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  • Range Resources Broker Research: Beaufort Securities Retains Speculative Buy  0 comments
    Oct 2, 2013 10:15 PM

    Range Resources' (ASX: RRS, AIM: RRL) has received a research note from Uk broker, Beaufort Securities:

    Yesterday, Range Resources made a reference to Citation's Resources announcement about the Guatemala project. The operator, Latin American Resources, completed its second sales contract and delivered more than 3,500 barrels to Perenco Guatemala.

    The completed sales for August and September month stood over 9,000 barrels with net revenue of about US$65/barrel. Atzam #4 well produced continuously throughout September with a well head pressure of +300 psi on highly restricted choke of (12/64 inch) and no water.

    The 2C contingent resources of 20 million barrels (mmbbl) at Atzam #4 were under review after the recent success at the well. Drilling on the Atzam #5 well is likely to commence in October, wherein the drilling pad construction and spudding was delayed due to September's heavy rainfall.

    Range plans to evaluate and test the unexplored salt dome and anticline structures in the coming year. Range has 32% direct and indirect interest in the Guatemalan project.

    Harry Stevenson, Research Analyst, commented: "The recent progress of commercial activities at one of the key projects of Range Resources further strengthens its exploration and developmental track record.

    "The company has delivered a bout of good news in recent months. The 3P resources at company's licenses onshore Trinidad recorded a 29% jump. The new fiscal incentives for Trinidad and Tobago are likely to result in a higher scale of operations and accelerated speed of exploration and development activities.

    "The start of drilling for Atzam #5 well in the near future and ongoing strong production updates from the Atzam #4 well highlight the overall productivity of the Atzam region, which is expected to be enhanced even further through the upcoming evaluation and testing of the unexplored salt dome and anticline structures.

    "Considering its future growth prospects, we retain our Speculative Buy rating for the stock."

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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