Same statement also released by Range now
18 April 2012
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
MARKET UPDATE
Range Resources Limited ("Range" or the "Company") is aware of
negative
statements and commentary being circulated in respect of progress with
the
Shabeel-1 well currently being drilled in Puntland by the Company's
Joint
Venture Operator, Horn Petroleum Corp. ("Horn"). The Company wishes to
confirm
that the well has not yet reached depths targeting the primary
reservoir and
refers investors to the drilling update released to the market on 12
April
2012.
The forward plan on the well is to drill ahead (currently at 2953
metres) to
the originally planned depth of 3800 metres to evaluate the primary
and
secondary reservoir targets (which to date have not been reached) in
the Lower
Cretaceous and Jurassic intervals equivalent to the main productive
section
seen in the analogous fields in Yemen. A testing program including the
zones of
interest seen to date and any deeper potential pay zones identified
will be
agreed with partners at that time. Upon completion of the well, the
Joint
Venture plans to move the rig to the Shabeel North location where
construction
is nearing completion for the second well.
The Company will provide a more detailed update on the progress of
drilling in
Puntland in conjunction with its Joint Venture partners as the well
progresses.
Yours faithfully
Peter Landau
Executive Director
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