www.rangeresources.com.au
Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS) and AIM-listed (AIM: RRL) exploration and production Company, with its principal activities directed towards finding and delineating hydrocarbons in Puntland, Somalia; the Republic of Georgia, onshore Texas, USA and Trinidad.
With the planned onshore exploration drilling program in Puntland and Georgia coupled with the exploration and development programs in Texas and Trinidad, Range is well on its way to establish itself as a diversified international oil and gas exploration, development and production company with significant upside potential.
Range Resources connects Smith #1 gas well to sales line
Range Resources (ASX: RRS; AIM: RRL) has announced an update on the company’s US Gulf Coast interests following the successful connection of the Smith #1 well in Texas to the sales line late last month.
Range holds a 25% interest in the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the state.
The well has been stabilised and is producing into the sales line at rates of between 2.2-2.8Mmcf/day and 200-250 bbls/day.
The company said the well remains on track to be shut during Q2 2010, where the remaining two zones will be fracture stimulated (if needed), comingled with the currently producing zone, and then introduced to the sales line.
Range Resources anticipates that completion of an independent reserves report on the Smith #1 well will be completed in the coming weeks with the results announced once available.
Based on the success of the Smith #1 well and the expanded acreage, the joint venture anticipates a multi-well program across the lease area with the spudding of a second development well scheduled to commence in April 2010.
The company's seismic acquisition program is nearing completion in the Republic of Georgia, with sign-off of the acquisition schedule to occur before the end of the month.
Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range is undertaking a 350km 2D seismic program due for completion late March 2010.
Following completion of the seismic acquisition, the seismic data will be processed and interpreted with the aim of identifying drill targets by late Q2 2010/early Q3 2010.
Assuming the successful identification of drillable targets, the company will elect to either: progress the targets at the current 50:50 equity basis with its partner Strait Oil and Gas (UK) Limited; or look to attract potential farm-in partners who could also potential act as operator of a drilling program.
