Range Reaches Planned Depth at Georgia Well

Range Resources, along with its joint venture partners Strait and Red Emperor, announced that drilling of an initial 8 ½" pilot hole has reached its planned depth of 700m and has been successfully logged with the results confirming the anticipated lithology. The pilot hole is currently being opened up to 17 ½" after which the 13 3/8" casing will be run and cemented and drilling will then resume with a target total depth of approximately 3,500m expected to be reached in mid-September.

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.