Update of Range for newbies.
Lets start with NCR.
Russell Beverly 20% interest –successful partial fraccing of the lower 2 zones compleated (rates of flow to be announced probably within 3 weeks. Frac crew due to return in 3 weeks to complete operations (upper 2 levels of the gross payzone of 130feet). Target production to produce 1000 bbls/d +.
Smith1 25% interest - to be fracced after RB also with a target of 1000 bbls/d.
Albrecht 20%interest - to be spudded March/April.
Value to Range - approx $248mill subject to flow rates - increasing
East Cotton Valley
Ross 3H 21.75% interest - to drill 1st horizontal drill, now spudded. Drill time in the region of 38 – 45 days , TD of 8,200ft (2,500m), including a 2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. Targets as follows:-
Reserves Category Gross (100%) Net Attributable
to Range
(21.75%)
Proved (1P) 1.5 0.33
Proved + Probable (2P) 2.7 0.59
Proved + Probable + Possible (3P) 5.4 1.17
If successful, the Ross 3H well will trigger a multi-well program which is anticipated to move Possible Reserves into the Probable and Proved categories.
Trinadad and Tobago. Originally due to be in partnership with Monitor (ASX:MON), however, Monitor have now pulled out of the deal.
Range hold 10% (although these figures may change in favour to Range)
Future programme when new partners come into play is to increase production from 700 bbls/d to approx 4500 bbls/d from the 3 sites.
This however does not include the deeper Herrara formations holding up to 200mbbls per target.
Georgia - Blocks VIa and VIb.
Interest 40%, Partners - Strait Oil 40% (private), Redemperor 20% (ASX:RMP)
6 ready to drill targets - value to Range 390mbbls plus cost recovery.
3 of these wells to be hopefully drilled this year each with a target of 100 - 200 mbbls.
Speculation is that Range now own 50% of Strait which obtained the licence for Block VIII with possibly 24b bbls of oil plus an unknown amount of gas.
Mobilisation and 1st spud to take place in the coming weeks. Site yet to be identified by Range as they have controlling interest.
Puntland, areas Dharoor and Nugal.
Interest 20%, Partners - Africa Oil 45% (Controlling interest) (TSX:AOI), Redemperor 20%, Lion energy (ASX:LEO) 15%
Targets attributal to Range- Dharoor 1.68b bbls and Nugal 2.48b bbls.
1st spud to be Dharoor by end June and 2nd (area to be announced) by end Sept.
It also anticipated that Range are currently working with the Government to bring in Joint Venture Partners and undertake offshore licensing
round. It would be nice if we saw what blocks are available and where they are situated as this will have an enormous effect on Range's net worth.
For those who havn't seen PL's latest video, he has stated with the success of any one of his major plays, the mkt cap is extimated to be around $700mill.
In conclusion it therefore shows that the Company via its known attributable assets alone are targeting in excess of 4b bbls of oil plus umpteen bbls of gas.