From the EResearch Report....
Conoco-Phillips was very active in the Nogal Valley and had completed extensive exploration work. Records indicate that there is over four thousand line kilometres of seismic that has been shot and interpreted by Conoco. The quality of the seismic is extremely good and a number of prospects were mapped as "ready to drill". Range has traced sufficient data, together with a detailed structural surface mapping, which will enable Range to proceed with a four-well drill programme. Range has no plans to re-shoot and re-interpret the seismic, as they appear to be reliable.(Page 6)
In February 2006, Range deployed two field teams comprising 25 members made up of surveyors, geologists and logistic specialists as well as support people. The main task of the team was to record and survey access routes for a land rig to be brought into the country and onto those locations. (Page 7)
Each of the identified prospects is expected to have an estimated 500 million barrels of recoverable reserves.
If immediate discoveries are made in one or more of the 4 wells, there is an existing pipeline in place to access the coast providing the opportunity for immediate export and early cash flow.(Page 7)
According to Company sources, Range is estimated to have 19 billion barrels of oil(based on the Yemen Rift basins and their proven reserves and the analogy of the rift basin extensions in Puntland). These are yet to be proven but are inferred resources. (page 16)
