Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) exploration and production company, with a diverse portfolio of oil and gas assets and a strategic focus on Trinidad, where the Company holds 100% interest in three onshore production licenses. Range has further interests in Guatemala; Puntland, Somalia; Colombia; the Republic of Georgia; and Texas, USA.
Range holds a 100% interest in three onshore production licenses and fully operational drilling subsidiary. Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2 MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO of unrisked prospective resources. Range also has a farm in with Niko Resources giving it exposure to circa 280,000 acres of prospective onshore and offshore acreage.
Range has taken a strategic stake (19.9%) in Citation Resources Limited (ASX: CTR) which holds a 60% 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 20% interest in LAR.
The Republic of Georgia
Range holds a 45% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license areas given the recent review performed across the licenses.
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 is earning a 65% (option to move to 75%) interest in highly prospective licences in the Putumayo Basin in Southern Colombia. Farm‐in interest from a number of parties has been received and preparations for the seismic programme will be initiated subject to further financing becoming available.
Table of Reserves and Resources
Detailed below are the estimated reserves for the Range project portfolio.
* The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have an interest in is as reported by CTR. CTR has not reported 1P and 3P estimates, but Range is seeking such information from CTR for future reporting purposes.