9 Nov 2015 09:02
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Range Resources Information
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Don't have an account? Click here to register.Range Resources expands LatAm footprint
Fri, 25th Jan 2013 07:52
AIM-listed oil and gas group Range Resources has bought a 'strategic stake' in Latin America-focused Citation Resources, giving it exposure to two highly prospective blocks in Guatemala."The strategic stake allows Range to obtain non-operating exposure to known reserves with significant upside potential with a similar owner/operator project to Range's Trinidad operations," the company said on Friday morning.The Guatemalan blocks have proved plus probable reserve estimates (2P) of 2.3m barrels of oil "with significant exploration upside potential", according to Range.Citation holds a farm-in right to acquire a 70% interest in Latin American Resources (LAR), which holds an 80-100% stake in the two blocks. Range is acquiring a 19.9% interest in Citation for around $2.0m but is spending a further $2.0m on a direct 10% equity stake in LAR."The acquisition of the interest in Guatemala through the strategic stake in Citation Resources and at project level further strengthens our portfolio of assets in the region that has yielded significant discoveries, yet remains relatively underexplored," said Executive Director Peter Landau."This acquisition is consistent with Range's strategy of acquiring low cost barrels in areas of strategic advantage. It provides Range with a unique opportunity to participate in near-term appraisal and development along with potential high impact exploration opportunities at minimal costs. We now look forward to the flow test results from the first well, and subsequent spudding of the second well."Shares in Range jumped on Thursday after the company announced that it was making progress on the production of six wells in Trinidad.
More News
2 Nov 2015 11:03
Range Resources says production target in Trinidad won't be met until 2016
(ShareCast News) - Oil and gas explorer group Range Resources warned it will not meet its production target at its Trinidad operations until early next year. Earlier this year, the London - listed said it expected annual production from the Trinidad wells to be 1,000 barrels of oil per day, although
Read more2 Nov 2015 10:44
1 Oct 2015 10:21
Range Resources names new non-exec director
(ShareCast News) - Oil and gas exploration group Range Resources has appointed Yu Wang to the board of non-executive directors. Wang is the nominee of Beijing Sibo Investment Management, which earned the right to appoint up to three non-executive directors, after investing $30m in the London-listed
Read more24 Sep 2015 10:12
7 Sep 2015 12:19
Range Resources gets drilling underway in first Trinidad well
(ShareCast News) - Oil and gas explorer Range Resources said the first development well in its Trinidad project spudded last week and drilling was now underway. The London-listed company said over the next three weeks the MD 42N will be drilled to a total depth of 3,120 feet, adding it expects to re
Read more2 Sep 2015 10:54
Range Resources jumps on Trinidad project update
(ShareCast News) - Oil explorer Range Resources shares jumped on news that the first of four new drilling rigs has arrived in Trinidad. The rig, the largest to be added to the Range Resources Drilling Services drilling fleet in 2015, has a 4,000m drilling capacity and is expected to be available
Read more26 Aug 2015 16:08
London close: Stocks drop as investors dwell on China slowdown
(ShareCast News) - UK equities dropped on Wednesday as China's economic slowdown continued to weigh on investors' minds. The People's Bank of China on Wednesday said it would pump 140 billion yuan into the financial system through a short-term liquidity adjustment operation. The SLO loans, introduce
Read more26 Aug 2015 10:36
Range Resources plunges despite receiving payment deadline extension
(ShareCast News) - Shares in Range Resources plunged over 8% early on Wednesday, after the oil and gas explorer said the deadline related to its payment to Lind Asset Management had been extended. The London-listed company has made a $5m payment to Lind, which has made a $7.22m statutory demand afte
Read more