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Old Park Lane Capital raises A$10 million for Range Resources

Old Park Lane Capital Plc (OPL) has raised up to A$10m for dual AiM/ASX listed oil and gas producer/ explorer Range Resources Ltd.

After successfully placing stock in January at 2.9p OPL placed stock at a premium of 30% to that price in June. OPL placed stock with its own in house ultra high net worth investors and institutions.

OPL initiated coverage of West Perth-based Range Resources praising its “highly attractive spread of exposure” to frontier exploration and stating that the value of just one of its wells alone underpinned the current market value of the company.

The broker said that the exposure to frontier exploration was balanced out by low risk assets that were already in production.

Old Park Lane Capital Plc was founded in 2007 by Michael Parnes, a private city broker and institutional salesman. OPL performs the Nominated Broker function for companies that are quoted, or seeking admission and or dual admission to the AIM and or LSE full list.

Range Resources’ principal activity is directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia; the Republic of Georgia and onshore Texas, US.

In June 2010, Range Resources acquired a 13.5% interest in roughly 1,570 gross acres encompassing a recent oil discovery located in Red River County, Texas, for US$254,000.

Development of the shallow oil reservoir in the Cotton Valley formation is expected to begin in July with the drilling of a horizontal appraisal well in the field, where gross recoverable reserves could of between 4 to 6 million barrels of oil.

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