Geological Background

Trinidad and Eastern Venezuela share the same petroleum province with one of the richest source rocks in the world

Geologically, Trinidad lies on the South American tectonic plate and falls within the Orinoco Fold Belt which is a prolific oil producer in adjacent Venezuela some 14km to the southwest. The area is recognised as a world class petroleum province with over 3 billion barrels of oil produced to date and current production in the order of 100,000 bopd.

The Morne Diablo, South Quarry and Beach Marcelle licences are all within a complex thrust belt, with surface expression known as the Southern Range. The Southern Range, which contains numerous oil seeps, stretches from west to east forming the south coast of the island. Fluvial deltaic sediments, ranging to tidal and wave dominated, characterize the shallower producing zones in the Morne Diablo and South Quarry fields.

Due to growth faulting in the Beach Marcelle area, these sands are thicker and better developed there. The Pliocene aged Cruse sands (orange layers) are segmented into 3 different members. The Lower Cruse is productive in the area, but largely unexplored. Just above the Lower Cruse, the Middle Cruse is widespread, and is the main producer in this area. The Upper Cruse consists of nicely developed sands that offer the possibility of more localized production.

The Plioceneaged Forest sands (pink layers) represent the shallowest targets. Forest sands are comprised of two main oil producing members. The Lower Forest ranges from 250 to 300 meters deep, and the Shallow Forest ranges from 100 to 150 meters deep. These sands are ubiquitous, and are the shallowest most accessible targets. In the Beach Marcelle area, the Forest equivalent is called the Gros Morne formation, where the company is considering reactivation and expansion of a waterflood to increase production. The deepwater turbidite Herrera Formation (green layers) is a prolific producer to the north, and is the target of future exploration drilling on the existing licenses.

Most of the fields are simple four way dip structural rollover anticlines with significant closure to create multiple oil entrapment horizons. In some areas these anticlines show overturned reservoirs, thereby creating repeated reservoir intervals capable of trapping oil as shown below.

The deepwater Miocene aged turbidite Herrera Formation (green layers in picture above) is a prolific producer in Trinidad and represents significant prospective resource upside to Monitor. Production in this formation is usually found in the northeast to southwest thrusted structure to the east and north of Monitor's prospective acreage. The comparatively large Penal field in the Herrera Formation has produced more than 60mmboe to date from depths of up to 9,000ft.

Producing fields in the Herrera formations in Trinidad produce at rates of 500 - 2,000bopd on blocks adjacent to Range's acreage positions.

The Upper Cretaceous formations is believed to be the main source rock with several studies showed them to be excellent quality oil-prone source rocks from deep water marine shales or marine mixed with terrigenous material.

For further technical information on Trinidad refer:http://www.energy.gov.tt/content/Centenery_Pub_Krishna_Persad.pdf

Trinidad and Tobago Energy Map:


Trinidad - Waterflood Program

What is waterflooding?

Water flooding is a method of secondary recovery in which water is injected into the reservoir formation to displace residual oil. The water from injection wells physically sweeps the displaced oil to adjacent production wells.

To understand the dynamics of water flooding it is important to understand the basic dynamics of an Oil reservoir. Oil reservoirs are generally “Gas Driven”; as a reservoir starts producing, the pressure is reduced, allowing gas in the reservoir to expand which further drives the flow. Imagine a bottle of fizzy water, when the lid is opened, the pressure is reduced, and you can see the trapped gas expanding as bubbles, if the pressure is great enough the water will flow from the bottle along with some of the gas/fiz.

Like the bottle of fizzy water, the expanding gas in an oil reservoir is free to flow out of the well, reducing the pressure (and flow) until equilibrium is met. Due to the declining pressure the drive experienced from the gas is usually only enough to recover up to a 5th of the total oil in place. If it was possible to maintain the pressure it would be possible to flow more oil from the reservoir.

Injecting water to maintain pressure works for a number of reasons. Firstly, water and oil do not mix which means that injected water will displace the oil present. Secondly and as evident from our discussion, adding water will maintain the pressure which will maintain the flow.

Illustration of a Typical Water Flood
Source: adamrlee.org


Texas - Development / Production

In September 2009, the Company acquired a 25% interest in the Smith #1 well and a 20% interest in subsequent wells in the North Chapman Ranch Project in Nueces County, Texas. The project area comprises 1,680 acres in one of the most prolific oil and gas producing trends in Texas. Following the commercial discovery on the Smith #1 well in December 2009, a multi well program was initiated that has seen four appraisal / development wells drilled across the license area 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 also holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas. The prospect's project area encompasses approximately 1,570 acres encompassing a recent oil discovery. Independently assessed gross recoverable reserves in place of 3.3 mmbbls of oil.

The Company is currently looking at the potential disposal of its Texas and has received a conditional offer subject to due diligence.


Colombia - Exploration / Appraisal

During 2012 Range entered into an economic participation agreement with Petro Caribbean Resources Limited, a private oil and gas company focussed on the development of petroleum and natural gas reserves in Colombia (“PCR” the official operator of the blocks), that will see the Company earn a 65% economic interest (option to move to 75%) in Blocks PUT-6 and PUT-7 in return for funding (on a cost recoverable basis) the commitments under the Production Sharing Agreement (“PSA”) with the National Hydrocarbons Agency of Colombia (“ANH”). This includes a 350km2 3D seismic program across the two blocks followed by one exploration well in each block.

In addition to the completion of the PSA work commitments of the two blocks, the joint venture partners will also (subject to ANH regulatory approval) undertake an extensive review (and possible twin / re-entry) of a Putumayo well that was drilled and subsequently suspended in the mid 1980’s on Block PUT-7. The well had a historically reported estimate of 7.9 million barrels of recoverable oil. However, in light of the low oil price (approximately $12-15 per barrel) and infrastructure constraints at the time, the well was suspended and has not been re-assessed since. The Company is currently completing an independent technical review of this well.

The reservoir modelling and underlying data for this estimate have not yet been reviewed in sufficient detail by Range or its consultants to provide a reserve estimate compliant with the SPE reporting guidelines.

Range's License Blocks

Colombia License Blocks
PUT- 6

PUT- 7


Puntland - Exploration

Range holds a 20% working interest in two Production Sharing Agreements (PSAs) for the Nugaal and Dharoor Blocks. These concessions encompass two highly prospective hydrocarbon basins covering an area of approximately 40,000km2.

Company’s Acreage in Puntland

In January 2012, Range together with its joint venture partners successfully spud the historic Shabeel 1 well in the Dharoor Valley, the first in a two well exploration program and the first exploration well in Puntland in over 25 years, with the Shabeel North well having been spud soon after the completion of the Shabeel 1 well.

Despite the non-commercial nature of the two wells the joint venture partners were extremely encourage that all of the critical elements exist for oil accumulations, namely a working petroleum system, good quality reservoirs and thick seal rocks, and have entered into the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts which carry a commitment to drill one well in each block within an additional 3 year period.

It is the intention that further seismic will also be acquired in the Dharoor Valley to delineate new structural prospects for the upcoming drilling campaign plus to hold discussions with the Puntland Government to gain access regarding drill ready prospects in the Nugaal Valley block. Dharoor and Nugaal Block Summaries*

Dharoor and Nugaal Block Summaries

*Source - Horn Petroleum Corp.

Please refer to independent NI 51-101 resource evaluation report effective June 30, 2011, posted on September 8, 2011 on www.sedar.com for full disclosure and resource definitions. Report is entitled "Evaluation of the Interests of Denovo Capital Corp. in Two Production Sharing Contracts in Dharoor Valley and Nugaal Valley Blocks, Somalia"

Geology (Source Horn Petroleum: www.hornpetroleum.com)

The Dharoor Valley Block is located in the Darin Basin which, prior to rifting, was along the same trend as the Masila Basin in Yemen when the Gondwana super-contingent began to split-up during the Jurassic time. The Nugaal Valley Block is located in the Nogal Basin which was also along trend of the Marib-Shabwa Basin in the Yemen side during the same time period. Many oil discoveries have been made in the Masila and Marib-Shabwa Basins in Yemen and these two basins are the main contributors to the current daily production rates of over 400,000 barrels of oil. These two blocks cover an area of over 9.7 million acres. With only 3 wells drilled in the two block areas, this is one of the least explored areas in Africa. Wells that were drilled on the identified structures encountered numerous oil shows; however, the wells Nogal-1 and Kalis-1 did not reach the main exploration target. In the early 1990's civil unrest in the country precipitated the pullout of the oil companies operating in the country at the time including Amoco, Chevron, Agip and Conoco.

Background information on Puntland

Somalia is situated in the most northeastern part of Africa; known as ‘the Horn of Africa’. The Democratic State of Puntland is located in the northeastern sector of Somalia and covers approximately 212,000km2. The area is believed to have all the pre-requisites to become a major oil producing province whilst its other mineral potential is largely unexplored.

Somalia, and in particular Puntland, remain one of the last under-explored countries that have high potential for vast reserves of hydrocarbons. During the late 1980’s the State was divided into a number of concessions for oil exploration. Significant exploration was undertaken but this effectively ceased due to political instability that arose in 1991. The mineral potential has been investigated during the 2006 by Range’s team of geologists based in Bosasso on the northern coast .The geological work has identified the potential of large silver rich lead zinc deposits analgous to the Jabali deposit in southern Yemen.

Puntland is believed to have all the geological requirements to become a commercial oil-producing region. Somalia, and in particular Puntland, remains one of the last under-explored countries that has a high potential for considerable reserves of hydrocarbons which can be subsequently developed for the benefit of both the people of Puntland and Range Shareholders. The Company believes that through the generation of work and government royalties from hydrocarbon exploration and development numerous social and economic benefits will result.


Georgia - Exploration


In July 2009, the Company entered into a Heads of Agreement with the private UK Company Strait Oil and Gas Ltd. to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia which was subsequently reduced to 40% following Range farming out 10% of its interest in 2011.

Range's License Blocks

During the second half of 2011, the Company, along with its joint venture partners, successfully spudded the first exploration well – Mukhiani 1, on the Vani 3 Prospect on Block VIa with a planned target depth of circa 3,500m. The Mukhiani Well reached a total depth of circa 1,550m, and following the analysis of the re-interpretation of the seismic supported by the Mukhiani-1 Vertical Seismic Profiling (“VSP”), results indicated that the well encountered previously unrecognised faults that led to possible basement being encountered far earlier than predicted.

Georgia License Blocks

CBM Development

The Company engaged new independent technical consultants, NTD Energy during the year, to provide overall technical support with respect to current operations. During the year, the Company along with its joint venture partners and NTD performed a strategic review of the current operations in Georgia and has embarked on a revised strategy which will focus on low-cost, shallow appraisal drilling of historically defined Contingent Resources around the Tkibuli-Shaori (“Tkibuli”) CBM field, which straddles the central sections of the Company’s two blocks.

Tkibuli has been estimated by Advanced Resources International to contain Contingent Resources (mean) of approximately 0.4 trillion cubic feet (“tcf”) of coal-bed methane (“CBM”) gas (Range’s attributable 40% interest is 0.16 tcf). Sand horizons have also been identified around the coal beds, which could add additional, conventional hydrocarbon resources to those estimated for CBM at Tkibuli alone.

Range and its partners also executed a conditional agreement with the Georgian Industrial Group (“GIG”) regarding the joint development of the project and providing a commercial offtake for 100% of the gas produced.


Guatemala - Exploration / Appraisal

Range has taken a strategic stake (19.9%) in Citation Resources Limited (ASX: CTR) which holds a 70% 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 10% interest in LAR.

The Projects consist of Block 1-2005 and Block 6-93 in the South Peten Basin in Guatemala (Guatemalan Blocks). The Guatemalan Blocks have TSX certified 51-101 certified reserves identifying proved plus probable (P1 and P2) reserve estimates of 2.3 MMBBL, with significant exploration upside potential. In addition the blocks have had significant previous exploration with the two well appraisal drilling program currently underway with the Atzam#4 well. The Projects and operational infrastructure are owned by Latin American Resources Ltd (LAR) together with its minority joint venture partners.

Established Reserve Base with Significant Exploration Upside Potential

LAR has 2 Guatemalan Blocks (1-2005 and 6-93) with combined 400,000 exploration acres within the highly prospective South Peten Basin of Guatemala. LAR is the operating holding company with a 80-100% interest in both blocks with the ultimate working interest determined by whether previous project operators take up their follow through rights as wells are drilled.

Well-Defined, Staged Growth Plan

The Projects have had significant previous exploration and development with 2D seismic and prior wells. Previous operators prioritised their focus on other oil and gas opportunities in Latin America, leaving LAR to acquire the blocks and execute the previously developed production and exploration programs.

The first appraisal well, Atzam #4, spudded in late June and has been successfully drilled to its target depth of 4500ft. The intention is for the second well, Atzam #5, to spud following completion of a successful flow testing program on the Atzam #4 well.

The Atzam #4 well is being drilled on the same structure that the Atzam #2 well tested at an initial flow rate of up to 1,200 BOPD of 34°API oil at a depth of 3,850 ft. The Guatemalan Blocks on which Atzam #4 is located have TSX certified 51-101 certified reserves identifying proved plus probable (P1 and P2) reserve estimates of 2.3 MMBBL.

Underpinning development in Guatemala are excellent fiscal terms with net backs per barrel of approximately US$45 (assuming US$80 oil price) after all costs (including taxes and royalties).

Existing Infrastructure and Capital Equipment in Place

To date approximately US$18m of capital has been invested into exploration and development of the Projects and acquisition of operational infrastructure by the previous operator and LAR. In addition, LAR (the vehicle which the Company has the option to acquire a 70% interest in) owns the following infrastructure which will be used as part of its planned development program for the Guatemalan Blocks:

    - Tubulars and other equipment in place to drill and complete 3 development wells
    - Treatment and storage facility built with 3,000 barrel capacity
    - Fully functional airstrip at Tortugas camp
    - Full working camp with 50 person capacity
    - Fully reconditioned 500 hp Harold Lee trailer mounted drilling rig
    - Refurbished Wilson 38 Service Rig

Block 1-2005: Atzam

The producing formation is the C-17. The Atzam #2 well previously drilled had initial flow rates of 1,200 BOPD of 36°API oil at 4,000ft, before experiencing well integrity issues which led to new well designs for the proposed Atzam #4 well (successfully drilling at a current depth of 1,200ft) and the Atzam #5 well.

Recent mapping of the Atzam structure using existing data from previous operators (Basic, Hispanoil) and MEM, and incorporating reservoir data acquired since production initiated in December 2007, indicate the possibility of a structure of comparable size and orientation to that of the existing Rubelsanto field in Guatemala. To date, the Rubelsanto field has produced +30 MMBBL of oil since its discovery in 1976. The field currently continues to produce 1,000 BOPD, 34 years after its discovery.

Block 1-2005: Tortugas

In addition to the Atzam structures on Block 1-2005, the Tortugas structure is a suspended oil field. Originally 17 wells on Tortugas salt dome were drilled by Monsanto looking for sulphur. One well (T9B) had an oil blowout at approx 2,200 ft and most others had oil shows in multiples zones.

Two oil wells flowed oil at initial rates over 1,500 BOPD, both wells suspended in the mid 80's. LAR plans include the re-entry and re-completion of the work-over on two Tortugas wells, 63-4 and 63-5, and facility upgrades.

Block 63-9: Las Casas

LAR planned to re-enter and work-over of the Las Casas 3X. The lower zone previously tested 150 BOPD 40º API oil and approx 100 BBL of water per day. Target perforation and testing of the higher zone with plan to co-mingle with lower zone and put on production in 1H 2013. The structure is on trend and adjacent to Pacific Rubiales block.

Guatemala Overview

Guatemala is a politically stable country with a developing economy. Guatemala has enjoyed political stability since 1983 when the first free election for National Assembly (Congress) took place and a new constitution, currently in force was approved. In 1985 the first civil president was elected. Since that date, there have been six civilian presidents elected in free and democratic elections. Guatemala has enjoyed more than 30 years of stability, in the social, economic, and political sectors

Guatemala has a favourable business climate for oil companies. There is a base royalty of 20% on 30°API oil; royalty increases/decreases by 1% for each increase/decrease in API degree. In addition the corporate tax rate is 31% and there is cost recovery of 100% of capital expenditures.

Current production in Guatemala is approximately 14,000 bopd with similar hydrocarbon geology to Mexico. The trends of major Mexican discoveries (such as the Nazareth Field) have been found to extend into Guatemala. The major producing basins, North Peten and South Peten, account for 90% of domestic production.

The first oil discovered in Guatemala was in 1971 at Tortugas in LAR’s Block 1-2005.


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 Peter Landau - Executive Director
Mr Landau is a former corporate lawyer and corporate advisor and has over 15 years’ experience in providing general corporate, capital raising, transaction and strategic advice to numerous ASX and AIM listed and unlisted companies. Mr Landau has project managed a significant number of oil and gas and mining and exploration and development transactions around the world including capital raisings, M & A, joint ventures and finance structures. Mr Landau is Executive Director of Range Resources Limited, Black Mountain Resources Limited, Continental Coal Limited and NKWE Platinum Limited and Non-Executive Chairman of Paynes Find Gold Limited.

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 Anthony Eastman - Executive Director & Joint Company Secretary
Mr Eastman is a Chartered Accountant with a number of years’ experience in financial management and corporate advisory services. He has previously worked with Ernst & Young and CalEnergy Gas Ltd, a subsidiary of the Berkshire Hathaway Group of Companies in both Australia and the United Kingdom.

Ms Jane Flegg - Joint Company Secretary
Ms Flegg has over 20 years of experience in finance and administration. During the past decade she has been a Corporate Advisor to several ASX and AIM listed mining and oil and gas exploration companies, specialising in corporate and financial management, compliance and company secretarial advice. Ms Flegg is currently Joint Company Secretary of Range Resources Limited and Continental Coal Limited, Joint Company Secretary & CFO of Kaboko Mining Limited and Company Secretary & CFO of Paynes Find Gold Limited.

Mark Patterson - Technical & Operations Advisor
Highly experienced executive with over 25 years experience in the oil and gas industry.

Alan Hitchins - Executive Consultant
Extensive experience in the acquisition and funding of resource projecs in teh Caucasus region.

Walter Cukavac – Trinidad Chief Operations Officer
Geologist and geophysicist with over 15 years experience in the growth and development of on-shore projects in Trinidad.

  • Additional Information
    ASX / AIM
    Share Price
    4,521.20 m
    Avg. Vol
    Mkt Cap
    £62.84 m
  • Latest Stocktube

    Range Resources' new management team is 'new beginning' for company

    View full size
  • Contact Information

    Range Resources Ltd
    ABN 88 002 522 009
    PO Box 684    
    West Perth WA 6872

    Australia Office
    Ground Floor 1 Havelock Street
    WEST PERTH WA 6005
    PO Box 684
    West Perth WA 6872 
    T: +61 (0) 8 9488 5220
    F: +61 (0) 8 9324 2400

    London Office
    Suite 1A, Prince's House
    38 Jermyn Street
    London SW1Y 6DN
    T: +44 (0) 20 7025 7040
    F: +44 (0) 20 7287 8028

    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

    UK Joint Brokers
    Old Park Lane Capital (Joint Broker)
    49 Berkeley Square
    London W1S 4AZ
    Tel: +44 207 493 8188
    Fax: +44 207 493 3576

    GMP Securities Europe LLP (Joint Broker)
    Stratton House
    5 Stratton Street
    London W1J 8LA
    Tel: +44 207 647 2800
    Fax: +44 207 647 2801

    Fox-Davies Capital Ltd (Joint Broker)
    1 Tudor Street
    London EC4Y 0AH
    Tel: +44 20 3463 5000
    Fax: +44 20 3463 5001

    RFC Ambrian Limited
    Level 15
    QV1 Building
    250 St Georges Terrace
    PERTH WA 6000
    Tel:  +61 8 9480 2500
    Fax: +61 8 9480 2511

  • ProactiveInvestors on Facebook