Range announced that its Puntland Joint Venture partner and operator, Africa Oil, through its newly created company Horn Petroleum is currently in final preparations to commence the historic and highly prospective two well drilling campaign in the Dharoor Valley Block in Puntland, with the first well scheduled to spud early in the fourth quarter of 2011.
The drilling locations have been selected over two robust prospects and each well is targeting gross best estimate prospective resources of 300 million barrels and 375 million barrels recoverable for the two prospects (with net attributable prospective resources to Range of 60 million barrels and 75 million barrels respectively). Contracts for the drilling rig and third party services are in advanced stages of negotiation and are expected to be executed in early August.
The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all necessary to allow the project to move forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing the Company and partners to move the drilling start-up to the fourth quarter of 2011. In addition, partial relinquishments in both the Dharoor Valley and Nugaal Valley agreements have been finalized and approved.
Range Resources Executive Director, Peter Landau commented, "We are delighted that JV partner and Puntland operator, Africa Oil Corp., along with the Puntland Government have settled on mutually agreeable terms that will finally see a well(s) drilled in Puntland, Somalia this year. We look forward to advising the market in the coming week(s) as critical service contracts are entered into and mobilization begins."
"Range is certainly entering into an exciting stage for the Company, with the drilling of the first exploration well in Georgia progressing well, the first well in the 21 well initial Trinidad work program having spudded and scheduled to be completed and on-line mid next week before moving on to the next well in this program. Also with a contractor appointed for the third well on the North Chapman Ranch Project, the Company will have its four operations all active in September and October of this year. "
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