Thursday, July 28, 2011
Range Resources Ltd.
Range Resources, along with its joint venture partners, Strait and Red Emperor announced that following the successful spudding of the Mukhiani 1 well earlier this month, the well is currently at 510m.
As was expected in the early stages of drilling, progress was relatively slow, however the Company reported that the last few days has seen drilling progress as planned with the lithology encountered being in line with expectations (derived from seismic interpretations and analysis). It is anticipated that drilling will continue to circa 700m after which casing will be set and logging performed.
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.
The Company will continue to provide updates on a 7-10 day basis as to the progress of the drilling of the Mukhiani well.
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