Range Advances Operations in Georgia and Texas
Range provided the following update across a number of its international interests.
Range announced that the hole to 700m has been opened up to 17 1/2" with the 13 3/8" casing successfully cemented to the depth of 700m. The blowout preventer ("BOP") is currently being fitted after which the rig will shortly resume drilling with a target total depth of approximately 3,500m expected to be reached in mid/late 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)
|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.
Texas - North Chapman Ranch
Range also announced that the Company remains on track to commence the two well program on the North Chapman Ranch prospect in October 2011, with the Albrecht well to be drilled in the east south east portion of the license area with the second well location currently being finalized. With the Smith #1 and Russell-Bevly wells located in the north-west corner of the license area,
assuming success on the Albrecht well alone, the Company would expect a significant re-classification of the current P2 & P3 (Probable & Possible) reserves into the P1 (Proved) and P2 (Probable) categories.
In addition to the Howell Height formation that the Smith #1 and Russell- Bevly wells are currently producing from, the Albrecht well is
also targeting multiple shallower targets. The shallower objectives are known to produce within or on trend with our license area.
Texas - East Texas Cotton Valley
Operations have resumed on the Company's Ross 3H horizontal well after fluid samples from the well were recently collected and analyzed. The Ross 3H was drilled with significant oil shows and strong evidence of oil saturation from core data but experienced a high pressure salt water flow near the end of its nearly 3,500 ft. lateral section. Range and its partners will continue to perforate and test additional sections of the lateral. If successful, the Ross 3H could set up a multi-well horizontal development program to exploit the
shallow oil reservoir there.
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