28th May 2010 08:08
28 May 2010
Company AnnouncementsAustralian Securities ExchangeExchange Plaza2 The EsplanadePERTH WA 6000By E-lodgment
Texas Update - Russell Bevly #1 Appraisal Well
Range Resources Limited ("Range" or "the Company") would like to announce an update on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch Joint Venture's multi-well program in Texas.
The appraisal well Russell Bevly #1 spudded on 9 May 2010 and is progressing asfollows:Name of well Russell Bevly #1 Spud date 9 May 2010 Current depth of well ~10,567 ft (3,222m) Target depth of well ~14,000 ft (4,268m) RRS beneficial interest 20%
It is planned to halt the drilling in the coming days with well logging to be performed followed by the setting of intermediary casing and then the recommencement of drilling.
The projected total depth of the well is 14,000 ft. (4,268m), and located approximately 1,900 ft. (570m) north-northwest of the Smith #1. Range holds a 20% working interest in the well, which has an estimated dry hole cost of $US3.8m (Range share US$760,000 has been pre-paid).
Range will provide regular updates on the progress on the drilling of the Russell-Bevly well.
Texas Update - Smith #1 Well
As previously announced by the Company, the initial production from the Smith # 1 well was from one zone under natural pressure. The joint venture will shortly shut in the well and commence the opening of the two other zones as well as fracture stimulation of all three zones.
Range will update on progress accordingly.
For and on behalf of the Board
RegardsPeter LandauExecutive DirectorContactsRange ResourcesPeter LandauTel : +61 (8) 8 9488 5220Em: [email protected] LondonPPR Conduit PRDavid Tasker Jonathan CharlesTel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7429 6611Em: [email protected] Em: [email protected] Corporate Finance (Nominated Advisor) Old Park Lane Capital (Broker)Stuart Laing Michael ParnesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188Range Background
Range Resources is a dual listed oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas, USA.
* Range holds a 25% interest in the initial Smith #1 well and 20% interest in further wells on the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with independently assessed gross recoverable reserves in place of 215 Bcf of natural gas, 16 mmbbls of oil and 15 mmbbls of natural gas liquids. * In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells - 65% Operator, in 2010. * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range has recently completed a 410km 2D seismic program.
vendorRelated Shares:
STA.L