from the Advfn.on Directors TALKJust over a month after T&T...

from the Advfn.on Directors TALK

Just over a month after T&T granted Range Resources Ltd an additional 3000 acres for oil and gas exploration and production, a 10-year licence extension, and a reduced royalty rate, the company has been suspended from the London Stock Exchange (LSE), and had trading of its stock halted on the Australian Stock Exchange (ASX), according to an LSE notice dated April 15.

"Range Resources Ltd wishes to announce that its shares have been placed into a precautionary suspension on the Alternative Investment Market (AIM) until such time as it can issue a clarification announcement in respect of a potential significant transaction. Range's shares have also been placed in a trading halt on the Australian Securities Exchange," Peter Landau, Range Resources Ltd's executive director said in the "precautionary suspension" notice. Range last traded for 3.94 pence on the LSE on April 12, 2013. On the ASX it closed on April 5 at AU$0.05.

Although it continued to lose money, in its half-year report on March 15, Range said its revenue for the period increased by 53 per cent. It said its oil or liquids production in the half year increased by 60 per cent to reach 164,693 barrels for the period. Range said its technical, consultancy and administration expenses reduced by 55 per cent; and loss before tax for the period reduced by 42 per cent. Range posted a net loss of US$9,682,470 at the end of 2012, down from its net loss of US$11,424,719 at the end of 2011.

In advising Australian investors about the new development, Proactive Investors Australia recalled that Range had reached an agreement to sell its Texan assets for a total cash consideration of US$30 million. At the time of the announcement on March 11, Range had advised that application would be made for the issuance of 62,439,223 new shares to be admitted to
trading on the ASX and AIM. Following the issue of these new shares, Range said its total number of shares on issue would be 2,567,810,783 Ordinary Fully Paid Shares.

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil and gas exploration company with oil and gas interests in the frontier state of Puntland (Somalia), Texas (USA), the Republic of Georgia, Trinidad and Colombia. In Trinidad Range holds a 100 per cent interest in holding companies with three onshore production licenses and a fully operational drilling subsidiary. In Trinidad, Range has independently assessed proved (P1) reserves in place, totalling 17.5 million barrels (MMbls) with 25.2 MMbls of proved, probable and possible (3P) reserves and an additional 81 MMbls of unrisked best estimate prospective resources.