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RANGE RESOURCES 13.25p A$0.18
Shabeel-1 exploration well update 7 March 2012
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Range has announced that the Shabeel-1 exploration well in Puntland is currently at a depth of 2,002 metres.
The well, which is a joint venture with operator Horn Petroleum (TSXV: HRN) and Red Emperor Resources
(AIM, ASX: RMP), is progressing well and the last 400 metre section has exhibited several oil and gas shows
which confirm the existence of a working petroleum system. Drilling will continue to a target depth of 3,800
metres where the partners expect to penetrate the main reservoir target.
• Drilling on the Shabeel-1 exploration well has reached a depth of 2,002 metres. The upper 1,600 metres
section drilled so far includes a thick section of Tertiary age (less than 65m years old) limestones and shales
that appear to be a regional seal given that no hydrocarbon shows have been encountered above this depth.
• The well is currently drilling a 400 metre section comprising interbedded sandstones and shales believed to be
Upper Cretaceous (100m – 65.5m years) in age. Most of the sandstone intervals in this section have exhibited
oil and gas shows confirming the existence of a working petroleum system.
• This is very good news for the partners, however, Range has indicated that determination of the quality of the
reservoir and prospectivity of any potential oil bearing intervals cannot be determined until downhole electric
logs and formation tests are concluded.
• Drilling has yet to probe the main reservoir targets in the Lower Cretaceous and Jurassic horizons and will
continue to a planned total depth of 3,800 metres. It is expected that the next electrical logging run will be
coincident with the running of the 9 5/8” casing at approximately 2,400 – 2,700 metres. Range has
emphasised that operations are running smoothly with no reported security or operational incidents.
Although there is a great deal of information yet to be collected on Shabeel-1, the indications from drilling so
far are very encouraging and we await further announcements eagerly. With a pre-drill prospective resource
estimate of 300 mmbbls for Shabeel-1, Range’s 20% interest would be highly material to the company in the
event of a discovery.