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Range Resources Limited
('Range' or 'the Company')
14 April 2015
ASX Code: RRS AIM Code: RRL
CONTACTS
Cantor Fitzgerald Europe (Nominated Advisor and Broker) David Porter / Sarah Wharry (Corporate finance)
Richard Redmayne (Corporate broking)
t. +44 (0)20 7894 7000
Range Resources Limited
Australian Office
Ground Floor, BGC Centre
28 The Esplanade
Perth WA 6000
Australia
t. +618 6205 3012
UK Office
Suite 1A, Prince's House
38 Jermyn Street London, SW1Y 6DN United Kingdom
t. +44 (0)20 7025 7040
f. +44 (0)20 7287 8028
e. [email protected] www.rangeresources.co.uk
Georgia Project Update
Range provides the market with the following update in respect of its interest in the Georgian Project.
The operator of the Georgian Project, Strait Oil & Gas ("SOG": in which Range holds a 45% interest), reconfirmed to Range that the Ministry of Energy of Georgia had previously agreed a drilling programme on the second proposed exploration well on Block VIb and that a valid drilling licence is in place for that well.
Subject to all the conditions of the various agreements between the shareholders of SOG which were entered into during 2011 being satisfied (which includes a budget and drilling programme being agreed by the shareholders of SOG), Range would be required to fund the costs of this second well. Given the Company's focus on its Trinidad assets and the disappointing results from previous drilling activities in Georgia, Range is seeking to restrict any further investment into SOG and continues to actively explore potential disposal options for its interest.
In the meantime, Range is advised by SOG that it will be negotiating to extend the Production Sharing Contract that covers Block VIb, which was due to expire in March 2015, however there is no certainty that such an outcome will be achieved. Range will provide an update on negotiations with respect to the licence extension and potential disposal in due course.
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Range Resources Ltd
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EXPLORATION STAGE |
CODE : RRS.AX |
ISIN : AU000000RRS3 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Range Res. is a gold exploration company based in Australia. Range Res. holds various exploration projects in Australia. Its main exploration properties are CORACHAPI in Peru and DONNYBROOK in Australia. Range Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 7.6 millions as of today (US$ 5.2 millions, € 4.7 millions). Its stock quote reached its highest recent level on March 11, 2011 at AU$ 0.38, and its lowest recent point on November 22, 2019 at AU$ 0.00. Range Res. has 7 595 830 272 shares outstanding. |