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Range Completes Farm in Agreement with Niko Resources 

Source: 12/17/2013, Location: South America

Range Resources Limited is pleased to announce that further to its announcement on 4 July 2013, the farm-in agreement has now been formally executed with Niko Resources Ltd the leading Canadian exploration and development company, regarding the Guayaguayare Block in Trinidad. The farm?in agreement is subject to final regulatory approval.

Under the terms of the farm-in agreements, Range will earn 50% of Niko’s existing interests in the deep and shallow rights covering both onshore and offshore areas, with the consortium to drill two onshore wells: one shallow onshore well to a maximum of 5,000 ft., and one deep onshore well to a minimum of 5,000 ft. The two onshore wells will test approximately 22% of the prospective resource estimate with the wells to be drilled in the vicinity of the Beach Marcelle Field. The Beach field itself has produced over 30 MMbo to date. In the event of a discovery from either of the two initial wells, the consortium will then look to drill an initial appraisal well. The first well is targeted to spud in early 2014.

Range will fund the two onshore wells and the potential initial appraisal well at its sole expense, and will share costs equally with Niko thereafter, including the cost of drilling an initial offshore test. Expected to be drilled from an onshore location, the offshore well will test a prospect that targets the 33 MMboe best case (on a 100% interest basis) prospective resource.

The Guayaguayare Block represents the largest addition to Range’s Trinidad portfolio to date, increasing the Company’s acreage position by more than 280,000 acres. With several producing fields within the block boundaries, including the Company’s own Beach Marcelle Field, the Guayaguayare Block combines shallow drilling targets with significant exploration potential and an expansive area within a highly prolific petroleum system. With several high-impact prospects already identified on the block.

The farm-in presents Range with a perfect opportunity to add highly prospective acreage on trend with its existing exploration, development and secondary recovery projects, while leveraging its fleet of drilling and production rigs and operating experience within the region. Given the Company’s ongoing production operations in South Quarry, Morne Diablo, and Beach Marcelle, Range is uniquely positioned to operate future discoveries, both on or offshore, which in turn should result in appreciable synergies and lower operating costs.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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