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Range Resources announces reserves and resources update

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Oilfield Technology,

Range has announced that independent petroleum consultants, Rockflow Resources Limited (Rockflow), have completed an evaluation and independent audit of the company's oil and gas reserves and resources in Trinidad as at 30 June 2016 (FY 2016).

Commenting on the announcement, Yan Liu, Chief Executive Officer, said:

"Our assets in Trinidad provide an exciting mix of exploration and development activities. We are encouraged with the increase in our independently audited 2P reserves by 11%, which validates the quality and potential of our Trinidad assets. We remain focused on increasing our production and monetising these reserves. Our ultimate goal in Trinidad is to ensure that the business is self-sustaining over the long-term, and generates returns for shareholders."

The reserve figures (1P, 2P and 3P) include reserves associated with the company's Morne Diablo, South Quarry and Beach Marcelle licences in Trinidad. The change in reserves from the previously reported figures is due to the adoption of a different calculation approach, using a wider range of in-place volumes, and recovery estimates from waterflooding for the Beach Marcelle licence.

The Central block and the deeper sands of the North East block of the Beach Marcelle waterflood project were considered uneconomic at current oil prices and will require further studies. These have been classified as contingent resources.

In previous years Range reported prospective resources for the deeper horizons on the Morne Diablo, South Quarry and Beach Marcelle licences. Range did not include these horizons with this year's audit. Range intends to undertake additional analysis and review of these prospects prior to reporting updated resources for these blocks. The reported prospective resources relate solely to the Guayaguayare licence.

The St Mary's exploration licence was not included in any of the estimates, as further technical studies had not been finalised at the time of the audit. The company has been working with the government of Trinidad and Tobago to obtain high resolution gravity surveys and additional seismic data for the block. Subsequent to the finalisation of the audit, this technical data was received. The company now intends to conduct further studies utilising the data provided.

The evaluation was performed in accordance with the definitions and guidelines of the SPE Petroleum Resources Management System (SPE-PRMS).

The reserve and resource estimates were calculated using the probabilistic method.

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