Oil and gas firm Range Resources (LON:RRL, ASX:RRL) is expecting to spud the Mukhiani well in Georgia early next month, it says.
In an update about operations in Georgia, Trinidad and Texas, the company said the exploration rig was now on site - and 40-50 staff will conduct the programme.
The well is targeting the Vani 3 prospect which has a best estimate of gross undiscovered oil in place of more than 115mbbls - with 46MMbls attributable to Range's 40 percent interest.
The Mukhiani well is targeting a depth of around 3,500 metres and is expected to reach target depth within 45-55 days.
It is the first of highly prospective two well exploration drilling program to be completed by Range and its joint venture partners in Georgia this year, said the company.
In Trinidad, the firm is on track to begin the shallow target development program involving 15 - 20 wells - to be completed before year-end. The firm expects the first well in the program to begin around the end of next month.
Range says it is also finalising plans for an initial well to test the deeper Herrera formation target with an indicative proposed spudding date in late Q3/early Q4.
In today's statement, the firm also revealed that it hosted a number of UK, European and Australian brokers and analysts on a site visit of the firm's Trinidad and Texan assets and received presentations from the firm's partners in Georgia.
Finally, the firm also announced that the Ross 3H horizontal well in East Texas Cotton Valley is ready to be "fracced" or fracture stimulated.
"If successful, the Ross 3H well is expected to launch a development program of 15-20 additional horizontal wells, each of which could potentially recover between 200,000 and 500,000 bbls," said the company.
Range has recently increased its interest to 21.75 percent of the field, and it is well positioned to add significant oil production and cash flow to its growing US operations.