Posted on ADVFN board in UK thanks to poster wirralfinanceASX...

Posted on ADVFN board in UK thanks to poster wirralfinance

ASX Share Update - Range Resources Limited (ASX: RRS; AIM: RRL; USA ADR: RGRLF) www.rangeresources.com.au

While in London I have had the opportunity of being briefed on the progress being made in Georgia (formerly part of the USSR) by Strait Oil and Gas on their oil and gas lease which is also 50% owned by Range Resources.

Range, which is a much traded and closely followed UK AIM listed share, as much as it is an ASX listed share, is known primarily for its 20% investment with Africa Oil, 80% in Puntland (Northern Somalia) and increasingly for its 20%+ ownership of the successful oil and gas producing North Chapman Ranch field located in Southern Texas.

Often overlooked and briefly mentioned is Range?s 50% owned Georgia assets. The oil and gas assets cover over 10% of the total land mass of Georgia, some 7,000 square km. The assets were acquired at a time when Georgia was not attractive to invest in. An independent analyst?s valuation of the oil and gas assets two years ago valued the total lease at US$205 million (attributable to Range US$102,500,000). This valuation was made on the undeveloped potential of the Georgia assets.

A sizeable 2□ seismic survey has been completed and the first stage of analysis of the 2□ seismic has also been completed. 25 drilling target zones have been identified with three immediate prospective target zones to be drilled during the next 12-15 months. Two will be potentially oil wells and one a natural gas well. Two wells are being planned to be drilled with a budget being drawn up. A decision to drill a well in October/November 2010 and a second well in February/March 2011 is close to being confirmed. Oil and gas engineers are being consulted and drilling rigs are being considered. A US$6-8 million drilling campaign is being budgeted for.

Georgia offers very attractive inferred oil and gas reserves. 383+ million barrels of oil and 70 billion+ cubic meters of natural gas.

Established pipelines crisscross Range?s oil and gas leases. Many old Soviet era wells (all shut in) cover the leases. Many potentially can be re-entered.

Today Range?s Georgia oil and gas assets rate only a small mention. We believe during the next 12-18 months this perceived as a ?sleeping asset? will arguably add a lot of value to Range and potentially to its share price.

Near term future considerations for Range are to be take over its partner the privately owned Strait Oil and Gas, and ultimately seek a joint venture partner. Already a number of mid tier energy companies have shown interest in talking to Strait and Range. Some already successfully in Georgia.

When assessing Range Resources appreciate the Georgia assets which we believe will be ultimately 100% owned by Range, are arguably alone worth more than the current total stock market capitalized value of Range.

During the next 12-18 months these assets will begin to be developed and have the potential of being oil and gas producing assets within 15 months approximately.

Best regards,
________________________________________________________
Peter Nesveda
Managing Director

Intuitive Pty Ltd
52 Dixon Street Malvern VIC