"Cash at 30 September 2016: of US$20.4 million," "The Company...

"Cash at 30 September 2016: of US$20.4 million,"

"The Company provides its quarterly activities report for the period ended 30 September 2016. Trinidad operations Production The Company’s oil production for the period was 40,888 barrels (average of 444 barrels of oil per day (“bopd”)) net to Range. Whilst the average oil production is unchanged from the previous quarter, during September 2016 the Company saw an increase in production as a result of a development drilling programme and workovers with exit September 2016 production in excess of 600 bopd net to Range. Range continues to focus its efforts on longer term production growth from waterflood projects. The Company’s production guidance of 2,500 bopd net to Range by the end of 2017 (calendar year) remains unchanged. Reserves update During the quarter, the Company announced the results of a reserves audit compiled by the independent petroleum consultants, Rockflow Resources Limited as at 30 June 2016. The audit showed an increase in the Company's total 2P reserves in Trinidad by 11% from the previously reported 22.0 million barrels of oil equivalent (“mmboe”) (30 June 2015) to 24.4 mmboe, which validates the quality and potential of the Trinidad assets. 2 Waterflood projects The Company continues its focus on delivery of the waterflood projects, which account for the vast majority of reserves and are crucial to Range’s production growth in Trinidad. Approximately 20% of the original oil in place (“OIIP”) on the two ongoing waterflood projects has been recovered by primary depletion. Waterflooding is estimated to recover an extra 10% of OIIP, therefore increasing the total recovery factor to over 30% over the next 8 years. Beach Marcelle waterflood: During the quarter, water injection continued at an average rate of approximately 640 barrels of water per day ("bwpd"). The Company continued with implementation of the full waterflood scheme, including workovers of the selected waterflood wells; repair work on these selected wells; installation of injection stations; engineering design of the gathering station; and installation of pipeline network. To get access to additional water supply and increase water injection rate, the Company has been working on the installation of a high pressure pipeline network, with the majority of work (7,220 metres) already completed. The remaining pipeline network (530 metres) is expected to be completed once approvals are in place. To increase injection volumes in the short term, Range has requested the use of an additional 700 bwpd from the Petroleum Company of Trinidad and Tobago Limited (“Petrotrin”) gathering station and is currently awaiting their response. The first production from the South East block as a result of waterflooding is anticipated during Q1 2017. Morne Diablo waterflood: During the quarter, water injection continued at an average rate of 200 bwpd, which is the maximum volume of water available at present from Range's producer wells. To get access to additional water supply and increase water injection rate, Range has been negotiating with Petrotrin to use produced water from their existing operations, which will increase water injection by 3,000 bwpd. The agreement with Petrotrin has been reached and Range expects to execute final agreements during the remainder of 2016. The Company will be constructing a new water pipeline to connect the gathering and injection stations at the Morne Diablo field to Petrotrin's water treatment facility, once the relevant agreements are in place. The first production from the Morne Diablo field as a result of waterflooding is anticipated during Q4 2016. South Quarry waterflood: During the quarter, Range applied for environmental approvals to conduct injectivity testing in the South Quarry block. The Company will be constructing a proposed pipeline of 740 meters as part of the testing programme, planned for 2017. This will be done at a minimal cost of less than US$200,000 and will be undertaken to determine waterflooding feasibility in the area. The Company continues to study and evaluate further areas of the field for waterflooding potential. Drilling programme During the quarter, the Company successfully drilled two development wells, MD 251 and QUN 159 located at the Morne Diablo field, and completed production testing on these wells, as well as the previously drilled MD 250 well. 3 At the date of this report, the QUN 159 well is flowing at a stabilised rate of approximately 50 bopd on a restricted choke size, as the Company continues to monitor the well performance. The MD 250 well, which was initially producing at an average rate of 50 bopd, is currently producing water only. The Company is investigating the reason for this, which could be caused by a fault in the cementing, and is hoping to rectify the issue and bring the well back into oil production. The MD 251 well tested gas. The details of the production testing programme are summarised in the table below. Well Total depth Initial well findings Production testing programme Well results MD 250 (Morne Diablo field) 4,100 feet Initial log evaluations identified multiple hydrocarbon bearing zones, with an estimated net pay of over 140 feet. The Company perforated 66 feet of net oil sands in the Upper Cruse (primary target) and 26 feet of net oil sands in the Middle Cruse (secondary target). The well was initially producing from the Upper Cruse at an average rate of 50 bopd of 29 degree API oil on a restricted 6/32” choke size. Following initial oil production, the well is currently flowing water only. MD 251 (Morne Diablo field) 3,900 feet Initial log evaluations identified approximately 60 feet net oil pay in the Middle Cruse. The Company perforated 62 feet of net oil sands in the Middle Cruse. The well is producing gas.* QUN 159 (Morne Diablo field) 2,600 feet Initial log evaluations identified approximately 40 feet net oil pay in the Upper Cruse. The Company perforated 23 feet of net oil sands in the Upper Cruse. The well is producing from the Upper Cruse at an average stabilized rate of 50 bopd of 44 degree API oil on a restricted 5/32” choke size. *Currently the Company has no infrastructure in place for gas production. The remaining two development wells to be drilled this year (QUN 158R and GY218SE) are expected to spud during Q4 2016. Both well locations have been completed and the rigs are rigged up on locations, awaiting final government approval to commence drilling operations. The Canari North exploration well in the Guayaguayare block is currently anticipated to spud during Q1 2017. As previously announced, the Company has forecast that the five development wells from the 2016 work programme would add approximately 500 bopd to current production levels by the end of this year. Given the lower than anticipated production results from the first three wells, the Company revises this production expectation to 200 bopd by the end of this year. The Company is undertaking additional low cost workovers on selected wells which will provide additional production and compensate for the production difference.