19th Nov 2009 07:00
ASX Announcement19 November 2009 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 program in the North Chapman Ranch area, Texas.
Smith #1 well, North Chapman Ranch
The Smith # 1 exploration well spudded on 4 September 2009. Surface casing was set and cemented at 1,528 ft (465m) and the well was subsequently drilled to the intermediate casing depth of 11,352 ft (3,455m). Open hole logs were acquired on October 9, 2009, and 9 5/8" casing set and cemented shortly thereafter. Drilling recommenced as per the announcement 30 October 2009, and additional open-hole evaluation was undertaken as the well approached target depth.
As previously announced, the Smith #1 exploration well has reached its revised total depth of 13,975 ft. (4,260m) with additional electric logs having been run. A production liner has been run to bottom and the liner has been successfully tied back to the surface. Preparation is underway to move a completion rig in whereby testing of the well can commence.
Well DetailsName of well Smith #1 Spud date 4 September 2009 Revised total depth ~13,975 ft (4,260m) RRS working interest 25%
Figure 1: Unit Texas Rig #35 on Smith #1 well - please see website.
Background on North Chapman Ranch
Range holds a 25% working interest in the drilling of the Smith #1 well. If successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the 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) 207 936 520
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