Range Resources has engaged Actual Geology International ("AGI") to carry out a "helium" survey on the 3 top multi-stacked prospects as identified by RPS Energy which have estimated undiscovered oil-in-place in excess of 450 mmbbls (mean 100% basis) as previously announced.
AGI have been given the co-ordinates of three of the six identified "ready to drill' prospects and will commence mobilization of its team into Georgia in the coming days, ready to commence field operations early December. AGI's timetable is that field work will take approximately 3-4 weeks to complete and another 3 weeks to complete the laboratory analysis and results.
The survey will be a "blind test" where AGI will shoot the survey without any prior seismic info on the co-ordinates provided by Range/Strait. After the survey and results are compiled by AGI they are integrated with the existing seismic results to produce the best possible target locations to be drilled.
Given the successful results that the geochemical technology has demonstrated, the Company believes that, for the cost of approximately 3% of the current proposed budget for drilling 2 wells, the survey will significantly increase the probabilities in ensuring that the 2 well drill program is successful.
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