Executive Summary
Range Resources (LON:RRL) is a gas and oil exploration, development and productioncompany that is listed on the AIM of the London Stock Exchange and on the Stock Exchanges in Australia. Its principal activities are directed towards finding and delineating hydrocarbons in Puntland, Somalia; the Republic of Georgia, onshore Texas, USA and Trinidad.
Range’s main focus is in Puntland, Somalia where it 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 81,000sq.km or more than 20 million acres.
Company History
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.
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 is seeing numerous wells planning to be drilled on the project. Independently assessed gross recoverable reserves in place of 240 Bcf Natural Gas and 36 Mmbls of Oil / NGL’s.
On 12 July 2010, Range signed a HoA to acquire a 10% ownership interest in holding companies whose wholly owned subsidiaries hold three production licences in producing onshore oilfields in Trinidad and significant local onshore drilling operations. Current production is 700 bopd (100% basis) with a planned work program expected to lift production to more than 4,000 bopd within 36 months on known reserves.
Current Events
Business Model
Production/Operations
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. Currently, Range is…
