Reserves and Resources

Information on Reserves and Resources

As at 30 June 2017 (net to Range)

Reserves (Trinidad)  mmbbls
Proved (1P) 10.0
Proved plus probable (2P) 16.0
Proved plus probable plus possible (3P)    22.9
Resources (Trinidad) mmbbls
Contingent (2C best estimate) 8.1

Further Information

  • General Information

    • All estimates of petroleum reserves reported by Range are reviewed by a qualified petroleum reserves and resources evaluator.
    • Range reviews and updates its oil and gas reserves position on an annual basis and reports the updated estimates as of 30 June each year. Separately, Range reviews and updates its oil and gas reserves position as frequently as required by the magnitude of the petroleum reserves and changes indicated by new data.
    • Range’s Morne Diablo and South Quarry fields are operated under farm-out agreements, with rights to production net of Trinidad government royalties, overriding royalties, and production taxes. 
    • Range’s Beach Marcelle field is operated under the terms of an Incremental Production Service Contract, entitling Range to a defined portion of the future revenue stream. No oil and gas reserves are owned by Range.
    • The reserve figures (1P, 2P and 3P) include reserves associated with the Company’s Morne Diablo, South Quarry and Beach Marcelle licences in Trinidad.
    • Exploration prospects located below 11,000 feet on the three blocks (Morne Diablo, South Quarry, Beach Marcelle) were not included in any of the estimates. 
    • The St Mary's exploration licence was not included in any of the estimates. 
    • The evaluation was performed in accordance with the definitions and guidelines of the SPE Petroleum Resources Management System (SPE-PRMS).