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Oil and gas producer Range Resources Limited (ASX:RRS) says it’s drilling ahead at a depth of 9,150 feet at its Albrecht #1 Appraisal well on its North Chapman Ranch project in Texas.



If the appraisal of the drilling is successful, Range Resources anticipates to prove up reserves in the South East portion of its Chapman Ranch licence area.



Meanwhile, the company’s to be provided with proceeds of about $15.5 million after outstanding listed options and director options, that expired last month, are exercised.



Range Resources reported a loss of $15.5 million in the year to June 2011.