RRDSL New Contract Award

RNS Number : 3061I

Range Resources Limited

21 March 2018

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

RRDSL NEW CONTRACT AWARD

Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is delighted to announce that Range Resources Drilling Services Limited ("RRDSL") has been successfully awarded a contract with Shell Trinidad Central Block Limited, a subsidiary of Royal Dutch Shell plc ("Shell"). 

The work scope under the contract initially consists of a one-well workover at Shell's operations onshore Trinidad. Rig 19 is on location and operations commenced on 19 March 2018, expected to take approximately 10 days.

Rig 19 is one of the four modern rigs which were purchased in 2015. The rig has a drilling capability of 1,000 metres. The rig can be used for both drilling and workover operations. To date, the rig has been used to drill the QUN 160 development well to a total depth of over 2,000 feet at the Morne Diablo field and completed nearly 30 workovers onshore Trinidad.

Yan Liu, Range's Chief Executive Officer, commented:

"We are extremely pleased to have secured a contract with one of the largest oil and gas companies in the world, which is a testament to the quality of RRDSL's services, HSSE standards, equipment and personnel. Since the acquisition of RRDSL in Q4 2017, we have embarked on an active marketing campaign which has resulted in the first successful contract award this year. 

We are also encouraged to see that the recent oil price recovery is having a favourable impact on activities in the sector. Having the benefit of one of the most efficient and modern rig fleets in the market, we are aiming to capitalise on this recovering market by securing further contract work and establishing a solid client base during 2018."

RRDSL overview

RRDSL is an established oilfield services provider based in Trinidad, with successful track record of operations of almost 15 years. RRDSL's assets are capable of supporting a wide variety of oilfield operations and benefit from one of the most modern rig fleets across the Caribbean, comprising 13 rigs and employing approximately 190 staff.  RRDSL currently provides services to three operators in Trinidad. Further information on RRDSL and its services can be found on the website: www.rangedrilling.com.

Contact details
Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager) e. [e-mail] t.   [phone]	Cantor Fitzgerald Europe (Nominated Adviser and Broker) David Porter / Nick Tulloch (Corporate Finance) t.   [phone]

Note relating to statutory disclosure of significant shareholdings

Statutory disclosure of significant shareholdings (as defined in the AIM Rules) is different for Australian companies and may not always ensure compliance with the requirements of Rule 17 of the Aim Rules.  All shareholders who are holding (directly or indirectly), 3% or more of the issued and outstanding Ordinary Shares are requested to notify the Company without delay of any changes to their holding which increase or decrease such holding through any single percentage. Likewise, shareholders who acquire 3% or more of the issued and outstanding Ordinary Shares are requested to notify the Company without delay.

 

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