Range Resources Limited – Quarterly Activities Report

Range, an international company with oil and gas assets and oilfield services operations in Trinidad and Indonesia, provides its quarterly activities report for the period ended 31 March 2019 (Q3 FY19) with the following highlights:

• Average production for the quarter of 487 barrels of oil per day (“bopd”);
• Production was 15% lower from the previous quarter mainly due to natural decline of some of the producing wells, lower production of the waterflood producer wells and limited storage capacity;
• Exploration studies by independent consultants on the St Mary’s licence completed. The results will be used to identify a prioritised list of drillable prospects on the licence;
• Independent consultants engaged to undertake a new waterflood development plan on the Beach Marcelle licence;
• 24 workovers on the existing wells completed;
• In Indonesia, the Company made a decision to write off the value of its investment and is exploring opportunities to dispose of its interest;
• Colombia legacy matter successfully concluded (subsequent to the quarter end);
• Conditional agreement signed with LandOcean to substantially restructure existing debt and extend the maturity profile. Completion of the restructured arrangements (amongst other conditions) is subject to approval by shareholders at a general meeting and the completion of a proposed new acquisition. A new transformational acquisition opportunity identified to acquire an interest in a pre-school education business, with due diligence underway;
• Dr Mu (Robin) Luo appointed as a Non-Executive Director;
• Mr Theo Eleftheriades assumed the role of Acting CFO and Ms Evgenia Bezruchko the role of Joint Company Secretary; and
• Cash position of US$3.05 million (unaudited).  

Range’s Executive Chairman, Kerry Gu commented:

“I am delighted that we have been able to sign agreements to substantially restructure the balance sheet, which allows the Company to move forward with growing the business, progressing with new opportunities and demonstrating profitability without any repayments due until 2022 at the earliest. The agreements are (amongst other conditions) contingent on the Company completing a new acquisition.

We have identified a transformational acquisition opportunity of an educational company and have been progressing with due diligence on this company. We expect to complete this process during April and are hopeful that we will be in a position to sign binding terms shortly thereafter.  I look forward to sharing more details with my fellow shareholders in due course and once again would like to thank all shareholders and finance partners for their continued support.”