Ipedro- Summary/Value/Links

Some of the info on that one's a great read for the newbies, Bass.

For newbies only (reposted again, longtimers - don't bother reading)

Ongoing news flow expected on Range's assets, gathered from our diligent lot on here:

TEXAS
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Independent reserves and valuation:

215 Bcf of natural gas (attributable to Range – 45 Bcf).
15.9 mmbbl of oil (attributable to Range – 3.3 mmbbls).
15.5 mmbbl of natural gas liquids (attributable to Range – 3.2 mmbbls).
The planned multiwell program is anticipated to move Possible (P3) Reserves into the Probable (P2) and Proved (P1) Reserve categories.
Independent Discounted Cash Flow valuation of Range’s net interest = US$226m.
Potential 8-well program.


GEORGIA
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Range holds the rights to 50% of 2 oil and gas blocks in Georgia covering 7,000km, 10% of the country. An independent analyst’s valuation of the assets 2 years ago valued the total lease at US$205 million. This valuation was made on the undeveloped potential of the Georgia assets.

A 410km 2D seismic survey and first stage of analysis has been completed. 25 drilling target zones have been identified with 3 immediate prospective target zones to be drilled, commencing in November 2010. Potentially two will become oil wells and one a natural gas well. Oil and gas engineers are being consulted and drilling rigs are being considered. A $6-8m drilling campaign is being budgeted for. Georgia offers very attractive inferred oil and gas reserves. 383+ million barrels of oil and 70+ billion cu metres of natural gas. Established pipelines crisscross Range’s oil and gas leases. Many old Soviet era wells (all shut in) cover the leases. Many have potential to be re-entered. Range’s Georgian assets during the next 12-18 months could add significant value to its share price. There is talk that near term considerations for Range are to take over its partner, privately owned Strait Oil and Gas (UK) Ltd, and ultimately seek a joint venture partner. Already a number of mid tier energy companies have shown interest in talking to Strait and Range. When assessing Net Present Value, the Georgia assets alone could be worth more than the current total market capitalised value of the company.


PUNTLAND Onshore
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Earlier this year Tullow paid Heritage Oil $1.5bn for its 50% stake in Lake Albert Rift Basin - 2 blocks in Uganda that had reserves of 700 million bbl and 1.5 billion bbl Probable. The total size of these blocks is 6,276km. Compare that to Range's Dharoor and Nogal (Nugaal) blocks that Africa Oil (Range's operator) will drill with a combined area of 78,000km and the possibility of tens of billions of barrels. Range have the rights to explore 212,000km, or approximately one third of Somalia.

In the 80s, Conoco carried out extensive research in Puntland, spending an estimated $150 million on exploration, recording over 4,500km of 2D seismic in the Nogal basin (Nogal Valley), drilling and interpreting two wells in Block 28 - Nogal-1 and Kalis-1 - with oil shows recorded in both.

Stated in the Range Research Note 2007 below (page 14) are these statements regarding Puntland:

"We assume that the five prospects found by Conoco in Block 28 in the Nogal Basin (Nogal-1, Kalis-1, 28/B-1, 28/G-1, 28/S-1) and the two prospects found in Block 29 (SINUJIF-1 and 29/P-1) will all produce oil".

"...Production to start in 2010 with an economic life of 30 years..."

"Although the presence of oil is very likely in the Dharoor basin, we do not assume it at the present stage given the absence of technical data".

http://www.rangeresources.com.au/fileadmin/user_upload/research_Reports/Research_Note_-_May_2007.pdf

Interestingly, however, in Jan 2009 Range completed a new 775km 2D seismic acquisition of the Dharoor Valley and that has now been chosen as the place to commence the Puntland drilling campaign in Q4 2010.


PUNTLAND Offshore
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Range holds 100% of the offshore license surrounding Somalia and is currently in negotiation with the government regarding a new PSA, and commencement of a seismic survey. Puntland basins were contiguous with Masila and Shabwa basins in Yemen until the Miocene rifting event. Yemeni basins contain 9 billion bbl reserves with current production of over 400,000 bpd (see Africa Oil link below, page 22).


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"There aren’t many ways to invest in the Somali oil industry, however, Australian Stock Exchange-listed (ASX) Range Resources Limited is a company which some would perceive as having almost unlimited upside potential. Yes, there is risk with Range Resources, but as a famous investor once said, “If I assume risk of 100% of my capital but I can make 50 times my money, those are odds I’ll play every time.” We agree. That’s the potential in Range Resources Limited."

http://www.smallcapstocksblog.com/2009/10/08/is-somalia-the-next-major-world-oil-play/
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Range Resources:
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http://www.rangeresources.com.au/fileadmin/user_upload/Presentations/830228.pdf


Video 1:
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https://www.youtube.com/watch?v=kbzgP_7U39U


Video 2:
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https://www.youtube.com/watch?v=19qI_vncg6U


Peter Landau Radio Broadcast:
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http://www.brr.com.au/event/65916


TV Broadcast - East African Oil Exploration - Marin Katusa:
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http://watch.bnn.ca/#clip306590


TV Broadcast - East African Oil Exploration - Keith Hill:
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http://watch.bnn.ca/#clip306596


Africa Oil:
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http://www.africaoilcorp.com/i/pdf/AOI_May_2010.pdf


Edison Report:
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http://www.edisoninvestmentresearch.co.uk/researchreports/RangeResourcesoutlook090610.pdf


DYOR:
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http://www.ipedro.talktalk.net/RangeValuation.xls

Still a good read even for long termers!

RRL on Mining Maven also a good site

http://www.miningmaven.com/companies/range-resources

Mr Right you also need the RHPS report i would of thought .
so i have attached it

http://www.fsponline-recommends.co.uk/i/pi/RHPS_june_10_issue.pdf
Password (Therapy)

i hope you dont mind


and a letter from Peter Nesveda from Intuitive ltd ( i can remove these if you want me too )


While in London I have had the opportunity of being briefed on the progress being made in Georgia (formerly part of the USSR) by Strait Oil and Gas on their oil and gas lease which is also 50% owned by Range Resources.

Range, which is a much traded and closely followed UK AIM listed share, as much as it is an ASX listed share, is known primarily for its 20% investment with Africa Oil, 80% in Puntland (Northern Somalia) and increasingly for its 20%+ ownership of the successful oil and gas producing North Chapman Ranch field located in Southern Texas.

Often overlooked and briefly mentioned is Range’s 50% owned Georgia assets. The oil and gas assets cover over 10% of the total land mass of Georgia, some 7,000 square km. The assets were acquired at a time when Georgia was not attractive to invest in. An independent analyst’s valuation of the oil and gas assets two years ago valued the total lease at US$205 million (attributable to Range US$102,500,000). This valuation was made on the undeveloped potential of the Georgia assets.

A sizeable 2□ seismic survey has been completed and the first stage of analysis of the 2□ seismic has also been completed. 25 drilling target zones have been identified with three immediate prospective target zones to be drilled during the next 12-15 months. Two will be potentially oil wells and one a natural gas well. Two wells are being planned to be drilled with a budget being drawn up. A decision to drill a well in October/November 2010 and a second well in February/March 2011 is close to being confirmed. Oil and gas engineers are being consulted and drilling rigs are being considered. A US$6-8 million drilling campaign is being budgeted for.

Georgia offers very attractive inferred oil and gas reserves. 383+ million barrels of oil and 70 billion+ cubic meters of natural gas.

Established pipelines crisscross Range’s oil and gas leases. Many old Soviet era wells (all shut in) cover the leases. Many potentially can be re-entered.

Today Range’s Georgia oil and gas assets rate only a small mention. We believe during the next 12-18 months this perceived as a ‘sleeping asset’ will arguably add a lot of value to Range and potentially to its share price.

Near term future considerations for Range are to be take over its partner the privately owned Strait Oil and Gas, and ultimately seek a joint venture partner. Already a number of mid tier energy companies have shown interest in talking to Strait and Range. Some already successfully in Georgia.

When assessing Range Resources appreciate the Georgia assets which we believe will be ultimately 100% owned by Range, are arguably alone worth more than the current total stock market capitalized value of Range.

During the next 12-18 months these assets will begin to be developed and have the potential of being oil and gas producing assets within 15 months approximately.

Best regards,
________________________________________________________
Peter Nesveda
Managing Director

Intuitive Pty Ltd
52 Dixon Street Malvern VIC 3144 Australia
Tel: +61 3 9504 8420 Fax: +61 3 9504 8223
Mobile: +61 (0) 412 357 375
Email: peter@intuitiveaustralia.com.au

Thats great Ricky! All info is welcome here.

Many thanks

Interesting as Peter Nesveda is part of the Range PR machine.

if im correct i am sure that Intuitive hold shares in range ... i think i read that on iii in one of megaoils posts on ot around the date the link was released .. that would be aprox 6 weeks ago i will lok to see if i can find it

From Twisso on iii 14th may 2010

So that explains who Intuitive are. They were issued 5m shares after the last EGM. Always good to have a reputable firm with a cart to push in the same direction as us.

If the prospects are good I can't see Strait selling their stake for pigeon feed. What will it cost and where will the cash come from are the key questions.

Good to see some colour being added to the Georgia story. The last thing I wanted to see was Range farming in for a reduced stake because as I've posted before, $10m would fund a 2-5 well campaign and production facilities.

That's because they will have accepted all or part payment for services as shares.

edit: PN is a Top40 holder in his own right.