Range Resources Share Discussion Threads

[fairdeal2008] 11/5/2010 00:48

Actually I was thinking 18p plus, and that doesnt include Georgia or Puntland. So 25p??

imho

[iainmac24] 11/5/2010 00:47

Fantastic news cant wait to see what the mms mark this upto at the open tommrrow! 215 bcf of gas and 15.9 mmbbl of oil!!! This is only the beggining of the RRL story by the time georgia and Puntland are in play this could really be worth a hell of a lot more! Well done to all it was worth the wait.:-)

[chuffin] 11/5/2010 00:47

Well I know often we see a sell-off after news. But look whats happened to RKH these past few days, why not 10p?

[fairdeal2008] 11/5/2010 00:46

100% - or 10p, are you joking chuffin?

[explorer88] 11/5/2010 00:45

:-)

Well done everyone !

[chuffin] 11/5/2010 00:45

The market rarely reflects the full value in the SP, but surely we're looking at a 100% rise tomorrow....just speculating I know.

[fairdeal2008] 11/5/2010 00:43

$226million DCF valuation of Range interest - that is 18p per share..

imho

[phil4711] 11/5/2010 00:43

What's that mean in english?

[bearhug2] 11/5/2010 00:41

IM stripping right now..the dog has run out the door

[mingle3] 11/5/2010 00:40

thats worth about 15p alone!!

[mr_dross] 11/5/2010 00:39

congrats to everyone

[bigneil9] 11/5/2010 00:38

11 May 2010
Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000
By E‐lodgement
Independent Reserves Report Confirms Significant Find at North
Chapman Ranch Field
Highlights:
• Independent Petroleum Engineers, Lonquist & Co LLC, have completed an independent
reserves and valuation report on the North Chapman Ranch Field in Nueces County, Texas,
USA
• Reserves report estimates total gross commercially recoverable Reserves (1P, 2P and 3P)
of the North Chapman Ranch Field:
• 215 Bcf of natural gas (attributable to Range – 45 Bcf)
• 15.9 mmbbl of oil (attributable to Range – 3.3 mmbbls)
• 15.5 mmbbl of natural gas liquids (attributable to Range – 3.2 mmbbls)
• The planned multi‐well program is anticipated to move Possible (P3) Reserves into the
Probable (P2) and Proved (P1) Reserve categories
• Independent PW10 DCF valuation of Range's net interest of US$226m
International oil and gas company Range Resources Limited (ASX: RRS) ("Range" or "the Company")
continues the development of its North Chapman Ranch Field in Texas, USA, with independent
certification by Independent Petroleum Engineers, Lonquist & Co LLC ("Lonquist") 1 confirming the
field contains significant oil and gas reserves.
Range holds a 25% interest in the North Chapman Ranch project's first well – Smith #1 – and 20% in
all subsequent wells assuming the exercise of certain clawback provisions by joint venture partners
based on the current success of the Smith #1 well. The project area encompasses approximately
1 Lonquist & Co LLC are Petroleum Consultants based in the United States with offices in Houston and Austin. Lonquist provides specific
engineering services to the oil and gas exploration and production industry, and consults on all aspects of petroleum geology and
engineering for both domestic and international projects and companies. Lonquist & Co LLC have consented to the reference to them in
this announcement and to the estimates of oil, natural gas and natural gas liquids and valuations provided herein. These estimates were
formulated in accordance with the guidelines of the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be found on
the SPE website at www.spe.org as well as in the Lonquist report as attached and on the Range website.
1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of
the first well resulted in a commercial discovery with first production and sales occurring in February
2010.
Range, through its technical consultants Texas Energy Advisors LLC, engaged Lonquist to compile
geological, geophysical and engineering data and provide an Independent Reserves Report and
Valuation for the project.
Lonquist's independent reserves report has estimated the following gross commercially recoverable
reserves from the North Chapman Ranch Field:
Category
Natural Gas
(Bcf)
Oil
(mmbbls)
Natural Gas
Liquids
(mmbbls)
Proved (P1) 33.3 2.5 2.4
Probable (P2) 31.8 2.4 2.3
Possible (P3) 150.4 11.1 10.8
Total Reserves 215.5 16.0 15.5
Set out below is Range's attributable interest in the gross recoverable reserves on 25% of the Smith
#1 well and on 20% of the remaining wells assuming the exercise of certain clawback provisions by
joint venture partners occurs following the success of the Smith #1 well:
Category
Natural Gas
(Bcf)
Oil
(mmbbls)
Natural Gas
Liquids
(mmbbls)
Proved (P1) 8.3 0.6 0.6
Probable (P2) 6.4 0.5 0.5
Possible (P3) 30.1 2.2 2.1
Total Reserves 44.8 3.3 3.2
The planned multi‐well program is anticipated to move Possible (P3) Reserves into the Probable (P2)
and Proved (P1) Reserve categories. The second well on the North Chapman Ranch Project, the
Russell‐Bevly Unit #1 is expected to spud in the coming days.
Based on the reserve numbers cited above, Lonquist's estimated net undiscounted cash flow value
to Range, along with PW10 discounted c

[mingle3] 11/5/2010 00:38

215 BCF 15MBL

[bearhug2] 11/5/2010 00:37

dont know cant read it lolol

[phil4711] 11/5/2010 00:37

Wonder how significant,significant is.

[bearhug2] 11/5/2010 00:35

this will blow tomorrow 8p open???

[chuffin] 11/5/2010 00:35

Get yer Catherine wheel ready, I'll warm up the reliant robin and get some matches from the corner shop....

[poisson rouge] 11/5/2010 00:34

"Confirmation of significant texas reserves"

[bearhug2] 11/5/2010 00:34

significant resource yehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

[bearhug2] 11/5/2010 00:33

cant bloody access it yet grrrrrrrrrrr

[chuffin] 11/5/2010 00:32

ITS OUT!

"Confirmation of Significant Texas Reserves"....can't read it yet.