Company Profile

Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS) and AIM-listed (AIM: RRL) exploration and production Company, with its principal activities 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.  The Company recently announced that the operator, Horn Petroleum Ltd, had successfully completed site preparation and on 17th January 2012 it was announced that Shabeel  1 Well spudded, they are the first oil exploration wells to be drilled in over 20 years in the country. Target depth for the first of two wells to be drilled in the area, is 3,800m. The second well, Shabeel North-1, is currently undergoing preparations with the setting of the 30 inch surface casing and the drilling of a 50 meter pilot hole. The back to back exploration wells are both targeting ~ 1 billion barrels of oil in place.

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 2012 operations have moved to the second drill location; Namakhvani well which is the Kursebi 6 Prospect. The decision to focus the next phase of exploration drilling on the Kursebi 6 prospect was made having identifying it as the most robust prospect with more clearly defined structure and indications of a significantly thicker Jurassic section thus increasing the likelihood of encountering more reservoir and mature source rocks.

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.

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 5.4 mmbbls of oil.
In April 2011 Range reached an agreement for 100 percent ownership of production licences for three blocks in producing onshore oilfields in Trinidad and a major local drilling company. The agreement was finalised in June 2011.
Current gross production is 600 - 700 bopd with current work program expected to lift production to approx. 4,000 bopd within 18 months on known 1P-2P reserves.

In January 2012 Range formed a partnership with with Leni Gas & Oil plc to jointly develop their interests in the Eastern Fields Area onshore southern Trinidad, including the Goudron and Beach Marcelle fields.

With the planned onshore exploration drilling program in Puntland and Georgia coupled with the exploration and development programs in Texas and Trinidad, Range is well on its way to establish itself as a diversified international oil and gas exploration, development and production company with significant upside potential.