Drilling Update - Smith #1 Well, Texas & Ap...
ASX Announcement
7 October 2009
DRILLING UPDATE - SMITH #1 WELL, TEXAS
Update by Australian based oil and gas explorer Range Resources Limited (ASX:
RRS; AIM: RRL) ("Range" or "the Company") on its exploration drilling program
in North Chapman Ranch, Texas.
Smith #1 well, North Chapman Ranch
The exploration well Smith #1 spudded on 4 September 2009. Surface casing has
been set and cemented at 1,528 ft (465m).
Name of well Smith #1
Spud date 4 September 2009
Current depth of well ~10,938 ft (3,334m)
Target depth of well ~14,200 ft (4,329m)
RRS beneficial 25%
interest
During the week, there were some delays in drilling due to problems associated
with the casing. The operator has now resolved these issues and drilling has
re-commenced.
Figure 1: Unit Texas Rig #35 drilling ahead on Smith #1 well - please refer to the website.
Background on North Chapman Ranch
Range holds a 25% working interest in the drilling of Smith #1 well. The well
shall be drilled to an approximate depth of 14,200 ft (4,329m) or to a depth
sufficient to test the Howell Hight formation. If successful, the Smith #1 well
could trigger significant oil and gas production and development drilling with
very attractive economics, at a time when exploration and development costs in
the US have dropped dramatically.
Range will continue to update the market on a weekly basis during its
exploration drilling program.
End
For further information please contact :
Range Resources
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: plandau@rangeresources.com.au
Australia London
PPR Conduit PR
David Tasker Jonathan Charles
Tel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7429 6666
Em: david.tasker@ppr.com.au Em: jonathan@conduitpr.com
RFC Corporate Finance ((Nominated Advisor) Fox-Davies Capital (Broker)
Stuart Laing Daniel Fox-Davies
Tel: +61 (8) 9480 2500 Tel: +44 (0) 207 936 5200
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002, 1/1/2003.
Name of entity
RANGE RESOURCES LIMITED
ABN
88 002 522 009
We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough
space).
1 +Class of +securities issued or Ordinary Fully Paid Shares
to be issued
Listed Options ($0.05 cents, 31 December
2011)
2 Number of +securities issued or
to be issued (if known) or 21,683,545 Ordinary Fully Paid Shares
maximum number which may be
issued 26,682,417 Listed Options ($0.05 cents,
31 December 2011)
3 Principal terms of the
+securities (eg, if options, 21,683,545 Ordinary Fully Paid Shares
exercise price and expiry date;
if partly paid +securities, the 26,682,417 Listed Options ($0.05 cents,
amount outstanding and due dates 31 December 2011)
for payment; if +convertible
securities, the conversion price
and dates for conversion)
,
4 Do the +securities rank equally Yes
in all respects from the date
of allotment with an existing
+class of quoted +securities?
If the additional securities do
not rank equally, please state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of a
trust, distribution) or
interest payment
* the extent to which they do
not rank equally, other
than in relation to the
next dividend, distribution
or interest payment
5 Issue price or consideration 16,682,417 Ordinary Fully Paid Shares
to be issued in a Placement to
Sophisticated and Institutional
Investors at 3.5 cents per share with a
free attaching Listed Option (5 cents,
31 Dec 2011) raising $2.2m to fund the
acquisition of the strategic US Oil &
Gas Project, Georgian operations
Puntland operations, issue costs and
working capital.
1,128 Ordinary Fully Paid Shares to be
issued on the conversion of listed 5c
options.
5,000,000 Ordinary Fully Paid Shares
and 10,000,000 Listed Option (5 cents,
31 Dec 2011) to be issued in lieu of
consulting services
6 Purpose of the issue 16,682,417 Ordinary Fully Paid Shares
to be issued in a Placement to
(If issued as consideration for Sophisticated and Institutional
the acquisition of assets, Investors at 3.5 cents per share with a
clearly identify those assets) free attaching Listed Option (5 cents,
31 Dec 2011) raising $0.58m to fund the
acquisition of the strategic US Oil &
Gas Project, Georgian operations
Puntland operations, issue costs and
working capital.
1,128 Ordinary Fully Paid Shares to be
issued on the conversion of listed 5c
options.
5,000,000 Ordinary Fully Paid Shares
and 10,000,000 Listed Option (5 cents,
31 Dec 2011) to be issued in lieu of
consulting services
7 Dates of entering On or about 7 October 2009
+securities into
uncertificated holdings
or despatch of
certificates
Number +Class
8 Number and +class of all 584,952,954 Ordinary fully paid shares (RRS)
+securities quoted on ASX
(including the securities 64,901,186 Listed Options (RRSOA)
in clause 2 if (A$1.00, 1 October 2010)
applicable)
390,505,105 Listed Attaching Options (RRSO)
($A0.05, 31 December 2011)
Number +Class
9 Number and +class of all 3,177,029 Unlisted Options (A$0.50, 30
+securities not quoted on June 2012)
ASX (including the
securities in clause 2 if
applicable)
10 Dividend policy (in the Not applicable
case of a trust,
distribution policy) on
the increased capital
(interests)
Part 2 - Bonus issue or pro rata issue
11 Is security holder approval N/A
required?
12 Is the issue renounceable or N/A
non-renounceable?
13 Ratio in which the +securities will N/A
be offered
14 +Class of +securities to which the N/A
offer relates
15 +Record date to determine N/A
entitlements
16 Will holdings on different registers N/A
(or subregisters) be aggregated for
calculating entitlements?
17 Policy for deciding entitlements in N/A
relation to fractions
18 Names of countries in which the N/A
entity has +security holders who
will not be sent new issue documents
Note: Security holders must be told
how their entitlements are to be
dealt with.
Cross reference: rule 7.7.
19 Closing date for receipt of N/A
acceptances or renunciations
20 Names of any underwriters N/A
21 Amount of any underwriting fee or N/A
commission
22 Names of any brokers to the issue N/A
23 Fee or commission payable to the N/A
broker to the issue
24 Amount of any handling fee payable N/A
to brokers who lodge acceptances or
renunciations on behalf of +security
holders
25 If the issue is contingent on N/A
+security holders' approval, the
date of the meeting
26 Date entitlement and acceptance form N/A
and prospectus or Product Disclosure
Statement will be sent to persons
entitled
27 If the entity has issued options, N/A
and the terms entitle option holders
to participate on exercise, the date
on which notices will be sent to
option holders
28 Date rights trading will begin (if N/A
applicable)
29 Date rights trading will end (if N/A
applicable)
30 How do +security holders sell their N/A
entitlements in full through a
broker?
31 How do +security holders sell part N/A
of their entitlements through a
broker and accept for the balance?
32 How do +security holders dispose of N/A
their entitlements (except by sale
through a broker)?
33 +Despatch date N/A
Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of
securities
34 Type of securities
(tick one)
(a) Securities described in Part 1
(b) All other securities
Example: restricted securities at the end of the escrowed period,
partly paid securities that become fully paid, employee incentive
share securities when restriction ends, securities issued on expiry or
conversion of convertible securities
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing the
information or documents
35 If the +securities are +equity securities,
the names of the 20 largest holders of the
additional +securities, and the number and
percentage of additional +securities held by
those holders
36 If the +securities are +equity securities, a
distribution schedule of the additional
+securities setting out the number of holders
in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37 A copy of any trust deed for the additional
+securities
Entities that have ticked box 34(b)
38 Number of securities for which
+quotation is sought
39 Class of +securities for which
quotation is sought
40 Do the +securities rank equally in
all respects from the date of
allotment with an existing +class of
quoted +securities?
If the additional securities do not
rank equally, please state:
* the date from which they do
* the extent to which they
participate for the next
dividend, (in the case of a
trust, distribution) or interest
payment
* the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest payment
41 Reason for request for quotation now
Example: In the case of restricted
securities, end of restriction
period
(if issued upon conversion of
another security, clearly identify
that other security)
Number +Class
42 Number and +class of all +securities
quoted on ASX (including the
securities in clause 38)
Quotation agreement
1 +Quotation of our additional +securities is in ASX's absolute discretion. ASX
may quote the +securities on any conditions it decides.
2 We warrant the following to ASX.
• The issue of the +securities to be quoted complies with the law and is not
for an illegal purpose.
• There is no reason why those +securities should not be granted +quotation.
• An offer of the +securities for sale within 12 months after their issue will
not require disclosure under section 707(3) or section 1012C(6) of the
Corporations Act.
Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty
• Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any +securities to be quoted and
that no-one has any right to return any +securities to be quoted under sections
737, 738 or 1016F of the Corporations Act at the time that we request that the
+securities be quoted.
• We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the +securities to be quoted, it has been
provided at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the
+securities to be quoted under section 1019B of the Corporations Act at the
time that we request that the +securities be quoted.
3 We will indemnify ASX to the fullest extent permitted by law in respect of
any claim, action or expense arising from or connected with any breach of the
warranties in this agreement.
4 We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before
+quotation of the +securities begins. We acknowledge that ASX is relying on the
information and documents. We warrant that they are (will be) true and
complete.
Sign here:
Date: 7 October 2009
Print name: Jane Flegg - Company Secretary
+ See chapter 19 for defined terms.
Appendix 3B Page 9
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