The market in the UK reacted well to the update and held most of...

The market in the UK reacted well to the update and held most of the gains at close. Great news that Mukhiani is not a duster. 2D seismics didn't pick up the faults that have thrust up basement granite. Right decision imho to drill at Kursebi 2 which has a TD of only 800m. There were originally 160mb oil equivalent gross at this target (64mb net to Range). I had heard that the revised target was higher and this ties in with the reference to seismics in the update. After shooting some new seismics, Mukhiani can be sidetracked in H2, 2012.

Smith 2 only has another 700 feet to TD and already encountered good oil shows. There are two zones of interest. Looks like it could be yet another success (after Smith 1 and Russel Bevly). The North Chapman ranch enjoyed a successful fraccing operation earlier this year. If Albrecht and Smith 2 hit the sweet spot it will boost P1 reserves and line the asset up nicely for a sale imo.

Encouraging that Shabeel-1 is still on track for a December spud. Note the RNS didn't say "late December", just "December". Looking at the lithology I think Shabeel will have stacked targets : Upper Cretaceous Jesomma Sandstones and the Jurassic Gabredarre Sandstones. TD approximately 8200 feet I believe (Jurassic Sandstones). From the lithology of the general area it looks like Upper Cretaceous Jesomma Sandstones are encountered at around 4000 feet. I'm sure Conoco, CNOOC and others are watching with great interest. Conoco after all know what potential is there.

Look forward to the Trinidad update. I think that reported production from newly drilled wells will always be behind where we are at, because Petrotech take a very long time to sign things off. The CPR should include potential from the deeper Herrera formations.