25th Sep 2009 08:28
25 September 2009ASX Announcement DRILLING UPDATE - SMITH #1 WELL, TEXAS Update by Australian based oil and gas explorer Range Resources Limited ("Range" or "the Company") on its exploration drilling programin North Chapman Ranch, Texas.
Smith #1 well, North Chapman Ranch
The exploration well Smith #1 spudded on 4 September 2009. Surface casing has been set and cemented at 1,528 ft (465m).
Name of well Smith #1 Spud date 4 September 2009 Current depth of well ~10,166 ft (3,099m) Target depth of well ~14,200 ft (4,329m) RRS beneficial interest 25%
Figure 1: Unit Texas Rig #35 drilling ahead on Smith #1 well (please refer to website to view this figure).
Background on North Chapman Ranch
Range holds a 25% working interest in the drilling of Smith #1 well. The wellshall be drilled to an approximate depth of 14,200 ft (4,329m) or to a depthsufficient to test the Howell Hight formation. If successful, the Smith #1 wellcould trigger significant oil and gas production and development drilling withvery attractive economics, at a time when exploration and development costs inthe US have dropped dramatically.
Range will continue to update the market on a weekly basis during its exploration drilling program.
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For further information please contact :
Range ResourcesPeter LandauTel : +61 (8) 8 9488 5220Em: [email protected] LondonPPR Conduit PRDavid Tasker Jonathan CharlesTel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7429 6666Em: [email protected] Em: [email protected]
RFC Corporate Finance ((Nominated Advisor) Fox-Davies Capital (Broker) Stuart Laing
Daniel Fox-DaviesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 936 5200
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