Range Resources Share Discussion Threads

[intercurrent] 04/5/2010 07:41

If get same figure out of next well, that not 50% of one, then on next well 75% of one; all of appears make interesting healthy investment.

[notarealdr] 04/5/2010 07:37

Sagem, you're right it is a lot to read!

[sagem] 04/5/2010 07:31

Any thoughts on this RNS announcement...its a lot to read and looks good although I am no expert

[linslader] 04/5/2010 07:29

SAGEM, no need to cut and paste all the RNS , it's available for all to read.

[hadronuk] 04/5/2010 07:12

Previous pronouncements by PWhite73:-

PWhite73 - 16 Mar'10 - 08:02 - 7943 of 9743
"AND DON'T FORGET THE WELL IS TO SHUT SHORTLY AND I PREDICT IT WELL NEVER OPEN AGAIN."

PWhite73 - 22 Mar'10 - 22:54 - 8194 of 9745
"I'm telling you guys there is nothing in Smith #1."

[sagem] 04/5/2010 07:11

HERE ARE THE RESULTS ANNOUNCED ON THE UK MARKET




ABN 88 002 522 009
Level 3, 1 Havelock Street
West Perth, 6005
Western Australia
Ph: [phone]
Fx: [phone]

[e-mail]

30 April 2010

QUARTERLY REPORT FOR PERIOD ENDING 31 MARCH 2010

The Board is pleased to provide the following commentary to be read in
conjunction with the Appendix 5B which summarised below and available at
www.asx.com.au

Puntland

Following the conclusion of negotiations between Range Resources Limited's ("
Range" or "the Company") Joint Venture Partner, Africa Oil Corp. ("Africa Oil")
and the Government of the Puntland State of Somalia at the end of December
2009, and the resultant amended Production Sharing Agreements, Africa Oil has
worked towards finalising the identification of drillable targets along with
logistical investigations as it moves towards drilling of the first exploration
well in Puntland for over 18 years.

Subsequent to quarter end, Africa Oil announced an update (7 April 2010) on the
Joint Venture's interests onshore Puntland:

Dharoor Block: Africa Oil has completed a comprehensive interpretation of newly
acquired 2D seismic data over the Dharoor Block. Several large prospects have
been identified. Africa Oil and its joint venture partners have agreed to
initially drill one prospect in Dharoor. The well is expected to commence
drilling before the end of 2010.

Nugaal Block: Africa Oil has completed a re-interpretation of the existing 2D
seismic data over the Nugaal Block. Several large prospects have been
identified. Africa Oil and its joint venture partners are in discussion
regarding drilling plans for 2010-2011.

Following the successful completion of negotiations regarding the onshore
licences and previous technical presentations to the Government on the proposed
offshore areas of interest, Range will look to continue negotiations regarding
the formalisation of a new PSA with respect to the exploration and development
of off shore Puntland during 2010.

Georgia

During the quarter, the seismic acquisition program across the License Blocks
VIa and VIb in the Republic of Georgia was completed and signed off by the
Company's Georgian Partner, Strait Oil and Gas Ltd ("Strait") with the Seismic
Contractors the Geophysical Institute of Israel . Notification has been
received from the government stating that:

`the seismic acquisition program was carried out in accordance with the
requirements of the work program of the PSA and has fulfilled the obligations
undertaken by the company'.

This has resulted in the satisfaction of Phase II of the PSA, which was
required to be completed before May 2010.

Strait had engaged the Seismic Contractors to conduct a minimum of 350 km 2D
Seismic survey over the license area in accordance with the Phase II provisions
of the PSA governed by a contract signed in September 2009.

The seismic programme was acquired using the vibroseis technique and in total
410 km of 2D seismic data were recorded. From the onset the character of the
data observed in the QC brute stacks was good to very good and remained so
throughout the programme.

Following completion of the seismic acquisition, the seismic data is being
processed and interpreted by RPS Energy with the aim of identifying drill
targets by late Q2 2010 / early Q3 2010. Assuming the successful identification
of drillable targets, already indicated in three areas of the Blocks, the
Company will elect to either:

* progress the targets at the current 50:50 equity basis with its partner
Strait Oil and Gas (UK) Limited; or

* look to attract potential farm-in partners to joint fund a drilling
program.

Figure 1 - Seismic Vehicle

Texas - from explorer to producer

Less than three months after confirmation of a commercial discovery in the
North Chapman Ranch field, first production and sales were initiated from the
Smith #1 discovery well in Nueces County, Texas on February 19, 2010.

Initial production has been from the middle of three zones which has been
flowing naturally (without hydraulic fracture simulation). It is anticipated
that the well will be producing from this zone for several additional weeks
before being shut in for a recompletion involving addition of the two other
zones and fraccing of all three. All three zones will then be comingled and
produced. Hydraulically fracturing the reservoirs is expected to create
additional permeability paths from the reservoir to the well bore that should
sharply increase initial rates from all zones, which in turn will accelerate
payout while improving reserve recovery and overall economics.

Gross production for the quarter from the Smith #1 well has been approximately
73k MMcf of natural gas and 5,350 bbls of oil.

Figure 1 - processing facilities at the Smith #1 well site

Subsequent to quarter end

Following on from the success at the Smith #1 well, the joint venture has
embarked on a multi-well program with site preparations now completed for the
upcoming drilling of the Russell-Bevly Unit #1 well.

The well will be the Company's second to date in the North Chapman Ranch Field,
and with a projected total depth of 14,000 ft. (4,200m), the Russell Bevly #1
well will be an appraisal well located approximately 1,900 ft. (570m)
north-northwest of the Smith #1.

The well is expected to add reserves and production while helping to delineate
the overall size of the reservoir. Range holds a 20% working interest in the
well, which has an estimated dry hole cost of $US3.8m (Range share US$760,000).
Range will provide regular updates on the progress on the drilling of the
Russell-Bevly.

Following completion of site preparation work this week, spudding of the
Russell Bevly #1 well is expected to occur in the next several days.

Corporate

The Company's General Meeting was held on 19 March 2010 with all resolutions
being passed.

During the quarter the Company successfully completed a rights issue to
shareholders plus a placement to sophisticated and institutional investors that
raised approximately $14m.

Consolidated Cashflow Summary (Summary of Appendix 5B)

Current Qtr Year to date
(9 months)

Cashflows related to operating activities

Payments for exploration (6,685) (12,884)

Payments for administration (1,376) (3,068)

Interest received 5 10

Interest payable - (75)

(8,056) (16,017)

Cashflows related to investing activities

Payments for other fixed assets - (6)

Loans to other entities (213) (293)

(213) (299)

Cashflows related to financing activities

Proceeds from issue of shares / options etc 14,065 20,575

Proceeds from borrowings (1,100) 500

Costs associated with issue of shares (650) (955)

12,315 20,120

Net increase / (decrease) in cash held 4,046 3,804

Cash at beginning of quarter / year to date 173 415

Cash at end of quarter / year to date 4,219 4,219

As at 31 March 2010 the Company had on issue 853,583,049 million ordinary
shares and a total of 568,372,541 million options (various exercise prices and
exercise dates - namely 421,452,742, $0.05, 31 December 2011). A full
formatted version of the Company's March 2010 quarterly activities and cash
flow report is available on the Company's website atwww.rangeresources.com.au
."

By order of the Board


Peter Landau

Executive Director

Contacts

Range Resources

Peter Landau
Tel: [phone]
Em: [e-mail]

Australia London

PPR Conduit PR
David Tasker Jonathan Charles
Tel: [phone] Tel: + 44 (0) 20 7429 6666
Em: [e-mail] Em: [e-mail]

RFC Corporate Finance (Nominated Advisor) Old Park Lane Capital (Broker)
Stuart Laing Michael Parnes
Tel: [phone] Tel: [phone]

Range Background

Range Resources is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration
company with oil & gas interests in the frontier state of Puntland, Somalia,
the Republic of Georgia and Texas, USA.
* In Puntland, Range holds a 20% working interest in two licences
encompassing the highly prospective Dharoor and Nugaal valleys with plans
to drill two wells (TSXV:AOI) - 65% Operator, in 2010.
* In the Republic of Georgia, Range holds a 50% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. Range and its partner has
successfully completed a 410km seismic acquisition program - end of March
2010.
* Range holds a 25% interest in 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. Drilling of
the first well has resulted in a commercial discovery with production
having commenced February 2010, with a second well expected to spud May
2010.

The references to gas flow rates with regards to Texas have been provided by
the operator of the well, Crest Resources Inc., reviewed by Mark Patterson a
petroleum geologist director and partner of Texas Energy Advisers LLC (who act
as consultants to Range), who has over 25 years of relevant experience in the
oil & gas sector, and found to be consistent with the SPE Guidelines.


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Why are you asking me this question?

[sagem] 04/5/2010 06:14

Well thats not so bad only down 4.5% in OZ with no results report so far.
this is the stock market and an OILY its not easy making money.

Nothing new on the OZ bulletin board ...they may be loosing interest ??

[notarealdr] 04/5/2010 05:51

ff, " I see RRS fell in OZ overnight as the details of the report are fully understood." Obviously not understood by yourself as you make a sweeping statement just to hear your own echo.
Look out, I think PW is talking to himself.......again.

[freefall3] 04/5/2010 05:43

PWhite73

Thank you again for your well researched comments I wish other posts were as realistic as you. I see RRS fell in OZ overnight as the details of the report are fully understood. Surely this has only one way to go now today.

[pwhite73] 04/5/2010 01:50

And so is the shareprice in Australia at the moment.

Over the next few days I'm expecting a correction of up to 30% for the following reasons:-

1. Gas production figures for the first quarter are corrected downwards.

2. A realisation by investors that Smith #1 is not paying its way.

3. The implications of the new 40% tax on Australian resource companies causes concern.

4. Investors scrutinise the figures again and raise concerns about the $A10 million expenditure for the first quarter of the year,

5. Concerns are raised about how little cash is left to fund Texas, Puntland and Georgia.

[three days] 04/5/2010 01:05

Average daily gas production is 1.85 mln cubic ft - seems to be declining.

[the gizmo] 04/5/2010 00:22

I reckon no report until the $10m is raised. Not long to go now - end of June.

[mingle3] 03/5/2010 22:46

Im not convinced the report will be released until the second well has been drilled now and the rns that PL indicated would be here early this week was in fact the quarterlies? surely they would have just announced the reserve report with the quarterlies?

[bearhug2] 03/5/2010 22:34

Any takers for the smith1 update tonight..God i may even run naked in the garden with a flashlight on my nether regios if it happens and is good lol

[fairdeal2008] 03/5/2010 22:29

This is a good read!



and this is useful:

[notarealdr] 03/5/2010 21:21

Spangle, Smith is at 25%.

Edit: Apologies for not reading thoroughly, I just noticed Cash had already answered this.

[spangle93] 03/5/2010 21:16

C&C thanks for the clarification, I'd assumed our equity was backed down to 20% on Smith #1 too, with consequent refund of cost.

[notarealdr] 03/5/2010 21:15

Given the parlous performance on Monday of resource stocks on the ASX following comments by the oz PM re a Resources Rent tax, we should find the share price gain of Range very heartening.

Whether the operator decides to frac Smith 1 and what method may be used is really immaterial given all indicators are that the extent of the resource is considerable and this is likely to be substantiated in around a week's time with an independent reserve report. I am expecting the share price to be at least double the current price based on the report and probably more by the end of this month. I might even buy some more.

Expect an interesting month for Range then, with AOI announcements due out on Puntland also this month.

[pottingon] 03/5/2010 21:10

So can anyone tell me when the reserves report is now due ?
OR was that it. A production update as I was expecting.
Which was along the lines we expected.
I expect that many here may B disappointed ?
Except perhaps 4 the Health N safety officer Mr White
OR is he ?
O Well
Cash N credit The reduction in % is the result of the original farmie
Wanting back in RRL took over their % because they run out of cash
I suspect RRL where possibly peeved but a contract is just that.
Where's that spud
Potts.
Ps Saggy Are U not a little greeldy ?

[sagem] 03/5/2010 20:56

Any guesses what price we open tomorrow I say 0.0410p and finish 0.045p if we have NO news

[nicksig] 03/5/2010 19:08

Looks like Texas will provide a steady cashflow, especially if the other zones produce and fraccing increases flowrates. Would be useful to have clarity over the amount of gas produced and what it will be worth. Will also be interesting to see what the plans are for Puntland offshore

[bearhug2] 03/5/2010 18:21

Really does any of this matter..most are here in for the med/long term..Puntland is the big one with nice snacks thrown in before then..Be intersting to see what happens in oz tonight. If the rise there is to catch up with us then they have..if it rises tonight then i would say we will open up tomorrow deffo