Range Commence Drilling at Georgia Well

Range along with its joint venture partners, Strait O&G and Red Emperor has spudded the Mukhiani 1 well in Georgia overnight. Mukhiani 1 is targeting a prospect with a mean estimate of undiscovered oil in place of 115 million barrels (with 46 million barrels attributable to Range's 40% interest).

Range Executive Director, Peter Landau commented, "This is a significant milestone for Range as it is our maiden well spud as an operator and the culmination of a significant amount of appraisal work completed by Strait's operations team."

The drilling operations will run 24 hours with a team of between 40-50 personnel and is expected to take approximately 45-55 days with a target depth of circa 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

  P90 P50 P10 Mean
Gross (100%) 41.7 92.7 178.2 115.2
Net Attributable to Range (40%) 16.7 37.1 71.3 46.1

The recently completed geochemical helium survey undertaken by Range confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.

Following the successful completion of the Mukhiani 1 well, the rig will then move on to spud the Company's second exploration well as part of the two well highly prospective drilling program in Georgia.

The Company will provide updates on a regular basis as to the progress of the drilling of the Mukhiani well.


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