Please note: Whilst every effort has been made to ensure the accuracy of this transcript please note that any errors and omissions are excepted.

This is a transcript of an exclusive Mining Maven podcast interview which is for information and educational purposes only and should not be considered as investment advice or a recommendation to buy shares in the company featured.

Today’s interview is with Pete Landau, Managing Director of Range Resources and was recorded on Tuesday 6 December 2011.

MM:      We’re here with Pete Landau, Managing Director of Range Resources.  Pete thanks for giving Mining Maven some of your time today.

PL: Always a pleasure Paul.

MM:      It’s been an interesting couple of years for Range Resources.  When we first started looking at the company, the share price was around 2p or 3p.  It rose to 25p and is now around 8.5p. How do you feel about the last couple of years?

PL: Well I know in the last couple of years, I think more importantly, it’s the last 6 months because operationally, Range has never been in the stronger position.  You’ve got the Texas and Trinidad Assets, I’ve always said they are an underpinner of Range and its share price, and with the recent P1 upgrade on Trinidad and already the success of Smith No.2, that underpin is larger and bigger than ever.  Clearly, we wouldn’t be human if we weren’t disappointed with the share price – we’re all devastated with the share price, but it is a factor of World markets and obviously, the lack of success with the first Georgian well but that’s the beauty of Range, we’ve still got a second well to go, we’ve got Puntland about to spud, we’ve got multi faceted projects on Trinidad and the fourth well in Texas. So again, whilst the share price is very disappointing, we’ve got a number of initiatives over the next few months to address that.  The key thing is that Range, operationally, is in the best position that it’s ever been.

MM:      When we go round at the moment and we’re talking with various people in the market, many of whom, have their head held in their hands, and we talk about the concept of value being one thing but share price being, in many cases, completely detached. We think that is potentially the case here.  Now, what we wanted to do very quickly today is just run through the business and let’s take away all this market sentiment, negativity and all the problems out there in the world, and let’s look at the company in isolation and say “right, what do you have”.  Now you started a few years ago and one of the early assets you brought in, certainly for the last couple of years, has been Texas.  Can you tell us where you are with Texas?

PL: With Texas obviously we’ve still got two operational wells, with each of those wells doing 3-3.5mms and 3-400 barrels a day, so the way to look at each well in Texas net net to Range is around US$2 million per year, net of everything, but more importantly, the key events in Texas are the next two wells, the Smith No.2 which has just come in, has basically performed exactly as we wanted it to perform. It was looking at 130ft of pay which is equivalent to the Smith No.1, so Smith No.2 has delivered exactly what it wanted to deliver and now, more importantly, the Albrecht well and the key feature of the Albrecht well is that, if successful, and we think there is a strong chance that it is, most of Range’s P3 reserves will move into the P1 and P2 category.  Now the importance of that is, you’re looking at banking reserves in the US, especially in Texas, they will only look at P1 and P2, and we have got our independent reserve report which, assuming Albrecht moves most of those P3 into P1 and P2, that will give us around 12-15 million barrels of oil and oil equivalent, which is quite important.  Anyone will value an in ground barrel in Texas at between $10-20, in ground.  So that gives people an indication of the value.  We have our PV10 discounted cashflow model at $248 million.  So all in all, the significance of the Albrecht well shouldn’t be underestimated, because of the fact that most of those P3s, because it does establish that on the south eastern flank, the reserve extension will be proven up with that fourth well.  I think it spuds next week, and shouldn’t take more than 4-5 weeks and as I said, if it does come in, we’re are then looking at that 12-15 million barrel P1 and P2 oil or equivalent.  One thing people may or may not know with Texas, is our gas people might think Henry Hub has come off and gas at $3-$3.50, it’s important to understand that, because with our gas, we get a high level of condensate, our gas sells for about a 70% premium to Henry Hub’s.  So again, that is why our P1 and P2s are quite valuable, because it’s not a standard NCF, it’s a $6-$7 NCF and obviously, oil is oil.

MM:      Great.  So if we assume success in the next well, what does that mean in terms of your strategic decision making for Texas?

PL: We’ve always said that Texas, the North Chapman Field, has always been capable of developing 25-30 wells and it’s not our play, we’ve always said that once we’ve got P1/P2s established across the field, we’re definitely interested in disposing of the asset.  We’ve already had approaches from two or three groups.  Realistically, in this market, maybe with a bit more improved conditions, Q2 we’re definitely going to be looking at disposing of our interests.  We think a realistic price is between the $100-$150 million mark, and as we’ve also always said, and apologies for moving in a more strategic direction, Range isn’t about to then go and buy $100-$150 million dollar asset.  We’re looking at always returning on this one, about 50% of that to shareholders by way of capital return or other tax effective mechanism, and then the remainder would be used for existing projects and it is important to note that Trinidad was such a unique asset which, obviously, we’ll talk about later, but we don’t want to go out there and buy as many assets as possible, we really like the assets we’ve got.  Trinidad itself can support multiple developments on a number of fronts.  Obviously, Georgia and Puntland come in, there will be developments there and we can talk about one potential other opportunity.  So the Range stable in terms of our projects is pretty well set and so we’re looking for the disposable asset in that Range and as I said, half back to shareholders and half into existing projects.  Timing at the start of the process, assuming Albrecht comes in Q2, hopefully finalised Q2/Q3.

MM:      Given the success you’ve had with your Texas investment, originally which was quite small, I think about $1 million for the well in the early days, would it not be better to keep the cash in the business and continue to invest?

PL: Well it’s an interesting one, the Texas opportunity came about, I mean we’re in the middle of a global financial crisis, it was one of those opportunities where we knew some people, someone pulled out of a well and we had 24 hours to commit $1 million.  Those sort of opportunities don’t come about all that often so reinvesting is one thing but at the end of the day, you’ve got to establish your track record of building value, creating value and delivering value and clearly, if the share market itself is struggling with the share price, and the only other way you can start to deliver real value is obviously in the form of distributions.  Trinidad, also we think in 2-3 years’ time will be able to sustain potential significant distributions to shareholders.  I think we need to get the runs on the board in 2012 and clearly, if we have and all the assets are delivering, we can then start looking at potential reinvestment opportunities, but you don’t want shareholders thinking that every time we run into significant amounts of cash, that we’re just going to reload and have to go through that value appreciation process all over again.  We think we definitely have to deliver either a significantly higher share price or capital/dividend returns.

MM:      You mentioned Trinidad before.  Can we just go back to when you first became involved with Trinidad?  What attracted you to the project?

PL: What attracted us was the nature of the deal itself and anyone who thinks deals are easy, the best deals you do are the hard deals.  What attracted us to Trinidad, it was held by two individuals out of the United States who had been warring in multiple litigations, not over the Trinidad asset, but amongst themselves and spent on these assets for at least 3-4 years.  Despite the fact that there is over 270 well locations, they’re rarer structures, there’s water flood programs – all they basically gave the project manager down there, we want to take as much cash out of this as possible and you need to spend as little as possible on development.  So for me, that’s automatically one of the great reasons for going into the deal.  Other factors about the deal was Trinidad itself, no one argues its 8 miles off the coast of Venezuela, it’s part of the Orinoco Basin, 70% of its GDP comes from oil and gas, it’s got its own refinery Petrotrin will pick your oil up at FOT so monetising oil in Trinidad, so it’s obviously, country, environment, established oil and gas, but as I said, the greatest excitement for us was it was just so undeveloped based on the potential there and the fact that it hadn’t really been touched for 4 years and even now, we’re only scraping the surface of the potential of what Trinidad has to offer.

MM:      And you walked into that project and there was already capital equipment there and you’ve added another rig and lots of extra staff and you’re really starting to motor.

PL: Again, that was one of the other attractions: we are completely self sufficient, other than your drilling inventory of mud or things like that but in terms of equipment, workshop, fabrication, electrical, five rigs, 3 work overs, swab rig, pipe, production, storage tanks, everything which means every well we drill and maintain, we’re probably doing it at about half the cost as if we were going to use a contractor, so that obviously, when you can control your destiny both in terms of development timetables and again, it was a big attraction for us.

MM:      If we take say, the next 3-6 months, what can investors expect in terms of news flow and developments from Trinidad?

PL: We’ve got a 21 well program, which basically is in line to increase current production from around the 600 level to 1400-1800 barrels a day and we have said it, that we are on track to meet that.  Now I know that some shareholders were disappointed with our first two wells that we drilled being a 25 barrel a day well and that’s probably our fault, because if you look at the program, that’s exactly what we expected.  These were 1,000ft wells where there is no pressure – they were infill replacement wells, so none of those wells we expected to do anything but the 25 barrels a day.  Already, so we’re doing 12 of those, which will be anywhere from 15-30, we have 6 wells at around 2,000ft.  Now those ones attaining production of 50-100 barrels, already that first well of the 2,000ft has come on under natural pressure at around 80-85 barrels a day and that’s on a limited choke so increasing that choke we think they can get up to 120 barrels a day comfortably.  And as I said, we’ve got 6 of those types of wells and then more importantly we’ve got 3 6,500ft wells and they can come on anywhere between 100-200 barrels a day.  We’re about to spud the first 6,500ft, I think its next week, once it gets certified by Petrotrin.  Again, it’s very important to understand when we do state in those announcements we’re on track to meet that increase, we are absolutely on track to be at that level 1400-1800 barrel a day level.  We won’t have all 21 done by the end of the year.  A realistic timeframe now for the 21 will probably be at the end of February.  In the scheme of things, the fact that it’s a 24 hour operation, you’ve got three independent rig crews working split shifts on those wells so we’re definitely on track with that increase.  Other things in the next 3-6 months, we’ve got the reinterpretation of the Herrera 3D seismic data.  Again, very important because it will give actual volumetrics of each of our Herrera structures.  We think we’ve got at least 10 Herreras on our blocks and we are looking at anywhere from 5-25 million barrels recoverable per Herrera structure.  So obviously, we need to get that 3D seismic reinterpretation should be done end of the year, very early January but it will provide volumetrics.  That’s very important because currently, we’ve got 15 million of P1, 6-7million P2/P3 and 20 million of prospective.  None of that prospective includes any Herrera inventory, so looking at it, that potentially could increase the Herrera inventory from 100-150 million recoverable barrels.  So again, a very significant event for us in January.  Over and above that, the recent announcement with regard to the water flood which to us, is incredibly significant because we now have 12 million barrels of reserve with no exploration risk to basically extract by water flood, we’ll commence development, we’ll put all the approvals in, so looking to commence development around March and within 12 months of commencing development, again, we can then be at, just on the water flood, at between 3-3,500 barrels a day.  Also, importantly on the water flood the economics of the water flood is very similar to the other stuff in terms of net net net back to Range, after taxes and royalties, around that $20 per barrel mark, based on $90 WTI.  So you’ve got water flood, the Morne Diablo farm out, the Herrera, the potential to get the rights to the Upper Cretaceous and they’re with Petrotrin, obviously we think we’re well placed but we haven’t got them yet so we’ll be looking to get those rights and when we do drill a Herrera, and when we’re looking, we’re definitely looking at drilling that first Herrera Q1, hopefully be able to go through the Herrera to the deep Upper Cretaceous as well but we’re not there yet, but on the Herrera we’ll definitely be drilling one Herrera well.  So very busy times permanently in Trinidad and in the next 3 months in particular.

MM:      Turning to Georgia, that’s an interesting story, certainly with recent developments.  Can you summarise an overview what has happened with the first drill.

PL: You’re probably being kind, I think disappointing is the word because we’re all disappointed by it because we’re not going to say that a market was a technical success because it wasn’t.  There were a number of factors that happened, we were drilling away, we hit what was potentially basement far earlier than anyone anticipated.  Just so your listeners can understand, there was an old well drilled 7km to the south west of this well that was a commercial well, that hit its target at 2,200m so no one anticipated this basement thrust complex that came up.  The interpretation of it isn’t always going to be there and people will look at it and re-look at it but in retrospect, everything is always easy.  It wasn’t anticipated, none of the previous geology in the region had even looked at this potential zone even coming into being at that 1200-1300m level.  So, where do we go from here?  With that well, our first thought was to drill through, but the problem we faced was we started to look at a drilling rate of 80cm an hour and at the end of the day, if we kept drilling, we would have missed the opportunity to drill the next well, so we couldn’t afford losing that opportunity, so we did the VSP, it does show that the well should not be plugged and abandoned, which is important, not that we’re saying that its anything to sing home about, but it’s not a plug and abandonment, because there are clear indications from the VSP that with additional seismic, there is sidetrack potential of this well to basically go around the basement complex, and move into where we always thought the zones were.  So the procedure there is we are going to do some seismic on Block 6b and during that program, Q2/Q3 next year, we’ll do two additional lines of the Mukhiani well and then after the reinterpretation of those, potentially look to re enter the well and side track.  So we always like our first well to be a success, it wasn’t, and for us, the Georgian potential hasn’t changed at all so now we move on to the Kursebi 2 and again, important to understand that it is a completely different geological setting so everything we found and encountered in Varni 3 both positive and negative, either fortunately or unfortunately, depending on which way you look at it, will have no impact whatsoever on this second well because we’re testing a different structure.  So we will probably look to mobilise in the next week, site prep 3-4 weeks so spud very very early in the New Year, so that’s the timing and remembering Kesebi 2, volumetrics about the same as Varni 3, 150 million barrels in place, around 30%-35% recovery.  So Georgia was never going to be a one well wonder, we’re hoping it to be, but we’re committed to Georgia, nothing has changed and we look forward to drilling the second well.

MM:      And in terms of the drilling of the second well, what is the time period expected?

PL: I think it has pulled to 3500-3800m, so assuming we don’t hit that lovely granite that we had to encounter in the Varni or the Mukiani well, it’s around a 45-55 day TD.

MM:      And newsflow to market over that period, will you be providing regular updates?

PL: Absolutely.

MM:      Given the operational difficulties on the first drill, how is the budget standing up?

PL: Not as pretty as one would like, if you’re looking at it in percentage terms, we’re probably about 10-15% over on the first well, which no one likes to see.  We had brought in a new team to improve a number of inefficiencies on the second well, which we all learned from the first, so we were $2-$3 million over on the first, given what we encountered on the granite, but at the end of the day, it will peg about 25%-30% of that back on the second well with the new guys we’ve got involved and all the inventory that we didn’t use, obviously going to TD on the first well, we can obviously apply to the second well, so the second well will be at least 10%-15% cheaper on the AFE because of the inventory left over, so it’s gone out a bit but it’s not significant in the big picture.

MM:      Speaking of first drills, Puntland, this is something that most investors are eagerly awaiting and it seems it is upon us quite shortly.  Can you give us an update on Puntland please?

PL: Yes, for those listeners who know my background, Puntland is very dear and near to my heart, having been involved from the start, so barring any Al-Shabab terrorist attack, which to me is the only small risk that faces at the minute, we are looking at spudding this well through Horn Petroleum at the base there at the end of the year.  The cap is 80% complete, there is an airstrip there, the water construction dams, the berm.  There is a presentation that we put on the website today if shareholders would like to have a look at some of the photos of the Puntland operations.  It’s the last well drilled in Somalia in 1991 so it’s pretty significant event and at this point in time, we are on track to spud end of the year so reminding everyone that it’s a billion barrel in place target, potential 330-350 recoverable, that will be back to back wells and, like everyone, it’s incredibly exciting because of the significance, not only of the well itself, but for the region.  A lot of people always said it was impossible to operate in Puntland.  A 2D seismic program was completed and we think we’ll get a back to back well program completed so very exciting times for us and we are on track with regard to that timetable.

MM:      This is, obviously, is a monumental occasion for the area.  What is the feeling amongst the Puntland senior officials and ministers?

PL: Again, the point to know of any oil production development, the Puntland government takes, off the top royalty profit share of around 55%, so there is an enormous incentivisation to make this work so we’ve had great assistant from the Puntland government and the local clans and, as I said, the only real risk factor to this project doesn’t come from the locals or from the government, but from the Al-Shabab terrorist organisation who operate throughout Somalia, Ethiopia and Kenya but we think from a security perspective, we are managing very well, there have been no incidents in the three month lead up to this.  Everyone knows what a successful well will do to the region and the potential size of any development so all anyone can ask is let’s get the wells drilled and let’s see where we get to.

MM:      And in parallel with your exploration and drilling work to come, you have also started the social programs in the area?

PL: It goes without saying, Horn Petroleum is our operator.  We’ve always done a few social programs ourselves when we had the assets with regard to both, water wells is always one of the ones that you do, given the region.  Horn Petroleum has been excellent both with health and education.  We are looking at some youth fitness programs as well that Range in Nugal.  It’s actually not a cost of doing business, it’s an obligation of doing business.  The only issue you have got is manage how much to do, because obviously in an area like Puntland, you can be going on and on because they are in such desperate need of assistance at all levels, and I think by demonstrating that it is a safe and effective place to operate in, you will hopefully then draw more support and attention to assisting with Puntland and its redevelopment.

MM:      So the first drill is targeting 300 million barrels, recoverable.  If you look across the licence areas in total, what is the potential oil in place?

PL: No one is arguing geologically that both the Dharoor and Nugal Basins are replicas of the Yemeni Basins found by Hunt in the early 80s so there has been a couple of independent reports done on it.  The potential in Dharoor is around the 5 billion barrel in place mark for the Dharoor acreage, the Nugal is actually bigger.  The potential for Nugal is anywhere from the 8-10 billion barrels.  That’s why we’re all there.  No one has ever geologically questioned that this is serious serious elephant country – it’s all about execution and its success as opposed to potential because no one has ever questioned the potential of the multi billion barrel fields of Puntland.

MM:      This project now must be taking up quite an amount of your time.  How do you manage it?

PL: Understand we are not the operator in Puntland.  We’d like to think we put in the significant hard yards in ’05, ’06 and ’07 to allow someone to come in and operate effectively.  Obviously, we kept the relationships with the Puntland government, we still do have an office in Bosaso, but I definitely don’t want to underestimate the fact that Horn Petroleum are operator, they are doing a fantastic job, truly, Dave Grillman, Keith Hill, so it’s their project, all we are there for is to assist them in any way possible.  Given we have been there for a longer period of time, we do assist with some things but at the end of the day, it’s their project and they are managing it very well.

MM:      That’s great.  If we go down an optimistic pathway, and we’re private investors too, so it’s worth asking the question: If you find oil, find what you’re looking for, what then happens?

PL: I think what happens is that we then expedite a development program in Puntland.  I think what is important to understand is that it’s so easy for people to say “well, war starts”, which is the furthest from the truth, because what people want to happen is to see significant capital development in the country.  So what happens is there becomes a development drilling program, a 3D seismic program.  Production isn’t going to immediately start and it’s not about cash flow to Range if we have a discovery.  It is about either, the potential for a serious take out and the logical groups still are probably from the US or the Chinese, at this point in time, given our previous discussions on that and the strategic importance of the Horn of Africa.  Either there will be a take out at that point in time or there will be the standard oil exploration, advanced stage development, infill drilling, as I said, 3D seismic, so it won’t be immediate production, but again, it will transform the area with the amount of capital that will start to be invested in the region.

MM:      And the discovery of oil in this well, does that provide you with information that you can then translate on to other prospects?

PL: Clearly, it does in the Dharoor Valley, absolutely.  Do understand that even if you don’t discover oil because the last wells drilled in Dharoor in the 50s, so no matter what, this well is of immense technical importance because you will learn so much more about the rocks and the source rocks and potential trap structures by drilling this well.  Similarly, to Georgia, the fact that if we don’t find oil on this first well, should never be seen as a failure because in any history of oil exploration, even at the best, these tops are targets 1 in 4, 1 in 5, and whilst I would love to say, flip of the coin, 50/50, its not, but we’d all like to think its Puntland and hopefully the oil gods will be on our side.

MM:      Staying on Puntland, perhaps moving offshore, there has been a lot of speculation, particularly with Marauder Resources, listed on the TSX, in their recent announcement about what is happening with offshore Puntland.  Can you give us an update there?

PL: Marauder has entered into a MOU with the government and Range.  It is subject to some conditions precedent that clearly needs to be finalised before any formal announcement from our side can happen, but we think it’s fantastic for the region.  You have got another listed vehicle who wants to invest into Puntland, so we are fully supportive of Marauder.  On the offshore, you’re looking at Marauder financing a seismic program, and obviously Range having a carried interest through to completion of that seismic program, we obviously need to finalise details but that will be the general structure of two offshore blocks.  Then they are also looking at potentially drilling a well in the East Nugal region which comprises some of the areas that were previously relinquished by us and Africa Oil, and potentially, and again, this is where its subject to negotiation and potentially, some of the existing East Nugal acreage, and these things need to be finalised but again, we will continually support anyone who wants to work with the Puntland government and put capital development into oil exploration and development in Puntland so hopefully, everyone will be in a position to formally announce something in the coming weeks.  It’s all very constructive today and again, it will be an added benefit for both Range and Puntland.

MM:      When you did these interviews a couple of years ago, there were a smaller number of assets and the company seems to be bolting on additional assets as it goes.  Are there any plans to add anything else to the portfolio?

PL: There are.  I’d like to think that a lot of additional value is coming from the development of the existing assets.  I’ve said it before, there’s probably only one other project that we are extensively looking at.  Timing is obviously playing a part with the current market.  It’s probably not as appropriate to plough forward with it but we are definitely looking onshore Colombia.  We had hoped to be in a position early in the New Year with regards to announcing something that is final but it’s a region where we think offers a lot of synergies with our Texas and Trinidad operations.  It’s well known by a lot of our executive management and technical team and there are some magnificent on shore opportunities in Colombia, so you asked previously about where we’d be if we sold the Texas assets.  That’s probably one we’d look to do.  We’re not there yet, but we’d definitely look to do it, but other than that, we’re very comfortable with our exploration and development program for 2012.

MM:      If we then move forward to the end of 2012, 12 months hence.  Where would you like to see the company?

PL: Where I’d like to see it and reality may well be two different things, so I think the best way to answer it is realistically, “where will we be?” because I think that’s the question people want answered, so realistically, let’s look at Texas:  We think Albrecht’s got a very big chance of coming in, so realistically most of our Texas reserves will be P1 and P2, whether they have been sold or not, we don’t know, but that valuation of 100-150 is going to stick, so that is on Texas, but we do think it’s a strong chance of being sold.  Trinidad is the one that we are going to go full steam ahead on, not just next year, but the year after and the year after, so what can we hope to achieve in 2012 in Trinidad?  Obviously, by the end of the year that the water floods successfully online in the Beach Marcelle project, that we have drilled probably over 21 current and then at least another 40, if not, 50 on Morne Diablo; the Herrera, we really hope to have at least drilled three Herreras next year and obviously, had success on any one of them.  So it’s a monumental year for us with Trinidad on those three programs alone.  Georgia: we hope to have completed the second well.  Whether or not it’s going to be a success, obviously, we all know the risks involved, but will definitely would have completed, and let’s hope that it is a success.  We would have completed a seismic program on Block 6B that’s going to identify, not only firm up on some exploration targets on 6B, but also look at the shale gas potential of 6B which has been identified as one of the most prospective areas in Georgia.  We wouldn’t develop shale gas ourselves in Range, but we would definitely invite potential farming partners if the seismic program delivers on what we hope it will deliver on shale gas potential, we will then look to get farming partners in Georgia on the shale, as well as drilling those lines on Mukhiani.  Then on Puntland:  successfully completed two wells in Dharoor and potentially a third well in East Nugal.

MM:      Fantastic.  All of this is included in a presentation that listeners can go and have a look at that is on the website?

PL: Absolutely.  We gave a shareholder update in London last night, so that’s Monday 5 December, so that presentation is available on the website.  I would encourage everyone to have a look at it because pictures do definitely add to getting a comprehension of what we’re talking about, especially the photos on Puntland and also a lot of the diagrams on Trinidad which will help people understand some of the things that I’m talking about.

MM:      We will also put a link to that presentation on the Mining Maven site.  All that remains is for me to thank you for your time today and we’ll be following the story closely in 2012.

PL: Thanks Paul.  Always appreciate the opportunity

Link to: Latest Investor Presentation

http://www.rangeresources.com.au/fileadmin/user_upload/asx/612Company_Presentation.pdf

Please note: Whilst every effort has been made to ensure the accuracy of this transcript please note that any errors and omissions are excepted.

Copyright © MiningMaven 2011

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