http://oilbarrel.com/media/pub/var/release_downloadable_file/3335...

http://oilbarrel.com/media/pub/var/release_downloadable_file/33351.pdf

Range anticipates releasing a progress report from Trinidad within a few days and an updated reserve report
in the coming weeks. The first three wells drilled have been successful and Range will complete the
reprocessing of 3D seismic over the deeper Herrera formations soon. With new funds in place, the company
will then commence a four well drilling programme targeting c.50mmbbls using the company owned Rig #8.
• In Texas, Range will participate in the Smith #2 well on the North Chapman Ranch project with spudding
scheduled for early October. This low risk well is offset to Smith #1 and is categorised as a proved
undeveloped location. This well will provide immediate cash flow once successfully completed.
• Range will also participate in the Albrecht appraisal well which is expected to commence in December 2011
following the completion of Smith #2. Albrecht is anticipated to move a large proportion of P3 reserves into the
P1 and P2 categories and test two new horizons above the existing producing zones. The joint venture
partners have the option to retain the use of the rig for the drilling of additional wells going forward.
• Exploration drilling in Georgia was delayed over the last 10-12 days due to the loss of a drill collar in the hole.
However, this has been recovered and new drill collars have been delivered to the site. Drilling has now
recommenced and is currently at 1,452m on its way to a target depth of 3,500m.
• In Somalia, Africa Oil’s corporate spin out and operator of the Puntland project, Horn Petroleum, has
continued to progress drilling logistics in the country including the drill site and route construction. Spudding of
the first exploration well in 20 years remains on track for Q4