25 May 2012

Range Resources expands in Trinidad

20/04/2011 Robert Tyerman

Australia-based Range Resources (RRL) is lifting its stake in onshore Trinidad oil assets with a possible 26.9 million barrels to 90 per cent. The AIM-quoted company, which has raised £20 million at 17p through broker Old Park Lane Capital and may also accept an oversubscription of £5 million, has entered into a Heads of Agreement to pay $52 million (£32 million) and issue shares worth some £7.2 million to SOCA Petroleum for a ninefold increase in its present 10 per cent stake in the two licences.

Once these blocks, which Range says hold probable and possible oil reserves of 6.9 million barrels and estimated undeveloped prospective resources of another 20 million barrels, start to produce at the rate of 1,250 and 2,500 barrels a day respectively, the company will issue more shares worth some £3.6 million, taking its total payment to £42.8 million. Range, steered by Australian entrepreneur Peter Landau and chaired by veteran African mining tycoon Sir Sam
Jonah, also has interests in Texas and the Republic of Georgia, but its key long-term aspirations lie in 20 per cent of two licences in the 'highly prospective' Dharoor and Nugaal valleys in Somalia's autonomous Puntland region.

Range shares, which soared during the past year from 3.4p to a 25p high, now trade at 20p, down 3.5p today, valuing the company at £290 million. They have speculative possibilities.

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Tags: AIM market, Peter Landau, Sir Sam Jonah, SOCA Petroleum, Trinidad oil

Sector: Oil & Gas Producers

Companies: Range Resources

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