Proactiveinvestors Australia Range Energy Resources Inc https://www.proactiveinvestors.com.au Proactiveinvestors Australia Range Energy Resources Inc RSS feed en Fri, 19 Jul 2019 20:13:23 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Range Energy Resources forecasts 2018 production of 665,400 barrels ]]> https://www.proactiveinvestors.com.au/companies/news/189909/range-energy-resources-forecasts-2018-production-of-665400-barrels-189909.html  

Range Energy Resources Inc (CNSX:RGO) forecasts production of 665,400 barrels from the Shewashan field in the Kurdistan region of Iraq for 2018, with 1,800 barrels per day the forecasted average for the first half.

Current  field production is 1,000 barrels per day and 422,027 barrels were produced in 2017 up to December 1, which is below what is required to meet forecast annual production targets and break-even economics.

The 2017 year end operations update comes from Gas Plus Khalakan (GPK), the sole contractor of the Khalakan production-sharing contract.

The total received by GPK for oil sales now comes to $9 mln from 190,115 barrels of GPK entitlement oil sold through to the end of September 2017, it said.

Sales from October to December has been invoiced through the traditional Kurdistan operating procedures.

Range Energy put the lower production down to two main reasons. Firstly, that water production rates in the Qamchuga formation have limited oil production.

Secondly, production rates from the Shiranish and Kometan reservoirs have been limited, due to these formations having a tight matrix.

PK continues to recomplete the four Shewashan wells to limit water production in the Qamchuga and stimulate the Kometan and Shiranish reservoirs to facilitate greater production rates.

The operating budget for 2018 is $20.8mln gross, the firm said, which includes the fixed and variable costs for production, as well as recompletion activity to increase production rates.

A revised 2017 reserve audit started in November last year and is expected to be delivered in March 2018.

Range has a 24.95% indirect interest in GPK through its ownership of 49.9% of New Age Alzarooni 2 Limited (NAAZ2).

NAAZ2 owns 50% of GPK.

The firm also does not plan to proceed with the cash call it received for November and December to fund the current drilling program, and it does not plan to do so in the foreseeable future, it added.

Shares in  Range Energy are at C$0.01.

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Thu, 11 Jan 2018 11:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189909/range-energy-resources-forecasts-2018-production-of-665400-barrels-189909.html
<![CDATA[News - Range Energy Resources gets eighth advance under Gulf LNG America loan ]]> https://www.proactiveinvestors.com.au/companies/news/184620/range-energy-resources-gets-eighth-advance-under-gulf-lng-america-loan-184620.html Range Energy Resources Inc (CNSX:RGO) has received a secured convertible loan for $740,340 from Gulf LNG America LLC - a long-time backer of the company.

It is the eighth advance under the credit facility entered into with Gulf on February 14 this year.

The maturity date of the principal amount, interest and any fees of the loan is September 25, 2018 and the rate of interest is 10% a year, Range told investors.

In February this year, Range agreed loan deals with Gulf LNG America LLC, which owns 71% of the capital of the firm and Harrington Global Opportunities Fund, which owns 12%.

Under each loan agreement, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

Range will use the money for working capital as it develops the Khalakan block in the Kurdistan region, as well as corporate purposes, and any capital expenditures for the purchase  of property or assets permitted under the loan agreements.

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Tue, 26 Sep 2017 10:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184620/range-energy-resources-gets-eighth-advance-under-gulf-lng-america-loan-184620.html
<![CDATA[News - Range Energy Resources updates on Shewashan field, where current production is 1,500 barrels a day ]]> https://www.proactiveinvestors.com.au/companies/news/184324/range-energy-resources-updates-on-shewashan-field-where-current-production-is-1500-barrels-a-day-184324.html Range Energy Resources Inc (CNSX:RGO) updated on its Shewashan field in the Kurdistan region of Iraq, which is currently producing 1,500 bbl/d (barrels per day).

The update comes from Gas Plus Khalakan (GPK), the sole contractor of the Khalakan production-sharing contract.

An early production facility at Shewashan started operating in June this year.

A fourth well at Shewashan field was completed as a deviated producer  and put on production at a rate of 500 bbl/d (barrels a day) and is connected to the early production facilities, it revealed.

The Shewashan No. 2 well, which was previously producing 250 bbl/d from the Shiranish reservoir, is currently being sidetracked after reservoiur damage and is expected to be enhanced.

The Shewashan No 3 well has been producing at 500 bopd (barrels of oil per day) from the Kometan formation but plans are now being made to return the production to the Qamchuqa reservoir.

The Shewashan No. 1 well has been sidetracked and a new 4.5 inch liner installed. It is now producing 750 bbls/day, Range said.

Due to various delaying factors, total oil production for the first half of 2017 was 292,861 barrels, which was "significantly" below what is required to meet forecast annual production targets.

So far in total, the field has  produced 1.25mln barrels and  the stabilisation of Brent crude prices will allow GPK to operate profitably once the ongoing work-overs have been completed.

Range has a 24.95% indirect interest in GPK through its ownership of 49.9% of New Age Alzarooni 2 Limited (NAAZ2).

NAAZ2 owns 50% of GPK.

The gross remaining budget for the rest of the yera is around $10mln of which a portion will be offset by revenues associated with production. Range's net share of this will be about $2.5 million.

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Wed, 20 Sep 2017 12:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184324/range-energy-resources-updates-on-shewashan-field-where-current-production-is-1500-barrels-a-day-184324.html
<![CDATA[News - Range Energy Resources gets seventh advance under Gulf LNG America loan ]]> https://www.proactiveinvestors.com.au/companies/news/183932/range-energy-resources-gets-seventh-advance-under-gulf-lng-america-loan-183932.html Range Energy Resources Inc (CNSX:RGO) has received a secured convertible loan for $605,386 from Gulf LNG America LLC - a long-time backer of the company.

It is the seventh advance under the credit facility entered into with Gulf on February 14 this year.

The maturity date of the principal amount, interest and any fees of the loan is September 11, 2018 and the rate of interest is 10%  a year, Range told investors.

In February this year, Range agreed loan deals with Gulf LNG America LLC, which owns 71% of the capital of the firm and Harrington Global Opportunities Fund, which owns 12%.

Under each loan agreement, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

Range will use the money for working capital as it develops the Khalakan block in the Kurdistan region, as well as corporate purposes, and any capital expenditures for the purchase  of property or assets permitted under the loan agreements.

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Wed, 13 Sep 2017 10:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183932/range-energy-resources-gets-seventh-advance-under-gulf-lng-america-loan-183932.html
<![CDATA[News - Range Energy Resources receives sixth advance under Gulf LNG America loan ]]> https://www.proactiveinvestors.com.au/companies/news/181940/range-energy-resources-receives-sixth-advance-under-gulf-lng-america-loan-181940.html Range Energy Resources Inc (CNSX:RGO) has received a secured convertible loan for around $1.251mln from Gulf LNG America LLC, a long-time backer of the company.

It is the sixth advance under the credit facility entered into with Gulf on February 14 this year.

The maturity date of the principal amount, interest and any fees of the loan is August 2, 2018 and the rate of interest is 10%  a year, Range told investors.

In February, Range agreed loan deals with Gulf LNG America LLC, which owns 71% of the capital of the firm and Harrington Global Opportunities Fund, which owns 12%.

Under each loan agreement, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

Range will use the money for working capital as it develops the Khalakan block in the Kurdistan region, as well as corporate purposes, and any capital expenditures for the purchase  of property or assets permitted under the loan agreements.

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Thu, 03 Aug 2017 09:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181940/range-energy-resources-receives-sixth-advance-under-gulf-lng-america-loan-181940.html
<![CDATA[News - Range Energy Resources receives fourth advance from Gulf LNG America ]]> https://www.proactiveinvestors.com.au/companies/news/180080/range-energy-resources-receives-fourth-advance-from-gulf-lng-america-180080.html Range Energy Resources Inc (CNSX:RGO) has received a secured convertible loan for $1.18mln from Gulf LNG America LLC, a long-time backer of the company.

It is the fourth advance under the credit facility entered into with Gulf on February 14 this year.

The maturity date of the principal amount, interest and any fees of the loan is June 28, 2018 and the rate of interest is 10% per annum, Range revealed.

In February, Range agreed loan deals with Gulf LNG America LLC, which owns 71% of the capital of the firm and Harrington Global Opportunities Fund, which owns 12%.

Under each loan agreement, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

Any loan will be evidenced by a secured convertible promissory note.

Range will use the money for working capital purposes as it develops the Khalakan block in the Kurdistan region.

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Thu, 29 Jun 2017 15:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/180080/range-energy-resources-receives-fourth-advance-from-gulf-lng-america-180080.html
<![CDATA[News - Range Energy gets $2mln convertible loan from major shareholder ]]> https://www.proactiveinvestors.com.au/companies/news/178353/range-energy-gets-2mln-convertible-loan-from-major-shareholder-178353.html Range Energy Resources Inc (CNSX:RGO) has received a convertible loan amounting to $2,031,500 from major shareholder Gulf LNG America, following the agreement struck in February.

It is the third advance under the credit facility entered into with Gulf on February 14 this year.

The loan matures on May 25 next year (2018) and the rate of interest is 10% a year.

It will be used, Range said, for working capital for the production project in the Khalakan Block in the Kurdistan Region, general corporate purposes and for any purchases of property or assets permitted under the loan agreements.

In February, Range agreed loan deals with Gulf LNG America LLC, which owns 71% of the capital of the firm and Harrington Global Opportunities Fund, which owns 12%.

Under each loan agreement, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

Any loan will be evidenced by a secured convertible promissory note.

Range Energy shares were unchanged at $0.02 each.

In a separate statement, the pre-revenue explorer revealed a net loss of C$151,487 for the first three months of 2017, compared to a loss of C$139,565 in the same period of 2016.

Cash at the end of March stood at C$392,640, up from C$63,096 at the end of 2016.

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Thu, 25 May 2017 15:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178353/range-energy-gets-2mln-convertible-loan-from-major-shareholder-178353.html
<![CDATA[News - Range Energy soars as its stake in Gas Plus Khalakan rockets in value ]]> https://www.proactiveinvestors.com.au/companies/news/177679/range-energy-soars-as-its-stake-in-gas-plus-khalakan-rockets-in-value-177679.html Range Energy Resource Inc (CNSX:RGO) shares soared 50% on the back of news from Gas Plus Khalakan (GPK), in which it has a 25% stake.

GPK, the sole contractor of the Khalakan production sharing contract in the Kurdistan region, revealed a revised year-end (2016) reserve audit for the Shewashan field.

The new audit has led to a material increase in the estimated reserves and net present worth of the Shewashan oil field.

According to the independent consultants, Shewashan’s proved + probable (2P) gross reserves now stand at 113.8mln barrels, representing a 53% uplift in 2P gross reserves from a year earlier.

The increase to GPK's reserves is attributed to the larger area mapped following seismic reprocessing, Range said.

On a gross basis, proved reserves were put at 27,237mln barrels of oil (15,086mln net) while probable reserves clocked in at 76,576mln barrels gross, 17,729mln barrels net.

Possible reserves were estimated at 67,726mln barrels gross (12,726mln net), so there might be plenty left in the locker.

The present net worth (discounted at 10%) of the future net revenue attributed to GPK's interest in the proved plus probable reserves of the Shewashan oil field, using a base case price of US$55.00 per barrel escalated at 3% per year from 2018, increased substantially to US$ 422.5mln.

That represents an increase of 135% above the US$179.8 million valuation in the 2015 D&M reserve audit.

Shares in Range Energy rose 50% to C$0.03 on the news, valuing the company at C$25.7mln. It is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age.

Before investors get too carried away, though, it is important to note that key producing wells in nearby fields have exhibited high rates of decline as a result of water breakthrough.

The Shewashan field remains in the early stages of development and any further increase in both reserves and present net worth should be viewed on the basis that only future well performance will determine the level of recovery possible from the matrix.

Production of the Shewashan field has been limited to the 2,000 barrels a day during the first quarter 2017 as a result of ongoing selective well testing and a water isolation program.

Range said the recent stability of the Brent crude price had enabled GPK to operate profitably.

"The substantial increase in the Shewashan field's 2P reserves and present net worth help demonstrate the significant value of the Shewashan field and we are pleased to see this growth over a relatively short period of time,” said Toufic Chahine, chairman of Range.

“We commend GPK's efforts to enhance the productivity of the Shewashan field and the Range board is committed to allow the company to continue the development of this oil field. With three wells successfully drilled it is still early in the fields development cycle and as we learn more about the underlying reservoir geology, we look forward to additional news from the Shewashan -4 drilling results," he added.

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Thu, 11 May 2017 15:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177679/range-energy-soars-as-its-stake-in-gas-plus-khalakan-rockets-in-value-177679.html
<![CDATA[News - Range arranges $2mln convertible loan with Gulf LNG ]]> https://www.proactiveinvestors.com.au/companies/news/174409/range-arranges-2mln-convertible-loan-with-gulf-lng-174409.html Range Energy Resources Inc. (CNSX:RGO) said on Tuesday it has received a secured convertible loan for $2,007,600 from shareholder Gulf LNG America LLC, which is the second advance under the credit facility on a loan with Gulf agreed on on Feb. 14.

Read: Range Energy receives $1.46mln loan from Gulf, Harrington

Gulf is a significant shareholder of the Company.

The Loan involves a secured convertible promissory note in favour of Gulf for the principal amount of $2,007,600. The maturity date of the principal amount, interest and any fees of the Loan is March 5, 2018 and the rate of interest is 10% per annum.

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Tue, 07 Mar 2017 14:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174409/range-arranges-2mln-convertible-loan-with-gulf-lng-174409.html
<![CDATA[News - Range Energy receives $1.46mln loan from Gulf, Harrington ]]> https://www.proactiveinvestors.com.au/companies/news/173354/range-energy-receives-146mln-loan-from-gulf-harrington-173354.html Range Energy Resources Inc. (CNSX:RGO) has received secured convertible loans totalling $1,479,749 from Gulf LNG America LLC and Harrington Global Opportunities Fund SARL, which are the first advances under the credit facility entered into with Gulf and Harrington.

Read: Range Energy enters convertible loan agreements ]]>
Fri, 17 Feb 2017 14:11:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173354/range-energy-receives-146mln-loan-from-gulf-harrington-173354.html
<![CDATA[News - Range Energy enters convertible loan agreements ]]> https://www.proactiveinvestors.com.au/companies/news/173284/range-energy-enters-convertible-loan-agreements-173284.html Range Energy Resources Inc. (CNSX:RGO) this week entered into loan agreements with Gulf LNG America LLC and Harrington Global Opportunities Fund SARL.

Gulf and Harrington are both significant shareholders of the company.

Under each loan agreement, both of which contain arm's-length terms, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

A lender may decline a loan requested by the company or approve of only a portion of such loan in its sole discretion. Any loan will be evidenced by a secured convertible promissory note. The terms of repayment of the principal amount, interest and any fees of any loan, including without limitation the maturity date and the rate of interest, and the conversion price will be set out in a repayment schedule attached to the applicable note.

The loan collateral excludes the Company's shares of NAZZ2 and all rights of the company derived from or connected to the NAAZ2 Shares.

The Collateral does however include all dividends, income, interest, and other amounts (other than additional NAAZ2 Shares) paid to and received by the Company on the NAAZ2 Shares and the NAAZ2 Shares Derivative Rights. If the Company obtains the consents necessary to grant to the lenders a lien on the NAAZ2 Shares and the NAAZ2 Shares Derivative Rights, this property will become part of the Collateral.

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Thu, 16 Feb 2017 16:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173284/range-energy-enters-convertible-loan-agreements-173284.html
<![CDATA[News - Range's Shewashan produced 877,000 bbl oil in 2016 ]]> https://www.proactiveinvestors.com.au/companies/news/172942/range-s-shewashan-produced-877000-bbl-oil-in-2016-172942.html Range Energy Resources Inc. (CNSX:RGO) sole contractor of the Khalakan production-sharing contract in the Kurdistan region of Iraq, Gas Plus Khalakan (GPK), issued an operations update on Range’s Shewashan field.

The update specified:

 

Oil production in 2016 and 2017: During 2016, the Shewashan field produced 877,000 barrels of oil, which was sold into the Kurdistan domestic market. GPK estimates 2017 total Shewashan field production of up to three million bbl. Shewashan-3 commences production: The Shewashan-3 well reached TD (1) of 2,874 metres MDBRT (2) in December, 2016, and was placed into production in late January, 2017, at a rate of 2,600 barrels per day with a 24-64ths-of-an-inch choke, very low drawdown and no produced water. However, the well has now started to pull formation water, and this is being investigated. Shewashan-4 drilling progress: The fourth Shewashan production well, Shewashan-4, was spudded in November with dual targets, including the existing productive zones in the Cretaceous and the unexplored and deeper Jurassic formations. Shewashan-4 is expected to reach TD in late March, 2017. Oil payments: In 2016, a total of $10.98-million in oil sales payments was received by GPK for oil sold through September, 2016. Oil sold from October, 2016, through December, 2016, was paid for in January, 2017, amounting to $4.57-million. Reserve report: GPK intends to engage DeGolyer and MacNaughton to update its June, 2015, reserve audit during first quarter 2017.

 

Range financial update

Based on the GPK operation update, Range will seek to raise capital to meet its near-term capital requirements of $2.6mln and to refinance its existing short-term loans of C$5.72mln. To meet the remaining capital requirements of the phase 1 field development plan, Range expects additional capital requirements of between approximately $4mln and $5.5mln depending on the amount of proceeds received from oil sales, oil production rate, the price per barrel of oil sold, drilling and operational expenses, and cash on hand, amongst others. Range anticipates that the phase 1 field development plan capex requirements will conclude in second quarter 2017.

"We are pleased with GPK's efforts to enhance the productivity of the Shewashan field and are delighted with the Shewashan-3 production rates. With three wells successfully drilled, it is still early in the fields development cycle, and as we learn more about the underlying reservoir geology, we look forward to additional news from the Shewashan-4 drilling results," said Toufic Chahine, chairman of Range.

The company is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age Alzarooni 2 Ltd. (NAAZ2). NAAZ2 owns 50% of the shares of GPK.

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Thu, 09 Feb 2017 14:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/172942/range-s-shewashan-produced-877000-bbl-oil-in-2016-172942.html
<![CDATA[News - Range Energy borrows C$1.31mln from insiders ]]> https://www.proactiveinvestors.com.au/companies/news/171564/range-energy-borrows-c131mln-from-insiders-171564.html Range Energy Resources Inc. (CNSX:RGO) has received loans totalling C$1,315,512 from non-arm's-length parties to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan block in the Kurdistan region of Iraq can continue, as well as to provide general working capital.

The loans are unsecured and evidenced by the loan agreements, and bear an interest of 7% for the duration of the outstanding loans, calculated and payable on demand. The company may pay the loans in whole or in part at any time without penalty.

As the amounts of $1,315,512 are loans from insiders bearing an interest of 7 per cent, the loans constitute "related party transactions" within the meaning of Multilateral Instruments 61-101 (protection of minority security holders in special transactions). The company relied on the applicable exemptions under MI 61-101 from the formal valuation and minority shareholder approval requirements in relation to the loans.

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Thu, 12 Jan 2017 14:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171564/range-energy-borrows-c131mln-from-insiders-171564.html
<![CDATA[News - Range Energy contractor spuds Shewashan-4 well ]]> https://www.proactiveinvestors.com.au/companies/news/168829/range-energy-contractor-spuds-shewashan-4-well-168829.html Range Energy Resources Inc. (CNSX:RGO) said on Thursday its contractor had spud the fourth well at Shewashan as Gas Plus Khalakan (GPK), the sole contractor of the Khalakan production-sharing contract in the Kurdistan region of Iraq, issued an operations update regarding the Shewashan field.

The company is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age Alzarooni 2 Ltd. (NAAZ2). NAAZ2 owns 50% of the shares of GPK.

The GPK operations update outlined the continued operating and development events occurring on the Shewashan field including the spud of a new well, Shewashan-4.

At Shewashan-4 spud: The fourth Shewashan production well has been spudded with dual targets, including the existing productive zones in the Cretaceous reservoir and the unexplored and deeper Jurassic formation.

Shewashan-3 drilling continues: The deviated well is drilling in the targeted Cretaceous reservoir with completion and production expected to occur before the end of the year.

Oil production and sales continue: Oil sales from the Shewashan-2 well have averaged 3,600 barrels of oil per day in 2016 with deliveries to the KRG's Bazian refinery. Proceeds from oil sales have been received through the end of June.

Seismic reprocessing: GPK continues to reprocess and remap existing seismic data, which are indicating further oil potential in the reservoir attic.

Revised reserve audit: Reserve auditor DeGolyer & MacNaughton will revise the existing 2015 reserve report and is expecting the report to be published prior to year-end.

"Shewashan's development continues to progress at a rapid rate, and we are excited to be actively drilling with two rigs on the block and targeting additional productive capacity in the Jurassic reservoir. In the near term, we look forward the results of the Shewashan-3 well and the revised reserve audit published by DeGolyer & MacNaughton," said Toufic Chahine, chairman of Range Energy.

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Thu, 10 Nov 2016 15:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168829/range-energy-contractor-spuds-shewashan-4-well-168829.html
<![CDATA[News - Range Energy receives loan so it can fulfil Kurdistan obligations ]]> https://www.proactiveinvestors.com.au/companies/news/128704/range-energy-receives-loan-so-it-can-fulfil-kurdistan-obligations-128704.html Range Energy Resources Inc (CNSX:RGO) has received a loan totalling C$943,696 so it can fulfil its obligations to joint venture participants on the Khalakan block.

The Khalakan block is in the Kurdistan region of Iraq, where Range is developing the Shewashan light oil field

The unsecured loan, believed to be from significant stakeholder Gulf LNG America, bears an interest rate of 7% and can be paid back early without penalty.

As well as providing cash so Range can develop the Khalakan block, the loan will also top up the company’s working capital.

Shares in Range were up 25% at C$0.025 in early deals.

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Wed, 27 Jul 2016 10:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/128704/range-energy-receives-loan-so-it-can-fulfil-kurdistan-obligations-128704.html
<![CDATA[News - Gulf LNG lifts stake in Range Energy Resources ]]> https://www.proactiveinvestors.com.au/companies/news/126267/gulf-lng-lifts-stake-in-range-energy-resources-126267.html Gulf LNG America has lifted its stake in Range Energy Resources Inc (CNSX:RGO) to 71.02% after participating in the Canadian explorer's recent fund raising.

Range closed the second and final tranche of its non-brokered private placement, having issued 36.82mln units to Gulf LNG at a price of 3.5 cents each.

Gulf now owns just over 608mln shares in Range. In addition, Gulf has the right to acquire an additional 477.7mln shares by converting warrants. Full conversion of the warrants would lift Gulf's stake in Range to 81.39%. 

Prior the latest private placement, Gulf's stake in Range was around 69.71%.

Funds from the share issue will be used by the company to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan block in the Kurdistan region of Iraq can continue. Any cash left over will supplement the working capital. 

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Mon, 23 May 2016 09:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/126267/gulf-lng-lifts-stake-in-range-energy-resources-126267.html
<![CDATA[News - Range Energy's GPK starts output at 4,000 bopd at Shewashan-2 ]]> https://www.proactiveinvestors.com.au/companies/news/125567/range-energy-s-gpk-starts-output-at-4000-bopd-at-shewashan-2-125567.html Range Energy Resources (CNSX:RGO) shares advanced 25% after it reported on Wednesday that Gas Plus Khalakan (GPK), the sole contractor of the Khalakan PSC in the Kurdistan region of Iraq, issued an operations update regarding the Shewashan field.

Oil production at Shewashan-2 development well has commenced at a rate of 4,000 barrels of oil per day.

The company also said the recompletion of the Shewashan-1 well is under way. The well recompletion will include a horizontal sidetrack designed to increase the likelihood of intersecting the Cretaceous Shiranish's natural fracture network when compared with the utilization of a vertical bore (Shewashan-1) or a deviated wellbore (Shewashan-2). GPK intends to test and complete the Shewashan-1 sidetrack in the second quarter 2016.

Meanwhile, in the second or third quarter GPK intends to request an updated reserve audit from its independent reserve auditor DeGolyer and MacNaughton. In June, 2015, GPK retained DeGolyer and MacNaughton to complete its prior reserve report for the Shewashan field. It is expected that the revised reserve report will commence upon the completion of the Shewashan-1 sidetrack.

GPK also said $3.7mln of expenditures were applied to the $77mln phase 1 development plan budget in the first quarter of 2016.

"The rapid progress of Shewashan phase 1 development activity is very encouraging," said Toufic Chahine, chairman of Range.

"Commencing production represents a clear milestone of the significant progress that has recently occurred. Looking ahead, the Shewashan-1 sidetrack represents the first horizontal well in the Shewashan field and marks another key milestone in the development of the field. With these achievements and the significant positive events that have occurred at Shewashan since the June, 2015, DeGolyer reserve audit, we are pleased to see a revised audit report is anticipated to be prepared in the near term."

The company is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age Alzarooni 2 Ltd. (NAAZ2). NAAZ2 owns 50% of the shares of GPK.

Range shares were up 25% at C$0.03 on Wednesday.

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Wed, 04 May 2016 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/125567/range-energy-s-gpk-starts-output-at-4000-bopd-at-shewashan-2-125567.html
<![CDATA[News - Range Energy completes first tranche of private placement ]]> https://www.proactiveinvestors.com.au/companies/news/125019/range-energy-completes-first-tranche-of-private-placement-125019.html Range Energy Resources Inc. (CNSX:RGO) has closed the first tranche of the non-brokered private placement announced last week.

The Kurdistan-focused oil junior placed 18.84mln units at a price of 3.5 cents per unit, raising gross proceeds of around C$659,260.

A unit comprises one common share and one transferable share warrant. Each warrant entitles the holder to buy one additional common share for a period of five years, at a price of five cents.

Majority shareholder Gulf LNG America LLC bought a large chunk of the shares, coughing up around C$449,260 for 12.84mln units. The purchase took its holding in Range Energy up to 571mln shares, representing 69.71% of the share capital of the company, on top of which hit has warrants that could be converted into a further 441mln shares.

Were Gulf to fully exercise its share purchase warrants, it would own 1,012mln Range Energy shares, which would represent 80.31% of the company's share capital as enlarged by the newly issued shares.

Immediately prior to the private placement, Gulf held 558.4mln common shares of Range, giving it a 69.75% stake.

The capital from the offering will be used by the company to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan block in the Kurdistan region of Iraq can continue, as well as to provide general working capital.

The company has an indirect 24.95% interest in Gas Plus Khalakan Limited, which as the sole contractor of the Khalakan production sharing contract has an 80% stake in the asset alongside the Kurdistan Regional Government (which retains a 20% carried stake).

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Wed, 20 Apr 2016 05:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/125019/range-energy-completes-first-tranche-of-private-placement-125019.html
<![CDATA[News - Kurdistan oil junior Range Energy raises funds to support field development ]]> https://www.proactiveinvestors.com.au/companies/news/124740/kurdistan-oil-junior-range-energy-raises-funds-to-support-field-development-124740.html Kurdistan focussed oil junior Range Energy (CNSX:RGO) told investors it has arranged a private placing of new shares to raise C$3.5mln from investors.

Cash proceeds will be used to help fund the group’s participation in the development of the Khalakan field, in the Kurdistan region of northern Iraq, the company said.

The funding also provides working capital, it added.

Range Energy is selling 100mln units at a price of 3.5 cents each. A unit comprise one common share and one transferrable share warrant. Each warrant entitles the holder to buy one additional common share for a period of 5 years, at a price of 5 cents.

Earlier this month, Range revealed positive results from the Shewashan-2 well.

Shewashan-2 flowed high quality light oil at a rates of up to 4,400 barrels per day during testing, the company said, and it highlighted that having been completed the well is now ready for production.

Range Energy expects the Shewashan-2 well to contribute to the phase 1 production target for the field of 10,000 barrels of oil per day by the end of 2016.

First phase production will be processed through a 10,000-barrel-of-oil-per-day early production facility, with total storage capacity of 30,000 barrels.

The company has an indirect 24.95% interest in Gas Plus Khalakan Limited (GPK), which as the sole contractor of the Khalakan PSC production sharing contract has an 80% stake in the asset alongside the Kurdistan Regional Government (which retains a 20% carried stake).

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Wed, 13 Apr 2016 05:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/124740/kurdistan-oil-junior-range-energy-raises-funds-to-support-field-development-124740.html
<![CDATA[News - Range Energy Resources gearing up for production from second Kurdistan well ]]> https://www.proactiveinvestors.com.au/companies/news/124461/range-energy-resources-gearing-up-for-production-from-second-kurdistan-well-124461.html Range Energy Resources Inc (CNSX:RGO) told investors that its Shewashan-2  well in the Kurdistan region of Iraq had been successfully tested, completed and is now ready for production.

The well will contribute to the phase 1 production target for the field of 10,000 barrels of oil per day by the end of 2016, the firm said.

Estimated annual production for 2016 is put at 1.9 million barrels.

Shewashan-2 is the second well in the phase 1 field development plan and follows the successful 2014 Shewashan-1 well, which produced light, 46-degrees API oil at a maximum rate of 2,850 barrels of oil per day.

In testing, the latest well flowed at a maximum rate of 4,400 barrels of oil per day.

Toufic Chahine, Range's chairman, told investors: "The board is pleased with the successful Shewashan-2 testing results as this was a critical milestone for the Shewashan field development plan.

"Additionally, the Shewashan-2 production rates are encouraging for future development efforts and the production capacity of the field. We look forward to updating shareholders with additional news regarding these drilling and development efforts."

The completion has been done by Gas Plus Khalakan (GPK), the sole contractor of the Khalakan PSC (production sharing contract) in the Kurdistan region of Iraq.

First phase production will be processed through a 10,000-barrel-of-oil-per-day early production facility with total storage capacity of 30,000 barrels and water handling of up to 3,000 barrels of water per day. GPK anticipates that total phase 1 capital investment budget is $77-million gross.

Shewashan-2  was spudded on October 1, 2015 and drilled down to 2,768 metres at a gross cost of $19.5mln.

The oil is very high quality, light, 47 degree API oil, flowing from the Cretaceous fractured carbonate reservoirs.

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Fri, 08 Apr 2016 03:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/124461/range-energy-resources-gearing-up-for-production-from-second-kurdistan-well-124461.html