Range Resources Website www.rangeresources.com.au/ Google www.google.com/ Bloomberg www.bloomberg.com/ Oil and Gas International oilandgasinternational.com/default.aspx
Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS RRSOA) and AIM-listed (AIM: RRL) exploration Company, with its principal activity directed towards finding and delineating natural resources in the oil, gas and mineral sectors in Puntland, Somalia; the Republic of Georgia and onshore Texas, USA.
Range’s main focus is in Puntland, Somalia where it holds a 20% working interest in two Production Sharing Agreements (PSAs) for the Nogal and Dharoor Blocks. These conscessions encompass two highly prospective hydrocarbon basins covering an area of 81,000sq.km or more than 20 million acres. Range Resources currently has a 100% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland which covers an area of approximately 100,000km2.
In July 2009, The Company entered into a Heads of Agreement with the private UK company Strait Oil and Gas Ltd. to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia.
In September 2009, Range acquired a 25% interest in the North Chapman Ranch project in Nueces County, Texas. The operator, US-based private oil and gas company Crest Resources Inc., has already commenced drilling the first well. The project area encompasses approximately 1,280 acres in one of the most prolific oil and gas producing trends in the State of Texas.
With Range’s planned onshore drilling program in Puntland, and its progress towards developing a joint exploration strategy with the Puntland Government for offshore Puntland, the Georgia and Texas farm-in are considered by Range to be a significant step towards establishing the company as a diversified international explorer with a growing oil and gas acreage position and significant upside potential.
In September 2009, Range acquired participation interests in the North Chapman Ranch project in Nueces County, Texas from Crest Resources Inc., a US-based private oil and gas company.
This consisted of a 25% interest in the North Chapman Ranch project’s first well – Smith #1 – and 20% in all subsequent wells assuming the exercise of certain clawback provisions by joint venture partners based on the current success of the Smith #1 well. The North Chapman Ranch project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the state of Texas.
The Smith # 1 exploration well was spudded on 4 September 2009. On 12 November 2009, the well reached its target depth of 13,975 ft. (4,260m). Based on open-hole logs indicating approximately 120' (37m) of net pay thickness in three zones with no water, 4 ½" production casing was run to target depth and cemented in place. One of the three zones was perforated and after an interval of just 20' (6.2m) bottom-hole pressure was estimated to be approximately 11,650 psi. To date, Gross production for the quarter from the Smith #1 well has been approximately 73k MMcf of natural gas and 5,350 bbls of oil.
On 12 May 2010, Range announced the spudding of the Russell-Bevly Unit #1 appraisal well, the second well in the North Chapman Ranch Field project. The projected total depth of the well is 14,000 ft. (4,260m), and located approximately 1,900 ft. (570m) north-northwest of Smith #1. Well expected to equal or exceed Smith #1, and is awaiting connection to piping infrastructure by end of August 2010.
Range entered into a Heads of Agreement in October 2005 to acquire a 50.1% interest in the sole and exclusive rights to all mineral and hydrocarbon exploration and development in the Somali state of Puntland. In July 2006, the Company reached an agreement to acquire the residual 49.9% interest in the rights to the exploration and development of Puntland’s natural resources. Several major oil companies obtained exploration concessions and conducted considerable exploration and drilling over large parts of the State both onshore and offshore during the late 1980’s and early 90’s. These companies included AGIP, Shell (Pecten), Conoco, Phillips and Amoco. Range has been able to obtain through Government sources previous exploration documentation relating to the hydrocarbon exploration in the Nogal Valley area in Puntland up until 1991. The documentation includes original seismic tapes, well logs and processed seismic sections identifying major targets found prior to exploration activities ceasing in Somalia. Upon review of the data it was noted that the Nogal Valley area demonstrated: Abundant oil shows; Thick, high porosity reservoirs; Many large structures; and An excellent regional seal.
Republic of Georgia www.rangeresources.com.au/Georgia.23.0.html
Range has entered into a Heads of Agreement with unlisted UK company Strait Oil and Gas Limited (“Strait”) to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia, Eastern Europe. The two blocks subject to this agreement, Blocks VIa and Vlb cover a contiguous area of 7,000 sq km (approx 10% of the surface area of the Country) and were subject to significant exploration in the Soviet era. Too much good stuff to individually list here, see link for the goods.
Range Resources acquires 10% interest in Trinidad oil fields and local drilling company. Current production is 700 BOPD however Range believes that with a minimal work program coujld lift that to 3500 BOPD within 36 months on the known reserves. Again, too many assets to that deal to list individually, see link for all the goods.