Ann: RB 1 Well Confirms North Chapman Ranch Disco, page-4

re: Ann: RB 1 Well Confirms North Chapman Ran... Amazing news - it's all ticking along very nicely at the moment... From RNS:

"Range Executive Director Peter Landau commented that, "The Russell]Bevly #1 exceeds our expectations for the first appraisal well in the North Chapman Ranch field and sets the stage for additional development drilling across our acreage. As of casing point, the well was significantly under budgeted costs and ahead of schedule, indicating that the Company and its joint venture partners are already capitalizing on information acquired during the initial test. We will continue to look for ways to optimize drilling and completion operations in order to keep downward pressure on finding and development costs"."

So, we have EXCEEDED expectations, have a LARGER net pay zone than Smiths,INCREASED prooven and probable reserves, were UNDER BUDGET and have SET THE STAGE for additional development in the acreage. I agree Jamit, that the Smith Frac Results should give us a further clues of just how much this could be worth... )

Can't really find any negatives in this announcement at all - over to you for that Gav... )