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TEXAS RNS..
Range Resources LTD
Texas Reserves Upgrade
8 June 2012
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
TEXAS RESERVES UPGRADE
Highlights
- Range's net attributable interest * in Proved Reserves increase
by 54-57%
- Range's net attributable interest * in Probable Reserves
increased by 16-20%
* net of government and overriding royalties
Range Resources Limited ("Range" or "the Company") is pleased to announce a
significant increase in Proved (P1) and Probable (P2), reserves for the North
Chapman Ranch Project, in which Range holds a 20-25% interest.
The Company engaged leading Independent Petroleum Consultants
Forrest A. Garb and Associates ("Forrest Garb") to complete a review of the
North Chapman Ranch reserves following the successful completion of the Smith
#2 and Albrecht wells that has seen a significant reclassification of the
previous Possible (P3) reserves into the Proved (P1) and Probable (P2)
categories.
Set out below is a comparison of the gross reserves (100% basis)
for the Company's North Chapman Ranch asset between the previous reserve
update in December 2011 and the current gross reserves update for June 2012.
Category Oil Natural Gas Natural Gas Liquids
(MMbbls) (Bcf) (MMBbls)
Dec Jun %age Dec Jun %age Dec Jun %age
`11 `12 Mvmt `11 `12 Mvmt `11 `12 Mvmt
Proved (P1) 5.1 8.4 +64% 64.3 106.0 +65% 5.0 8.0 +60%
Probable (P2) 3.7 4.4 +19% 48.6 56.7 +17% 3.8 4.4 +16%
Possible (P3) 9.9 5.0 -50% 129.6 64.8 -50% 10.1 5.1 -50%
Total Reserves 18.7 17.8 242.5 227.5 18.9 17.5
Set out below is the comparison between June 2012 and December 2011
of Range's attributable interest in the net reserves on the Company's North
Chapman Ranch asset which is net of government and overriding royalties and
represents Range's economic interests in its development and production assets
as classified in the report from Forest Garb.
Category Oil Natural Gas Natural Gas Liquids
(MMbbls) (Bcf) (MMBbls)
Dec Jun %age Dec Jun %age Dec Jun %age
`11 `12 Mvmt `11 `12 Mvmt `11 `12 Mvmt
Proved (P1) 0.7 1.1 +57% 7.6 11.7 +54% 0.7 1.1 +57%
Probable (P2) 0.5 0.6 +20% 5.5 6.4 +16% 0.5 0.6 +16%
Possible (P3) 1.3 0.7 -46% 14.6 7.3 -50% 1.3 0.7 -46%
Total Reserves 2.5 2.4 27.7 25.4 2.5 2.4
Based on the reserve numbers cited above, Forrest Garb's estimated
net undiscounted cash flow value to Range for Proved (P1), Probable (P2) and
Possible (P3), along with discounted cash flow (at a 10% discount rate)
valuation based on the Nymex forward strip prices reported on 7 March 2012
following reductions for royalties, opex, capex, production taxes etc is as
follows:
Nymex Forward Strip Nymex Forward Strip
Price at Price at
1 October 2011 7 March 2012
Category Undiscounted PV10 Undiscounted PV10
US$'m US$'m US$'m US$'m
Proved (P1) 116 67 165 93
Probable (P2) 86 43 89 39
Possible (P3) 246 95 102 37
Total 448 205 356 169
The Company notes that the valuation of the Company's interest in the Proved
and Probable Reserves has not increased to the same extent of the actual
percentage increase in physical volumes, which is primarily related to the
significant reduction in the futures gas price since the previous report.
With the drilling of the Smith #2 and Albrecht #1 wells, gross current average
production from the field increased to approximately 4.5 MMcfd and 394 Bopd.
With the field having now been largely appraised and value demonstrated, the
Company has commenced with the sale of its North Chapman Ranch interests
targeting completion in Q3 2012 so that it can focus its capital on higher
value adding opportunities in its portfolio. Any such divestiture decision
will be based on market conditions and the ability to achieve a sales price
that appropriately reflects the value of the project interest.
East Texas Cotton Valley
Work also continues in the Company's East Texas Cotton Valley project area,
where additional sections of the Ross 3H horizontal well were recently
fracture stimulated and are currently unloading frac fluids. With
approximately 5000 barrels of load left to recover, the well has already
yielded early indications of oil saturation, consistent with strong oil shows
recorded during drilling.
If successful, the Ross 3H well is expected to form the basis of a new
horizontal development of the shallow oil reservoir within the Cotton Valley
formation. The project is considered to be analogous to the neighbouring
Clarksville Field, which is expected to ultimately produce more than 7 million
barrels of oil.
Added Peter Landau, Range's Executive Director, "We are extremely pleased with
the recent results from our Texas drilling programs, which has confirmed what
the Company had strived to do in increasing shareholder value through the
increase in the Company's share of Proved and Probable reserves from the North
Chapman Ranch Project. This now paves the way for the Company to commence
divestment of the Company's interest in the project during Q3 2012. The sales
prices of similar production assets in the region have been encouraging, and
any such divestment will provide significant funding that could be applied to
Range's current activities and other possible corporate initiatives such as an
on market share buy back."
The Company looks forward to providing operational updates for Trinidad and
Colombia next week.
Yours faithfully
Peter Landau
Executive Director
PUNTLAND SPUD
HORN PETROLEUM SPUDS SHABEEL NORTH WELL
IN PUNTLAND, SOMALIA
Vancouver, British Columbia, June 5, 2012 - Horn Petroleum Corporation ("Horn Petroleum" or the "Corporation") is pleased to announce the commencement of drilling operations on the Shabeel North well in Puntland, Somalia, the second well in the current drilling campaign.
The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel well 3.5 kilometers to the south. Petrophysical analysis of downhole electrical logs in the Shabeel well indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an average porosity of 18 to 20%. It is planned to bring the rig back to the Shabeel location to test these sands to confirm their ability to flow oil once the drilling of the Shabeel North well is completed. The planned TD of the Shabeel North well is 2400 meters and drilling is expected to take 45 to 60 days to complete.
Horn Petroleum President and CEO David Grellman stated, "The Shabeel North well will test the same reservoirs that appear to be oil bearing in the nearby Shabeel well. We would expect similar or better reservoir thickness and quality as we move deeper into the basin. The results of this well should help us confirm the extent of the petroleum system in the basin and, if successful, would be another step towards proving the economic potential of the basin."
The well is being operated by Horn Petroleum which holds a 60% working interest in the Dharoor and Nugaal Valley Production Sharing Agreements ("PSA's") along with working interest partners Range Resources (20%) and Red Emperor (20%). Africa Oil Corp. holds an equity interest in Horn Petroleum of approximately 51%.
Horn Petroleum Corporation is a Canadian oil and gas company with assets in Puntland, Somalia. The Corporation holds a 60% interest and operatorship in the Dharoor and Nugaal blocks encompassing a Jurassic Rift Basin on trend and analogous to the large oil fields in Yemen. The Corporation's shares are listed on the TSX Venture Exchange under the symbol "HRN".
ON BEHALF OF THE BOARD
"David Grellman"
President and CE
Tumbleweed....
Everyone has left Range for greener pastures.
http://www.usoil.us/
SPIN OFF??
Range to spin off Somalia assets
BY:PAUL GARVEY From:The Australian May 31, 2012 12:00AM
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Range Resources chief executive Peter Landau says the spin-off will shift attention to the company's other assets. Picture: Marie Nirme Source: The Australian
THE Australian market's affair with the controversial Somalia exploration assets of Range Resources looks set to come to an end as the company prepares a spin-off of the projects on to London's AIM board.
Speaking to The Australian at the ASX Small to Mid Caps conference in Hong Kong, Range executive director Peter Landau said the spin-off would help focus attention on the company's other assets in Trinidad and Colombia.
Range became one of the first Western companies to move into Somalia, in 2005.
The company's efforts to operate in the war-torn nation have regularly attracted controversy, with the local authorities at one point accused of being linked to piracy in the region. Range's perseverance resulted in the company and its joint venture partners this year drilling the first exploration well in the country for more than 20 years.
But with production from Range's Trinidad oil fields continuing to grow, Mr Landau said a spin-off of the Somalia interests would allow the market to provide more uncluttered valuations of the assets.
"What we've seen is Trinidad doesn't get valued because all the punters trade Range on Puntland. So let's take Puntland out, give (Range investors) the free stock, and have a separate AIM-listed stock," he said.
Range's joint-venture partners in Somalia, Horn Petroleum and Red Emperor Resources, are covering the company's share of costs in the first two exploration wells.
The first well this year intersected oil-bearing sands, but it remains to be seen whether the reservoir is capable of flowing oil at commercial rates.
Drilling of the second well is to begin soon.
Away from Somalia, Range is focusing on lifting production in Trinidad from about 800 barrels of oil a day to about 2500 by the end of the year, a lift that would see the company generating about $30 million in free cashflow.
"Trinidad is always going to be the focus. It's got 15 million barrels of (proven reserves), so we can't spend the money quick enough," Mr Landau said.
"Every time we put another well in we're getting between 50 and 100 barrels a day.
"These wells are paying back in two to three months, and they'll keep going for 20 years."
Range is also set to shortly begin a sale of its oil and gas assets in Texas, which Mr Landau said should fetch about $50m to $70m in the current market.
The proceeds from that sale would be invested into Range's recently acquired acreage in Colombia. Range has the right to earn a 65 per cent interest from two licences in the Putumayo basin
Lodgement of Open Briefing Puntland
http://www.investegate.co.uk/Article.aspx?id=20120518075044PCFE3
Fox Davies update on RMP relevant to Range:
http://www.fox-davies.com/media/31209/rmplnflashnote170512.pdf
courtesy of SaharaTraveller from World Stocks - well respected poster and geologist.
First see what Reuters reported. Commercial by horn.
I just had a look as well at DNO blocks in yemen,. Guess what? Same depths of the wells where we hit, same as masila, same as sepoc, same as Hannah hunt, only small percentage of wells are over 3000 meters. However, these short depths produce massively and for past 25 years.
For those that asked for calculation, column height x length x width x porosity. That is a simple oip but of course other factors kick in.
So assuming their 3D graph field layout in presentation we have 20m x 10000m x 2000= 1.257 billion barrels of oil equivalent. Look at the yellow circles Not so bad.
People thought that shabeel north spud was at 10km. But if you look at the seismic, it is actually much less than that. It is actually just at the edge of the shabeel 1 bounded fault. Shabeel 1 is dipped, while shabeel north will be shallower based on findings. Looks like a 2bn if 20m also as length and width are more.
So don't under estimate that 20m if porosity comes good.
Not the result we wanted but not the end of the world:
http://www.investegate.co.uk/Article.aspx?id=20120517132052PE975
Range is still massively undervalued on Texas and Trinidad alone. Colombia should also come into play soon.
Straight from the big man himself Puntland news today/tomorrow
"will be an update today or tomorrow - I keep saying people have underestimated the jessoma net pay alone - daroor hasn't had a well for 40 years and first one we strike a juicy net pay zone and an active system"
Thank you K. You sure find some good stuff.
b4
Oil from Puntland
Its President Abdirahman Mohamed Mohamud Farolez on Wednesday held talks in New Delhi on the recent find in Puntland of large quantity of oil.
http://www.thehindu.com/news/national/article3426317.ece
Extreme Investing
Excellent Article on Range Resources
http://nextoilrush.com/index.php/extreme-investing-not-for-everyone/
New May Africa OIl Presentation
http://www.africaoilcorp.com/i/pdf/AOI_May_2012.pdf
"Two wells with significant oil shows"...
Check slide 24!
Notice the oil mark at our primary.
BUY BUY BUY
from iii
Peter Landau email - questioned regarding Puntland progress.
--
We've had Georgia, so Colombia & Texas next.
Colombia is going to blow people away when the details are released. It really is a cracking asset with massive potential.
Also a Trinidad update is due next week. News from Puntland is in Horn's hands.
ADRs suck true, not real liquid. We have had some action in the OTC shares. Just have to wait on the Punty news and maybe Texas sale. Welcome aboard.
b4
re USA, ever since it became an ADr, been unable to buy !
Been here before the dinosaurs fossilized Kiyomatsu! It is not lack of interest!
Puntland Update from Horn Soon...
AOI's spokesperson Robert Eriksson says that an update from their Kenya drill will be coming next week. When asked the question about Puntland, he answers that it is impossible to say which one will come first.
Therefore a Puntland update is likely soon.
http://di.se/Default.aspx?pid=266490__ArticlePageProvider&epslanguage=sv
Please note the article is in Swedish.
Range Makes a Historic Start in Puntland
http://www.the-pick.com.au/pdf/1336030298The_Pick_Issue_5_%28web%29_Range.pdf
Puntland Politican Talks of Oil Discovery
http://dissidentnation.com/puntland-regional-politician-talks-of-oil-discovery/
Range Still Flowing
http://www.growthcompany.co.uk/news/2101078/range-still-flowing.thtml
Range Resources Proactive Investors Article
Range Resources reports 'robust' cash balance, looks forward to Shabeel-1 results
Range Resources Quarterly Activities Report
Link to Report
Range Quarterlies due tomorrow
Hoping for good news, should definitely show increased oil production.
Georgia News
See Strait Oil's website (Range's partner) for news on the Kursebi 6 Prospect that will spud shortly.
Kursebi 6 Prospect
http://www.straitoil.ge/
Positive News About Shabeel-1 Well Speculated
http://dissidentnation.com/positive-news-about-shabeel-1-well-speculated/
Puntland Oil News to Come Soon
http://www.somaliaonline.com/community/showthread.php/64432-Puntland-Oil-News-To-Come-Soon.-Guul-Iyo-Gobanimo
Weekly Q&A with Peter Landau
Why apparently, do you keep telling people that the Stockmailer is going out this week and have been doing so for the previous 4 weeks with no sign of it, are people claiming to have received ficticious emails off you?
Because we get told from the us guys - it is in the hands of the postal inspector who then goes through stockmailer
Can we have a definitive date that stockmailer will go out by, preferably a realistic one and not “this week”, unless of course it really is this time?
No - but we are told this week
Is the deal making finished for the time being, or if another opportunity say the size of Georgia or TT comes along, would you be happy doing another placement, or would you look to other other methods to fund it and if so what would these methods be?
Never finished but equity cap raising is so we unless we get offtake financing or texas sale etc - pretty happy with what we have
Could you provide an explanation of what it is exactly that you are expecting the stockmailer and the US listing to achieve considering the SP has gone down considerably since the US listing was announced?
600,000 new sets of retail / family office investors looking at the stock - potential for 10% of these to be buyers on average
Assuming we strike oil in Puntland and the sp increases accordingly, do you plan to leverage yet again to buy into more exploration, or do you now intend to consolidate for a while and build reserves from the existing assets in Texas, Georgia, Trinidad, Puntland and Colombia?
Consolidation time
If you do leverage yet again, will it be at the expense of the PI’s?
See above
Is the 100 mil insti still holding? In the last set of questions from me last week you said you would get back to me and you did not.
Not that easy to trace through nominee accounts - verbally yes still holding
The following presentation -http://www.rangeresources.com.au/fileadmin/user_upload/asx/ASX_Announcement_-_PDAC_Presentation__7-3-06_.pdf - suggests that in the event of a discovery there is a ready pipeline access to the coast within Puntland State for immediate export and early cash flow. Is this the case and if so, is the intention to swiftly move into production/export in the event of a commercial discovery?
Are you looking at a preso 6 years old ? - development in horn hands - would be 2 years for production - massive 3d seismic and drilling program would happen sooner
Is Rig 8 in TT now working and do we have a date for the first Herrera spud penciled in?
Working but petrotrin sign off for first 6500 ft well - 2-3 weeks for spud - Herrera we have 2- wells scheduled - q3 first one
How far off is the sale of Texas and what is the present thinking on a 'return of capital' and/or 'share buy back'?
Agreement q2, compete q3 - thinking will be based on where we are at at the time
We have always felt that Trinidad is a sleeping giant. From Range's current list of assets, what do YOU consider to be the jewel in Range's crown?
Trin - 10,000 bopd in 2-3 years from no exploration success is huge
Is it true the rigs in Trinidad are in poor mechanical condition and this is a reason for the delays?
More lack of spare parts, qualified labour, petrotrin delays - combination of many factors but improving every month
Is the consort (for which the shares will be issued) agreement still in place or is there any other mechanism that is to the benefit of Range in place with the Puntland Government for future licences etc, or is it more of an unofficial thing?
More unofficial
How far down is the drill bit now and what is current consensus on how much deeper the intention to drill is. Are we at the depth of Primary target and if HC's are found will it be reported immediately (with caveat of course that significant testing remains to be done before declaring size of payzone and flow testing results)?
Horn need to answer this
What is the latest on the Trinidad volumetrics and seismic which is holding back the CPR and Herreras process?
Was set out in last announcement - may/ June is best guesstimate
What is the plan with the 1st Georgia well, will it be returned to and when?
Doing seismic over it as part of current program - starting may
Delays happen, but with range it seems delays are longer than you'd reasonably expect. Is there anything the company is doing to manage the delays better such as better project management and timescale estimates. A prime example is ECV - this was spudded over a year ago now, we know that there were issues but it's now several months since it was last mentioned in an RNS?
Not material to range does - we would have updates every day otherwise - ecv update will be iin quarterly
I think we all appreciate the need to raise funds now and then, however many people have expressed concerns about the frequency of share issues. Are you planning to release more shares? The general feeling among long term PIs such as myself is that it's time to stop diluting and actually use the assets we have to generate cash. Also last week you made a point of investors having short term views on the company and that it was impossible to generate the gains AIM investors were looking for in that sort of time frame. I have been holding now for 18 months and i will continue to hold, but whilst i see that RRL is acquiring excellent assets i feel that it's time for the company to make some money would you not agree?
Agreed
Puntland - As Range now have 2 onshore blocks and one offshore block is Range precluded from involvement in any other blocks, either onshore or offshore?
No
Georgia – Will the Tkibuli shallow appraisals be instead of or additional to the Kursebi 6 drill?
Still deciding - both look good
Trinidad – Does Range have the opportunity to become involved in any offshore blocks in Trinidad?
Yes but focus is purely onshore
How much is Colombia costing, when is it being paid for and how is this being funded?
See announcement coming - funded from current cash
Do you think after all the delays (Trinidad) and ambiguity (Georgia) in news over the last 6+ months new investors will see RMP as a better proposition? Less shares, Puntland involvement in all areas virtually on a plate. The market does only seem to be focusing on Puntland at the moment?
Couldn't care - I don't run range on the basis of comparisons - sentiment comes and goes - fundamentals and growth will always remain
Do you think RUM (managed by David Scanlen) may of damaged Range's reputation amongst PI's, who may I add have helped you get Range to where it is today, by some members posting often incorrect info early? To clarify; oil strike Georgia, Trinidad production a lot more advanced than it is, Trinidad CPR due mid last year, early Puntland strike with 400m shows in first 1600m of drilling, Colombia alluded to months ago but no official news to name a few. Is it possible that institutions will start to 'pile in' on more progress rendering PI's insignificant holders?
Don't know , never read it so don't know what people were reading or relying on - very dangerous investment territory to be involved in
What is happening with Stockmailer, is it you holding it back for a Puntland find? If it has little effect will you be after getting the fee back?
It hasn't happened yet so bizarre how you can say it has had little effect
What is the latest strategy for Georgia?
See announcement coming in the next few days
As long term holders in RRL, we have always had an open mind regarding imeframes etc, (Always very loose in this business) and understandable that these timeframes can lapse. You must admit, of late several projects have lapsed more than usual, which can of course be extremely un-nerving for a lot of investors/traders both of which we feel should be just as important as each other to RRL. There is a general feeling
currently that Institutions are more important. We feel that it has to be remembered that the little guy is just as important as the big guy investing, his house might be smaller but his loyalty is just as important if not more so, (and there are lot's of them).
We feel it has to be remembered that the big guy with just one push of a button can easily wreck a share price, whereas the little guy will usually stay with his intended investment, more of a marriage than just a fling, bread & butter not just cake, we need both. Our point here is that the BB’s are full of many little guys who are invested in RRL at many differing levels but each one has in their minds as much to lose as the next guy, and collectively help each other with info and moral support when needed. This is a simple request rather than a question, to please give more clarity to RNS's and any info given out in Interviews etc and to simply add more detail as to why sometimes things are delayed/changed etc, to somehow give reasoning and peace of mind to your loyal investors. The way things are currently, unfortunately allows for far too many rumours etc and share manipulation that we have constantly seen of late.
Could you please provide honest timelines for;
1) Herrera Volumetrics - may/ June
2) Georgia Spud - see above re shallow and k6 tbc
3) Texas flow rates and P1 upgrade - Albrecht fraccing now so 1-3 weeks
4) Debt Facility - 2-4 weeks
5) Colo Details - 1-3 weeks
What is a realistic timeline for first Herrera drill? When will we know about UC licences so we can drill deeper than Herrera?
Q3
Can Range do share buy back and consolidation without shareholders approval?
No
When do we get the 2 million back from Continental Coal and is there any chance we will get it back in the form of shares?
Up to us - if we make more money that the interest we will consider but more likely to just get cash and interest in may
You recently talked about re-entering a well in Colombia in 2012 or 2013, could you please tell us how much (bopd) it was producing before production was halted?
Not at this stage
Latest Update from JR
Hi folks!
Thought I would drop by here to see how you are all travelling.
Clearly, we have been punished a bit lately, but things smell like they are about to change.
I remember where I was when we spudded Punty. I was in NYC with the family freezing my %#^}£ off!
Anyway the timetable was two months to drill, then one month to test.
Now times have slipped by about a month.
What has not changed is the fact that we are drilling and the signs are very encouraging.
So encouraging in fact and I have to be careful what I say, but...........
ASU MUCH AS I WOULD LIKE TO ELABORATE.....
you get the drift right?,
All the indicators are looking just right.
There are many frustrated by the current situation, but I could not be happier frankly.
No riddles today, just two feet planted and very, very happy.
Keep up the collective chins Rummers....oops Wossers!
Remember that one HAS A BIGGER BROTHER.
Oh he'll, there goes a riddle!
JR
Range Resources News to Come
Courtesy of Wine-Stock on iii
How many other oil stocks have this much news imminent???
1. PR (US focus), OTCQX -Stockmailer & DeHaemer ("600,000 brochures & email campaign) - Has started this week, slowly ramping up.
2. Smith 2 frac and flow rates - News this week or next?
3. Albrecht results - Complete, 100+ ft gross, Casing run, to frac - News this week or next?
4. Texas P3 to P1 & P2 (looking v good!) - 'adviser' to be apptd April, Sale subsequent to upgrade - Pending "working hard towards this", talk of consolidation.
5. ECV ( "frac approved", Timing uncertain - update?)
6. Sale of Texas Assets? - "Significant" uprade detail pending - projected sale Q3 (Possibly Q2)
7. Puntland - 12-20m Pay, "existing zones to be tested", Currently drilling into Primary reservoir, then on to two secondary targets.
8. Broker upgrade notes from UK, AUS, USA - soon following Texas & Trini upgrades
9. Trinidad shallow well program update (4 rigs to be in operation) - Four wells complete, better than expected flow rates. 6 Rigs to be in operation by mid year.
10. Herrera spud (following completion of 3D data processing) - Rig 8, Q3
11. UC License ( "Have rig - confident of process - takes time") ?
12. Puntland 1 update -
http://tinypic.com/r/5zlh8x/5
13. Colombia 65% farm-in two highly prospective licenses, detail next week.
14. Onshore Puntland details (E Nugaal) - 'Drill 3' plans?
15. Offshore Puntland details (100% working interest, highly prospective Nugaal Offshore block). Farm out TBA "medium size O&G co."
17. Georgia K6 Spud - April, "significant update"
18. Georgia Future plans - Shale Gas (2D to be Run) Q2 - Confirmed, Detail & timing?
19. Trinidad 3D + Rest of acreage CPR - Q2 ?
20. Puntland 1 TD, detailed news. April/May
21. New terms in Trinidad (?)
22. Puntland 2 - Shabeel North Spud - May
23. Leni deal approved - (?)
24. Goudron activity plan (? )
25. Trinidad water flood start - (?)
26. Georgia Mukiahni Revisit? - (Post 2D) - "following two lines of 2D" - Q3
27. Herrera (& UC?) Result - Q3
28. Georgia Result - Q2/3
29. Tangiers - Bigger interest, accelerated activity? - (TPET AIM listed now) - News?
Latest RNS.......
http://www.rangeresources.com.au/fileadmin/user_upload/asx/180412.pdf
Thanks b4 let us know when you receive the mailer.
The featured company section on the stockmailer website should be updated with Range details soon I presume:
http://www.stockmailer.com/Featured-Company/
No stock mailer for me yet.
b4
And that may not be too far away Kiyomitsu
When Shabeel-1 gushes at 50k bopd things should get more lively.
Welcome to the board Geordie. Good folks here!
USA is mostly in RGRLF.
b4
Gee's, with all the assets and pending news updates I'm surprised as to how quiet this board is. Go Range, yee ha !!!
Colombia and Georgia News Imminent
Think Colombia is going to surprise everyone.
LATEST PROACTIVE INVESTOR COVERAGE OF RANGE
Oil and gas news summary: Range Resources, Solo Oil, Tethys Petroleum, Silvermere Energy, US Oil and Gas, Genel Energy
Range Resources (LON:RRL, ASX:RRS) and Red Emperor Resources (LON:RMP) were among the most followed stocks in the oil and gas sector this week after providing an update form their closely followed exploration campaign in Puntland.
The two companies said the Shabeel well in Puntland, Somalia has indicated oil but more test work was needed, while drilling in Trinidad had gone well so far.
The Shabeel well, which is being drilled by Horn Petroleum, was at a depth of 2703 metres and had just completed the setting of the 9 5/8" casing, Range said on Thursday.
At a depth of approximately 1660 metres, a 355 metre section of Upper Cretaceous sands and shales of the Tisje/Jesomma Formations exhibited both oil and gas showed and a potential pay zone of between 12 and 20 metres.
“Attempts to sample formation fluids using a wireline formation tester were not successful and the zone will require cased hole testing to confirm whether they areoil bearing,” Range said.
At a depth of 2015 metres, a thick section of tight limestone and shales was encountered and extended to the present depth of 2703 meters, which is believed to correspond to the Upper Cretaceous Gumburo Formation, Range said.
The firm added that the forward plan with Shabeel will be to drill ahead to the originally planned depth of 3800 metres to evaluate the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen.
Separately Range Resources said that three rigs are now operational in its 21 well drilling programme on its Morne Diablo acreage in Trinidad.
A fourth rig is set to join operations this month and will target target the Middle to Lower Cruse sands to a depth of circa 6,500ft which have the potential to produce in the range of 150-300 bopd.
Work is also nearing completion on the reprocessing of its 3D seismic database in Trinidad, Range added, which will enable it to target deeper drill targets more accurately.
Barney Gray, an analyst at Old Park Lane Capital, said Range is making good progress on its programme in Trinidad.
“A string of successful well results in the shallow formations indicates that production will exceed 1,000 bopd within the next few weeks.”
Trinidad Update - Increased Production
Trinidad Operations Update
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0
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Posts (Total)
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65
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Created
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03/09/12
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Type
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Free
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