trinidad discovery

First Well Success in Trinidad
Date : 08/08/2011 @ 07:00
Source : UK Regulatory (RNS & others)
Stock : Range Resources (RRL)
Quote : 11.625 0.0 (0.00%) @ 05:00
Quote Chart Trades Level2

First Well Success in Trinidad
Share this article
print


TIDMRRL

8 August 2011


The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000


By e-lodgement


First Well Success in Trinidad

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce that
in the two months since completing its Trinidad acquisition, the Company has
successfully drilled its first development well on the Morne Diablo Block.

As part of the initial 21 well drilling program, the MD 247 well was drilled to
a total depth of approximately 900 ft using the Company's own drilling rig and
personnel. Despite the shallow depth, open hole logs indicate the presence of
roughly 145 ft. of net oil pay in the shallow Forest Formation, an established
producing horizon on the block. Casing is currently being run in the well in
preparation for production testing next week.

Added Peter Landau, Range's Executive Director, "The successful drilling of the
MD 247 well indicates that Range's aggressive program to increase production
and cash flow in Trinidad is on track and the first pay zone size has exceeded
expectations. As previously announced, we will be adding a second and third rig
to the remaining 20 well 2011 drilling program in order to begin exploitation
of deeper producing reservoirs. The MD 247 well is only the beginning for us in
Trinidad, but represents an important milestone for Range as our first
internationally operated well, drilled and completed by the Company's own
operations team using our own equipment."

The Company looks forward to keeping our shareholders updated as our drilling
program continues in Trinidad, Georgia, Texas, and Puntland, in what will be an
exciting period for Range with wells being drilled on all four the Company's
assets in the coming months.

Appointment of Joint Broker - Panmure Gordon & Co

Range would also like to announce that is has appointed Panmure Gordon & Co ("
Panmure Gordon") as its joint broker with immediate effect.

Range's Peter Landau commented: "Given the recent growth in Range's asset base
and our active pipeline for the second half of this year and beyond, we believe
the time is right to strengthen our adviser team. We look forward to working
with Panmure Gordon as we take the Company forward."

About Panmure Gordon & Co

Panmure Gordon & Co has established a reputation for excellence and integrity
since it was founded in 1876. Panmure Gordon is a corporate and institutional
stockbroking and investment banking Group with offices across the UK, US and
Europe, providing clients with access to the combined financial expertise of
230 dedicated professionals across nine cities.

Panmure Gordon has a respected and growing natural resources franchise advising
clients with operations in Europe, the North Sea, Falklands, Brazil, China,
North America, Canada, Africa and the Caribbean.

For more information go to www.panmure.com.

Yours faithfully

Peter Landau
Executive Director

Ends


Contacts

Range Resources Limited
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: [email protected]

Australia London
PPR Tavistock Communications
David Tasker Ed Portman/Paul Youens
Tel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7920 3150
Em: [email protected] Em: [email protected]