Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Range Resources LTD (RRL)

  Print      Mail a friend

Wednesday 09 May, 2012

Range Resources LTD

Georgia Update

9 May 2012

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

By e-lodgement


Range Resources Limited ("Range" or "the Company") is pleased to announce that
following a strategic review of the current operations in Georgia, that the
Company, along with its partners, Strait Oil & Gas and Red Emperor Resources NL
(ASX:RMP/AIM:RMP), is to embark on a revised exploration and appraisal strategy
for Blocks VIa and VIb in Georgia.

Appraisal of Coal Bed Methane ("CBM") Potential

The revised strategy will focus on low-cost, shallow appraisal drilling of
historically defined Contingent Resources around the Tkibuli-Shaori ("Tkibuli")
CBM field, which straddles the central sections of the Company's two blocks.

Tkibuli has been estimated by Advanced Resources International to contain
Contingent Resources (mean) of approximately 0.4 trillion cubic feet ("tcf") of
coal-bed methane ("CBM") gas (Range's attributable 40% interest is 0.16 tcf).
Sand horizons have also been identified around the coal beds, which could add
additional, conventional hydrocarbon resources to those estimated for CBM at
Tkibuli alone.

By prioritising exploration around the productive coal seams, the Company has
the opportunity to make early discoveries, add proven reserves and look to
provide revenue potential from the Tkibuli CBM play within 18 months from
commencement of drilling, in conjunction with satisfying its Production Sharing
Agreement ("PSA") commitments.

Georgia Industrial Group Partnership

Range and its partners have executed a conditional agreement with the Georgian
Industrial Group ("GIG") regarding the joint development of the project and
providing a commercial offtake for 100% of the gas produced.

The Georgian Industrial Group was established in 2006 and has invested tens of
millions of (USD) dollars in the local economy and continues to support
prospective businesses. GIG operate the 200MW gas-fired power station located
at Gardabani as well as importing 25% of gas currently used in Georgia. The
power station currently does not use any gas sourced locally in Georgia.

GIG is the largest holding company within the Country and embraces a number of
subsidiary companies operating in the energy sector, acquiring and processing
of natural resources, production of building materials, logistics service and
real estate development.

GIG operations are concentrated on the acquiring and processing of the
Country's resources which, in turn, fosters the long-term development and
success of Georgian industries.

The Company will, with its technical partners NTD Energy Limited, utilise the
latest in exploration and development technology to focus on shallower plays
where the geology is relatively well understood. This strategy will not only
greatly reduce Range's drilling cost, but also significantly reduce the
Project's geological risk. Over 400 exploration and non-hydrocarbon wells have
been drilled in the Tkibuli area, many encountering hydrocarbons and one
producing gas for over 35 years. An initial pilot project will focus on
appraising targets already venting methane and so ensuring a higher chance of

New wells will target horizons at depths between 500 and 2,000 metres and can
be drilled within 45 days. Deviated drilling will maximise intersection of the
coal seams and could allow the use of a single pad for multiple wells, further
reducing preparation and mobilisation costs. The Company estimates that the
pilot programme could commence with a 3 well programme in the fourth quarter of
2012 following initial appraisal. The fast-track program is designed for gas
production and sales to begin within 18 months given the proximity of in place
infrastructure and logistics.

CBM has become an increasingly important source of energy around the world and
production is well established in the US, Australia and China. Access to market
is key to commercialisation and, although major pipelines transect the country,
Georgia remains almost entirely dependent on imports of foreign natural gas.
CBM production from Tkibuli, therefore, could immediately be fed into the local
energy market.

Range's Executive Director, Peter Landau stated, "following a strategic review
on how best to maximize our technical and geological positioning in Georgia,
the CBM and unconventional opportunities identified represent a significant
boost to Range's activities across its exciting portfolio. From a cost /
benefit perspective the revised program will achieve far more in terms of near
term development potential than the proposed deeper Namakhvani-1 wellwhich
hadbeen severely hampered by weather conditions. Range looks forward to
commencing its next stage of development across its Georgian blocks with the
current seismic program and the new CBM initiatives".

The Company is also in discussion with a number of parties that have expressed
interest in the possible unconventional shale opportunities that exist across
the two Blocks.

265km Seismic Programme to Commence

As a result of this change in short term strategy, preparations for drilling
the Namakhvani-1 well, which had been severely hampered by poor weather
conditions over the past few months, have been postponed. The Company will
continue with the proposed 265km seismic programme, but will alter it to ensure
that it can further define the existing potential around Tkibuli as well as
some known shallower potential targets and unconventional shale opportunities.
The program will include a seismic cross section over the recently drilled
Mukhiani Well to assist with evaluating the potential for a side track well
based on the geological encounters to date.

Yours faithfully

Peter Landau
Executive Director


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]

RFC Ambrian Limited (Nominated Advisor)                    Old Park Lane Capital (Joint Broker)
Stuart Laing                                               Michael Parnes
Tel: +61 (8) 9480 2500                                     Tel: +44 (0) 207 493 8188

                                                           Panmure Gordon (Joint Broker)
                                                           Katherine Roe / Brett Jacobs
                                                           Tel: +44 (0) 207 459 3600

Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas
exploration company with oil & gas interests in the frontier state of Puntland,
Somalia, the Republic of Georgia, Texas, USA and Trinidad.

  * In Trinidad Range recently completed the acquisition of a 100% interest in
    holding companies with three onshore production licenses and fully
    operational drilling subsidiary. Independently assessed Proved (1P)
    reserves in place of 15.4 MMbls with 19.6 MMbls of proved, probable and
    possible (3P) reserves and an additional 20 MMbls (mean) of prospective
  * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7, Range completed a 410km 2D
    seismic program with independent consultants RPS Energy identifying 68
    potential structures containing an estimated 2 billion barrels of
    undiscovered oil-in-place (on a mean 100% basis) with the first
    (Mukhiani-1) well drilled in Q4 2011. The Company is focusing on a revised
    development strategy that will focus on low-cost, shallow appraisal
    drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")
    CBM deposit, which straddles the central sections of the Company's two
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys. The
    operator and 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) has spud
    the first well in a two well programme in early 2012 targeting 300mmbls and
    375mmbbls of best estimate Prospective Resources (100% basis). Site
    construction has been completed on the second well with the setting of the
    30 inch surface casing and the drilling of a 50 meter pilot hole in
    readiness for spudding following the completion of the first well.
  * Range holds a 25% interest in the initial Smith #1 well and a 20% interest
    in further wells on the North Chapman Ranch project, Texas. The project
    area encompasses approximately 1,680 acres in one of the most prolific oil
    and gas producing trends in the State of Texas. Independently assessed 3P
    reserves in place (on a 100% basis) of 242 Bcf of natural gas, 15 mmbbls of
    oil and 19 mmbbls of natural gas liquids.
  * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, where the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley referred above
have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an
international petroleum engineering and geologic consulting firm staffed by
experienced engineers and geologists. Collectively FGA staff has more than a
century of world–wide experience. FGA have consented in writing to the
reference to them in this announcement and to the estimates of oil and natural
gas liquids provided. The definitions for oil and gas reserves are in
accordance with SEC Regulation S–X an in accordance with the guidelines of the
Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at

RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE").

The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates.

In granting its consent to the public disclosure of this press release with
respect to the Company's Trinidad operations, Petrotrin makes no representation
or warranty as to the adequacy or accuracy of its contents and disclaims any
liability that may arise because of reliance on it.

The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced ResourcesInternational, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency.- Range's technical
consultants have not yet reviewed the details of ARI's resource estimate and
the reliability of this estimate and its compliance with the SPE reporting
guidelines or other standard is uncertain. Range and its JV partners will be
seeking to confirm this resource estimate, and seek to define reserves, through
its appraisal program and review of historical data during the next 12 months.

SPE Definitions for Proved, Probable, Possible Reserves and Prospective

Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government

Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.

ABN 88 002 522 009

Suite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN
t: +44 (0)207 025 7040, f: +44 207 287 8028

Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia
t: +61 8 9488 5220, f: +61 8 9324 2400

e: [email protected]

a d v e r t i s e m e n t