Hybridan's Small Cap Wrap
Mon, 04/07/2011 - 00:00 | Hybridan
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Range Resources (RRL) [16p/?256.79 million]
Range Resources, the international oil and gas exploration, development and production company, has significant updates across its drilling operations in Georgia, Trinidad, and Texas.
In Georgia, the company has received important exploration equipment to support the two well exploration programmes. The Mukhiani project, one of the two wells, is targeting a depth of approximately 3,500 metres and is expected to reach target depth within 45-55 days.
In Trinidad, the company is on track to comment on the shallow target development drilling programme, with depths of 1,500 feet involving 15-20 wells set to be completed before the end of the year. Plans for an initial well to test the deeper Herrera formation target with an indicative proposed spudding date in late third quarter/early fourth quarter are being finalised.
In Texas, preparations have been completed for the fracture stimulation of the Ross 3H well. If successful, this well is expected to launch a development programme of 15-20 additional horizontal wells, each of which could potentially recover 200,000 to 500,000 barrels. With an increased interest to 21.75%, the company can potentially add substantial oil production and cash flow to its
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