Range Resources (ASX: RRS, AIM:RRL) has updated progress on the Russell Bevly #1 appraisal well, part of the North Chapman Ranch Joint Venture’s multi‐well program in Texas.
Peter Landau, executive director, said the well spudded on May 9, 2010 and is progressing with a current depth of ~4,304 ft (1,312m). The target depth of the well is ~14,000 ft (4,268m).
The well is located approximately 1,900 ft. (570m) north‐northwest of the Smith #1. Range holds a 20% working interest in the well, which has an estimated dry hole cost of $US3.8m (Range share US$760,000 which was pre‐paid).
Following on from the recently released Independent Reserves and Valuations Report, the company anticipates that the well will provide valuable information regarding the size and geometry of the reservoir and move additional reserves into the Proved Producing category.