Range Res. ist Produzent und keiner hats gemerkt

Range remains on track in Republic of Georgia
Tue, 28/06/2011 - 09:46 | Fiona Bond

Range Resources (RRL) told investors it was on track to spud the Mukhiani well in the Republic of Georgia next month, as part of its two-well exploration drilling programme.

The oil and gas exploration and production company said the drilling rig and associated equipment to be used in the two-well exploration programme in Georgia this year recently arrived at the port of Poti and is now on site, with a scheduled spudding date of early July.

The well will target the Vani 3 prospect which has a best estimate of gross undiscovered oil in place of +115 million barrels, of which 46 million barrels is attributable to Range's 40% interest.

It is expected to reach a depth of 3,500 metres within 45-55 days.

Meanwhile, AIM-listed Range announced it was on track to begin its shallow target development drilling programme - to depths of 1,500 feet - in Trinidad, involving 15-20 wells to be completed before the end of the year.

The first well is expected to get underway around the end of July.

The company is also finalising 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.

And last but not least, the company has completed preparations in anticipation of the fracture stimulation of the Ross 3H horizontal well on the East Cotton Valley prospect, Texas.

The well bore has been cleaned out and perforated, with the frac tanks now being filled ahead of fracture stimulation operations.

If successful, the Ross 3H well is expected to launch a development programme of 15-20 additional horizontal wells, each of which could potentially recover between 200,000 and 500,000 barrels.

Having recently increased its interest to 21.75% of the field, Range said it was "well positioned to add significant oil production and cash flow to its growing US operations".  

TEXAS IS BRIMMING......
.....and plan to drill 3,000 wells in one year. Range in with a good chance to benefit from the re-discovery of Texas oil/gas reserves. All the big majors are there including BP, SHELL and CONOCO. What we can prove up will mean Texas licences will be SOLD at the right price. That is why the frac results for NCR and ECV will be important, for bringing on the 'bids'

I think our Texas ops will be at least TWICE as good as previously estimated?

Black gold boom: Texas prepares to drill 3,000 oil wells in a YEAR that could deliver major boost for U.S. economy
By DAILY MAIL REPORTER
Last updated at 3:32 PM on 30th May 2011

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If the predictions prove true then it is a discovery that will have a dramatic effect on the U.S. economy.
For experts believe that the astonishing finds in 20 new onshore oil fields could, together, increase the country's oil output by 25 per cent in just ten years. This would reduce dependence on imported fuel and risky off-shore drilling.
The Texas field, also known as Eagle Ford, is one of the 20 and more than a dozen companies plan to drill 3,000 wells over the next 12 months in Catarina, South Texas.

Black gold: The discovery that oil can be extracted in the same way as natural gas has drawn massive investment to South Texas
Just five years ago the oil fields were considered useless. But then an engineer discovered that oil could be extracted in the same way as natural gas - through a process of hydraulic fracturing - and U.S. oil giant EOG bought thousands of acres of land in Texas.
Hydraulic fracturing or fracking uses water, sand and chemicals to extract oil from rocks.

More...
EU 'should probe petrol price rise'
The method is used to to unlock natural gas but can also be used to release huge quantities of oil.
In a further development, Texas could soon become the first state to require drilling companies to publicly disclose the chemicals they use to crack tight rock formations in their search for natural gas and oil.
Legislation approved last night could prompt the U.S. Environmental Protection Agency and other states to make similar rules.
At issue is 'fracking'. The contentious technique allows oil and gas companies to permeate tight shale formations and release once out-of-reach minerals.
Drillers pump millions of gallons of chemically laced water into the ground to break the rock, allowing natural gas to flow.

Declining: Oil discovery will help take pressure off Prudhoe Bay, Alaska, where production has fallen
Many companies refuse to say what chemicals are used, arguing it could harm their competitive edge. Others fear the chemicals could taint groundwater or soil.
The sheer amount of water required in the process has also posed concerns as the state has a problem with droughts.
Despite these environmental concerns, drillers have been given the go-ahead.
The black gold boom is set to create more than two million jobs and bring in tens of billion dollars to the region after Chinese and Norwegian firms invested in the fields.
Aubrey McClendon, chief executive of Chesapeake Energy told the New York Times: 'It’s the one thing we have seen in our adult lives that could take us away from imported oil.'
'What if we have found three of the world’s biggest oil fields in the last three years right here in the US? How transformative could that be for the U.S. economy?'
Drillers believe that the oil fields will be able to produce up to three million barrels a day by 2020, from their current half a million barrels output.
Despite having its first well drilled just three years ago, The Eagle Ford is already making 100,000 barrels a day and could reach 420,000 by 2015.
The oil fields have transformed Texas with house prices doubling as a result of the oil boom and unemployment is down by a half.
Further north in North Dakota, the Bakken field is now producing 400,000 barrels a day after discovering a trickle just four years ago.  

http://www.dailymail.co.uk/news/article-1392376/...html#ixzz1NrZ97jCG  

Kev's post at 19:45 re-email,PL
{No reason to believe we will need to frack the Georgian wells (don't forget we're in a different structure to the wells to the East), the possibility of extra oil bearing structures in both Georgia and Trinidad, confirmation ECV as well as NCR is being proved up to sell (at the right price), }
============================================
'No reason to believe we will need to frac the Georgian wells!"......I have been saying for quite some time now, that oil in Georgia will be 'easy' to bring to the surface and probably easier to find, considering that oil drilling has been at comparatively shallow depths, for almost 120yrs, and has never run dry.........

....Most of RRL's licences have 'extensive ubiquitous' oil seeps re- Trinidad, Puntland, Texas and Georgia. Huge volumes of gas deep down below the triassic shale and salt beds is thought to be forcing the oil to the surface and even larger reservoirs even deeper, especially in Georgia. IF gas is found anywhere, then oil will be recoverable as well, as a direct consequence of 'the immense gas pressure present', that will enable any oil present to be much more easily pumped up to the surface as the gas is recovered or released!

Oil seeps are occurring all over Georgia. This article seems to confirm as I have already suggested in previous posts...that when oil seeps to the surface, it does so because there is a lot of it down there! OIL cannot form 'at its source' close to the surface. The fact that previous oil production extracted oil from very shallow deposits for over 120years, and are still doing so also shows that the oil fields are being 'refilled' from far down into the triassic and cretaceous zones.
Previous drillings only scratched the surface, using old antiquated equipment...yet to this day, the oil NEVER ran dry, after almost 120years. This is why...and the reason,also why I am convinced we have the potential to top Kirkuk (pumping for 75yrs) and the 'huge' Shaikan fields in Kurdistan....
http://www.rense.com/general63/refil.htm

http://www.rangeresources.com.au/operations/georgia/
Very few of the approximately 200 wells were drilled with the specific objective of finding oil and gas reservoirs. Certain wells were drilled to relatively shallow depths, to further define structural features identified from surface geological mapping, and to assist in planning the location and design of water reservoirs. Deeper wells were drilled for the purpose of detailed identification of the stratigraphy of the area. Many of these wells found oil and gas shows, in which case they were shut in and abandoned without testing. Much of the work carried out by the technical staff of Strait has been to collate information from these diverse databases and to integrate the data into their own regional interpretation. Data reviewed includes seismic, gravity and magnetic, well, structural mapping and field analogues and reservoir data
An initial analysis of 24 areas identified 11 structures suitable for oil in place estimates and key targets for future drilling. Of these structures two are deeper than 2,500 meters and the rest are shallow features between 600 and 2,500 meters
Range has since updated this report - refer below
Seismic data has been processed and interpreted with the aim of identifying drill targets by late Q2 2010 / early Q3 2010 with drilling due to commence a minimum two well drilling program
In addition to the oil potential of the Blocks there are numerous prospective gas fields, which include highly prospective natural gas and coal bed methane targets. Of the 161 wells drilled for gas, 22 displayed potentially commercial flow rates. Early production could be attained by supplying the local city of Kutaisi (second biggest in Georgia) with a dedicated natural gas supply.

With proper facilitation, and modern equipment, Georgia, could spring the surprise of the century....but, Puntland, when our time comes, may be even bigg By dickie3times  

previously posted:
in the recent OPL broker report:

Although the Lonquist valuation is based on a 20-25 well rolling development programme in order to
produce the available reserves over the long term, we are confident that Range will look to crystallise
the value of North Chapman through a disposal of the asset in 2012.

In the same fashion that continued drilling on North Chapman is likely to enhance the value of the
project, we are confident that successful appraisal drilling at East Cotton Valley will enable Range to
upgrade a significant proportion of P3 reserves into the P2 category, enhancing the value of the field
significantly. At this point, we expect that Range would consider a sale of its interest.

NCR and ECV will be sold off dependant on the right price (circa $300m
or ?188m)

Monies will be returned to Shareholders with a % being retained for
future expansion, the company will decide on how much they will retain
dependant on how much they need for the coming year. 15% retained by
the company will returned about 8p per share to shareholders,


5% retained by the company - ?0.0893p
10% retained by the comany - ?0.0847p
15% retained by the company - ?0.0799p
20% retained by the company - ?0.0752p
25% retained by the company - ?0.0705p
50% retained by the company - ?0.047p

The company does not need $300m sat in its bank account! look what PL was able to do with only $60m if they retain $150m then we as shareholders are still looking at receiving just hy of 5p per share in a divi!!!

+ the company will have $150m to do deals with which should see Range punching its weight with some of the seriousy large oil exploration and production companies!!!
SEEMS TO ME, we have a good bargain in the bag if the above deals go ahead....imo (hang on to your shares, only buy more if your your BANK can afford to lose the money!) lol By dickie3times  

Nav Calculation !
From another poster.
http://rangeresources.narutorpg.org/t57-july-2011-nav-and-forecasting


CURRENT SCENARIO
Ok, I’ll start this post with a brief analysis of where we are at, then run through the fundamentals of that valuation and then the options to show the upside potential.

1) NCR: $106m: 3.88p
2) ECV: $15.719m: 0.58p
3) TT: $76.32m: 2.79p
4) GEO: $166.522m: 6.1p
5) PNT: $100m: 3.66p
6) Cash (Est): $20m: 0.73p
7) Options: $8.5m: 0.31p
8.) Liabilities: -$2m: -0.07p

That totals 17.98p, not a million miles away from where we are currently trading (CoB 4th July’11 mid 16.25p).

Items 1 and 2, NCR and ECV, we have reserves reports covering the values here, the values used are the totals of P1 and P2 reserves at NPV10 discounted.

Item 3, Trinidad, is a mix of production and exploration. Taking 700bopd production, at $30/bbl profit, 8x earnings that gives a total of $62.32m. Adding in the Herrera potential, I’ve used 60mmbbls OIP, 30% recoverable, 1 in 12 chance of success, and a projected value of $10/bbl (given it’s stable economy), I have a valuation of $15m.
Total of the two $76.32m.

Item 4, Georgia, we are all exploration here so far, but a mix of prospects and leads. For the 6 identified prospects, 652mmbbls STOIIP confirmed, 40% share, 30% recoverable and 1 in 8 chance of success, a valuation at $10/bbl comes to $97.8m. In addition, we have leads totalling 1.375bn bbls. Success in the prospects converts these leads to prospects, but meantime I’m assigning a valuation based on 40% share, 30% recovery, 1 in 12 chance of success, and $5/bbl, totalling $68.722m.
Total Georgia is $166.522m.

Item 5 is Puntland, always difficult to value, it’s somewhere between $0 and $50bn….
I’ve based a valuation split into 2: Dharoor and Nugaal. For Dharoor I’m going with 1bn bbls OIP, 20% share, 30% recovery, 1 in 12 chance of success, and $5/bbl end valuation, that comes to $25m. For Nugaal it’s 2bn bbls OIP, and 1 in 8 chance of success (based on previous Conoco success there), that comes to $75m. Total $100m for the two.

The only problem with this is that Nugaal straddles the contested Somaliland/Puntland border, but for this purpose we are going with zero implied risk. I could easily go with 50% risk, and the effect on SP is just 1.83p.

Item 7 is fairly up to date, and combines the incoming cash with the net effect of subsequent dilution.

Items 6 and 8 are guesstimates at this stage, but the effect on SP is negligible in any case.

Considering the above, I’m fairly comfortable with the share price hovering around 16-17p. It is AIM after all.

After that, it’s consideration of the potential near term upside, and there’s no single calc to take into account all chances of success, and all being successful at the first attempt, so I’m going to tackle it item by item.

FUTURE VALUATION

1) North Chapman Ranch
Relatively simple this one, the main objective being to move P3 reserves into P1/P2, thereby ending up with a valuation around $250m, so we’ll stick with that.

2) East Cotton Valley
Similarly, moving P3 into P1/P2 will give a valuation of some $30m, we’ll take that too.

3) Trinidad
A bit more complex here. Initial stage is to double production from the shallow wells, but ultimately take it to 4000bopd. Doubling production in 12 months gives a valuation of $76.6m at 8x earnings. 4kbopd in 24 months takes the valuation to $219m.
Then, we have the Herrera formations, and valuing this is a bit tricky seeing as we don’t know exactly how big or how many formations we could target yet. A single well targeting a 20m reserve could theoretically prove up 30% recoverable, with a value of $60m based on $10/bbl. We could see 2 of these wells in 12 months, 4-6 in 24 months.

So, short term we could be looking at $200m in 12 months or up to $580m in 24-36 months.

In addition, we could be looking at a couple of highly lucrative upper cretaceous drills within 12-24 months, purely guesswor  

http://www.youtube.com/watch?v=_e0X2ZLOCFY  

Was ein (sorry, aber) GEILES Video!!!

Es bestätigt sich genau das, was ich mir erhofft habe.

Ich fasse mal kurz zusammen und ergänze mit meinen Infos:

_______________________________

Trinidad:

- PL meint, dass alleine Trinidad und Texas die aktuelle Mcap rechtfertigen, und zwar auf jetzigem Stand

- erst 5% von Trinidad sind exploriert worden

- in den nächsten vier Jahren will Range 250!!!!! Drillings in Trinidad durchführen

- das Ölvorkommen ist teilweise nur 200ft tief, so dass die Drillings sehr schnell abgeschlossen werden können und ins Geld gebracht werden können

- Payback dann 4-6 Wochen !!!! (wie hammergeil ist das denn????)

- 1000b/Tag bringen ca. 12m USD Profit/Jahr (Trinidad)

- bis Jahresende sollen 4000b/Tag gefördert werden (= 48m USD nur für Trinidad!!!)

- kurze eigene Überlegung: die 1000b/Tag decken die 5% ab, welche bereits exploriert wurden.... Dann wären 100% 20.000 Barrel/Tag möglich. Dies wurde auch damals beim Trinidad-Deal so erläutert.
Also 240m USD Profit/Jahr!

________________________________

Georgien:

- PL meint, dass die Trefferwahrscheinlichkeit bei 90% liegt!

- Drilling kann jeden Tag vermeldet werden

- die Drillings werden vorraussichtlich 40-45 Tage andauern

________________________________

Puntland:

- AOI sei on Track und Mitte July soll dann konkretere Info erfolgen, Bohrfirma-Timetable

- PL hofft, dass Man im September/Oktober mit zwei Bohrungen beginnt

- diese Bohrungen haben dann 2 Mrd Barrel Potential

________________________________

Texas:

- Investition für das gesamte Texas-Projekt beläuft sich auf 1,5m USD

- Pro Bohrloch potentiell 2,5m USD Profit/Jahr

- er sollen noch 15-20 Bohrungen folgen

- Verkauf des Texasprojekts könnte in der ersten Jahreshälfte 2012 erfolgen

________________________________

Allgemein:

- auf die Frage, wann das nächste CapitalRaising kommt, erläuterte PL, dass institutionelle Anleger Schlange stehen würden, Range auf diesem Niveau jedoch keine Kapitalerhöhung durchführen wolle

- Cash genug vorhanden

________________________________


Thats Great!!!  

...Isn't it strange, that over course of 24hours our priorities have changed? For a couple of months everyone was on about Georgia and Puntland. But for the post by iPedro yesterday re- Venezuela our focus would still mainly be on Georgia.
http://geomarkresearch.com/res/...America/Venezuela%20Oil%20Study.pdf

Poor old Texas seems to be all but forgotten, and TT was only referred to as a value proposition and how PL has derisked RRL with the SOCA 100% buy out. No one really talked of the sheer potential that we have here, until yesterday and focus has somewhat turned away from G-spud, temporarily.
Tomorrow, or within a few days our attention could be focussing on something else....the updated 'FRAC' results from Russell-Bevly. PL HAS ALREADY stated that so far the fraccing results have proved far better than other operators in the region!

{Range Resources said that initial rates from this one zone have surpassed what other operators are getting from several wells combined }

http://www.proactiveinvestors.co.uk/companies/...20Russell-Bevly%20#1 well; shares rise

So next we may be turning our attention again...
... claiming "the Texas ops are company making!" We have four company making operations any one of which could send the sp into 'lower orbit'.
This week, I am pretty sure we will hear of further news on Texas at Nairobi and with what we already know of Trinidad, the s/p should be worth over 30p as we talk, without the G-spud.
' By dickie3times  

Speculation is rife on this board re-sp by Xmas, varying from 24p - 100p.
Who's going to be right? Unless anyone agrees with me (I doubt it), then all of them will be wrong....because I secretly believe we will soar way above 100p (200p is not impossible?), if all ops go positive!!

http://www.rangeresources.com.au/operations/georgia/

I believe big things will come from Georgia, gas/oil, the gas has virtually been proved to be of huge volumes and of commercial viability. In Georgia the high pressure at great depth of natural gas is thought to be forcing oil to the surface-'seeps' from reservoirs far below the known reservoirs at shallow depth...it is this that is hoped to be tapped, and why the initial claim by RRL of 2billion barrel potential...and that is conservative!
Puntland, could be even bigger when the time comes, but for now Texas frac results from Russel/Bevly are going to SURPRISE EVERYONE and coupled with ECV and EVEN BETTER results from TRINIDAD, we, almost certainly will see the sp creep towards 100p in Q4!

http://www.rangeresources.com.au/operations/trinidad/

Why I see 100p breached is that pi's will have more info on Puntland by the year end and on 'expectations alone', Puntland could(should) match GKP-Shaikan and the nearby Kirkuk fields that have yielded 40bb over the last 75yrs, and still pumping!

FILE REPORT FROM 2005
http://www.rangeresources.com.au/fileadmin/..._and_Gas__01-12-05_.pdf


By dickie3times  

http://www.asx.net.au/asxpdf/20110714/pdf/41zrtlzl03rkt0.pdf  

1:11 18/07/2011 PL transcript PUNTLAND
10:04 mins
" Puntlands a bit of a different one. Punt lands significantly bigger, erm, the
first two wells targeted by Africa Oil are both one billion barrel in place. Erm , which would make them two of the largest onshore wells drilled this year.
The issue with Puntland has always been the tyranny of time and delay. We are getting very close obviously to finding, getting pushing the button to green light drilling of the first well.where it's at right now there is, the drilling contractor has been A............(pause) you know, there is a letter of
intent in place . I would suggest that if investors are looking for the next
key development on where the Puntland assets are. Because people never question the geological, sort of like, upside of Puntland, it's all well when are you going to drill a well. I think the next big, you know, announcement potentially is going to be mid July which would involve obviously signing up
of a rig, drilling time table and everything like that. That is what we are targeting" 11.01 mins

Again he slips up IMO and almost said "the drilling contractor has been
a"ppointed !!

Priceless. vsm
By verysensiblemike
--------------------------------------------------

0:51 18/07/2011 PL transcript Georgia
PL transcript re Georgia
9.02 mins
" We had the helium survey done on it, erm, you can have your sceptics
out there but the helium surveys have been used by every Russian Major in
Siberia for the last 10 years. It got about a 90% track record in terms of identifying, when used in conjunction with seismic, in terms of producing oil bearing zones. And obviously that came in positively with both of our first
two drill targets so there is a high level of confidence with our targets that respect that we'll we'll DEFINITLEY have a commercial discovery." 9.29

It's all on the latest corporate video on the company web site but you really
should watch and make your own judgement. IMO he slips but and the word definitely comes out!!
http://www.rangeresources.com.au/investors/...rector-range-resources/

THIS IS ONE OF THE MOST IMPORTANT PIECES OF INVESTMENT INFORMATION STRAIGHT FROM THE HORSES MOUTH THAT YOU WILL
EVER HEAR. Perhaps with the exception on the next transcript I am going concerning to post so don't shut the clip just yet
Puntland and 2 bbls

Regards vsm By verysensiblemike  

12:36 19/07/2011 Re: Puntland Heavy Oil ?
Found bogus report from January 2011 on Somalinet forums from yesterday ?

First Puntland oil well going up in 9 Days!
by Monk-of-Mogadishu » Mon Jul 18, 2011 3:55 pm

http://www.oilandgaspress.com/wp/?p=5075

Africa Oil Corp. (“Africa Oil” or “the Company”) (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce that Africa Oil, together with Range Resource Ltd. and Lion Energy Corp., its joint venture partners, has entered into amending agreements with the Government of Puntland, represented by the Puntland Petroleum and Mineral Agency, in respect of the production sharing agreements (“PSAs”) for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area. Under the PSAs, as amended, the First Exploration Agreement has been extended for a further 12 months, from January 17, 2011 to January 17, 2012.

Under the amended PSAs Africa Oil is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011. A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of Africa Oil, in the Dharoor Valley Exploration Area, by September 27, 2011.

In addition, the proposed farmout to Red Emperor of a 20% interest in each of the PSAs, previously announced on June 15, 2010, has been approved by the Government. Under the Red Emperor farmout Red Emperor is committed to pay a disproportionate share of the costs related to Africa Oil’s drilling commitments in the First Exploration Period.

Keith Hill, President and CEO of Africa Oil commented on these developments as follows: “We look forward to the upcoming wells in the rift basins of Puntland which we believe could hold similar potential to the geologically related basins in Yemen which contain more than 6 billion barrels of discovered reserves. We appreciate the cooperation and efforts from the government in granting this extension and are in advanced negotiations with a drilling contractor to meet these obligations. We also would like to welcome our new partner Red Emperor to the joint venture.”

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). Africa Oil’s East African holdings are in what is considered a truly world-class exploration play fairway. The Company’s total gross land package in this prolific region is approaching 350,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil’s virtually unexplored land position including the major Tullow Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil’s concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil’s project areas. The Company is listed on the TSX Venture Exchange aKeith C. Hill, President and CEO
nd on First North at NASDAQ OMX-Stockholm under the symbol “AOI”.

ON BEHALF OF THE BOARD


http://www.somalinet.com/forums/viewtopic.php?f=250&t=280979

Monk of Mogadishu gives it away, but news due sometime this summer.






By WholeWideWorld  

7:05 22/07/2011 Re: ASX - 0.275 - Up 14.58%
IMMINENT NEWS..THERE IS SOME TRUTH TO THE GUARDIAN REPORT..imo


http://www.hotcopper.com.au/search_do.asp
yesterday...
Investors were also piling into Red Emperor, on the move amid speculation its Georgia drilling venture with Range Resources may have proved successful. The shares rose 13.4% to 31p.
http://www.guardian.co.uk/business/...l/21/rumours-point-to-aviva-bid  

http://www.asx.com.au/asxpdf/20110728/pdf/42017l8nk735zx.pdf

Wie nicht anders zu erwarten war, verzögert sich in Sachen Georgien alles ein wenig.
Immerhin sind 500m gedrillt und die Fortschritte liegen im Rahmen der Erwartungen, was immer das auch zu bedeuten hat.

Der klassische News-Abverkauf bei Range ist mal wieder im vollen Gange...
Wer will es verdenken, bei diesem Marktumfeld.

Zu Puntland wird auch jeden Tag eine News erwartet...sehr wahrscheinlich also in 3-4 Wochen...

Die Fortschritte in Trinidad hingegen laufen voll nach Plan und auf vollen Touren...
Wer hier noch Futter hat, kann die momentane Lage wunderbar zum Nachkauf nutzen...  

148 Fuss Net pay oilcolumn...da kann man nicht meckern :-)

Range Resources finds oil at Morne Diablo in Trinidad - http://t.co/BpRCnqW

7:28 am by Jon Mainwaring


Range Resources (LON:RRL, ASX:RRS), the geographically diverse oil and gas explorer, announced this morning that it has successfully drilled its first development well on its Morne Diablo block in Trinidad.
The MD247 well was drilled to a total depth of approximately 900 feet. Despite this shallow depth, the firm said, open hole logs indicate the presence of around 145 feet of net oil pay in the shallow Forest Formation – an established producing horizon on the block.
The MD247 well is part of an initial 21-well drilling programme at Morne Diablo, which Range acquired when it bought SOCA Petroleum at the start of June.
“The successful drilling of the MD 247 well indicates that Range's aggressive program to increase production and cash flow in Trinidad is on track and the first pay zone size has exceeded expectations,” said Range’s executive director, Peter Landau. “As previously announced, we will be adding a second and third rig to the remaining 20-well 2011 drilling program in order to begin exploitation of deeper producing reservoirs. The MD 247 well is only the beginning for us in Trinidad, but represents an important milestone for Range as our first internationally operated well, drilled and completed by the company’s own operations team using our own equipment.”
The firm – which is also currently drilling at assets in the Republic of Georgia, Texas and Somalia – also announced today that it had appointed Panmure Gordon as its joint broker.  

 

http://www.rangeresources.com.au/fileadmin/...ces_Progress_Update.pdf

Sehr interessantes und intensives Interview mit Anthony Eastman.

Range Resources Limited (ASX: RRS, AIM: RRL) is an oil & gas producer and explorer with producing assets in Trinidad and Texas, US; and with exploration interests in Puntland, Somalia and the Republic of Georgia.

In this Open Briefing®, Executive Director Anthony Eastman discusses:
- Commencement of Trinidad well development program and production targets
- Puntland drilling contracts nearing execution
- Increased production outlook for North Chapman Ranch, Texas

Open Briefing interview:

Range Resources recently commenced a 21 well development program at its Trinidad oilfields (RRS: 100%) which are currently producing 600 to 700 barrels of oil per day (bopd). The program is targeting an increase in production to between 1,400 and 1,800 bopd by the end of calendar 2011 and potentially 4,000 bopd within 24 to 36 months. What is the planned work program and risks to achieving this targeted production?

Executive Director Anthony Eastman
Trinidad represents a pure crude oil play at a time of very high commodity prices. The project has low finding and development costs, low operating costs, low geological risk, and high potential exploratory targets.
Our acquisition in June of a 100% of SOCA Petroleum, which holds the three production and exploration licences for the onshore Trinidad oilfields, included a fully operational local drilling company. This allows us complete freedom to internally dictate our exploration and development work program without having to rely on third parties, especially at a time of increased demand for drilling rigs and personnel. It also allows us to move into the role of international operator.
There are literally dozens of relatively shallow drillable locations that have been identified in the existing oil reservoirs. Each of these potential well sites take one to two weeks to drill, complete and bring to production, allowing rapid development of the existing oil reservoirs.
We have already successfully drilled the first development well (MD 247) of our initial 21 well program. The well was drilled to a depth of approximately 900 feet and open hole logs indicate the presence of around 145 feet of net oil pay, exceeding our expectations. In addition, the well is the first well to be drilled and completed by our own operations team using our own equipment. We expect to commence production testing on this well next week.
For the remainder of 2011 we plan to drill a further 20 of these shallower well targets in the existing oil reservoirs, having recently spudded the first of these last week, targeting an increase in production to between 1,400 and 1,800 bopd by year end and then continue to systematically work through this inventory while testing select exploratory prospects.
In addition, we’re also in the process of re‐interpreting the existing 3D seismic over the highly prospective Herrera Formation. The Herrera Formation is a Miocene aged deep‐water sandstone that is a prolific producer and present on a regional scale. Producing fields in the Herrera Formation located adjacent to Range’s acreage are producing at rates of 500 to 2,000 bopd. We have numerous existing leads which, subject to successful exploration drilling, could have the potential to increase gross production to between 8,000 and 10,000 bopd and add 100 million barrels (Mmbbls) of additional recoverable reserves. It is anticipated that the first of these Herrera leads will be targeted to drill in October 2011.

openbriefing.com
In mid July Range spudded the Mukhiani 1 well in Block V1a (RRS: 40%) in the Republic of Georgia. Can you outline the expected timetable for completing the Mukhiani 1 well and spudding the second well in this initial two‐well exploration program?

Executive Director Anthony Eastman
Our high impact exploration drilling program in the Republic of Georgia is now in full swing. The Mukhiani 1 well is the first in a planned two‐well exploration program and is targeting best mean estimate of oil in place in excess of 115 Mmbbls (with 46 Mmbbls net attributable to Range). The Mukhiani well is progressing well with the lithology encountered in line with expectations. We estimate the well will reach its target depth of circa 3,500m around mid September following which the rig will move to the second location.

openbriefing.com
Range holds a 20% interest in the Dharoor and Nugaal Valley Blocks in the Puntland State of Somalia. The amended production sharing agreement (PSA) with operator African Oil Corporation requires that two exploratory wells be spudded prior to 17 January 2012. What are the prospects for these wells and how certain are you of meeting the PSA timetable?

Executive Director Anthony Eastman
Exploratory prospects in Puntland are excellent, including three high potential drill sites in the more accessible Dharoor Valley of the Darin Basin. At least three large closures of 50 to 150 km2 each have been mapped in Dharoor. Drilling locations have been selected over two of these robust prospects and each well is targeting gross best estimate prospective resources of 300 Mmbbls and 375 Mmbbls recoverable for the two prospects (with 60 Mmbbls and 75 Mmbbls respectively net attributable to Range).
African Oil is finalising the appointment of drilling contractors and we expect rig mobilisation for the first well, which will be located in Dharoor, to commence in the current September quarter. Contracts for the drilling rig and third party services are in advanced stages of negotiation and are expected to be executed shortly.
From our perspective, the Puntland Government and key Dharoor Valley clans fully support the project, and will assist to ensure the drilling project moves forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing Range and our joint venture partners to move the drilling start‐up to the fourth quarter of 2011.

openbriefing.com
Range Resources recently announced that production from the North Chapman Ranch for the June quarter (net to Range) was 95,000 million cubic feet (mcf) of gas and 7,863 barrels of oil (bbls), up from 48,000 mcf of gas and 2,804 bbls in the March quarter. What is your work program to further increase production and reserves at your Texas projects over calendar 2011?

Executive Director Anthony Eastman
As demonstrated by the successful fraccing program in North Chapman Ranch, the planned work program in Texas is expected to add new reserves, production, and cash flow. We expect to drill a third well (the Albrecht well) on the North Chapman Ranch Project in mid October and we’re in discussions regarding the location of a possible fourth well to be drilled before the end of calendar 2011. The Albrecht well will be located toward the east south east portion of the license area while the Smith #1 and Russell Bevly wells are located up in the north west corner of the license area. Assuming the Albrecht well is successful this will ‘bridge the gap’ between the three wells resulting in a significant increase in P1 (proved) and P2 (proved and probable) reserves.
In addition to the Howell Height formation that the Smith #1 and Russel Bevly wells are currently producing from, the Albrecht well is also targeting a shallower formation. This formation appears on trend from existing producing wells adjacent to our license area.
As we have demonstrated with the Smith #1 and Russell Bevly wells, if and when these two planned development wells are successful, we expect to be able to bring them on‐line and producing within two months. This will allow us to have four wells up and producing in the next three to six months with combined gross production of 11 to 14 mmcf and 1,000 to 1,300 bopd (of which approximately 21 percent will be net to Range).
As previously outlined, we’re currently taking steps to identify the source of water yielded in swabbing runs undertaken prior to initiating hydraulic fracturing operations at the Ross 3H well on our East Texas Cotton Valley project. Given the project area is adjacent to an oil field that is currently undergoing water injection as part of a secondary recovery effort (water flooding); there is a strong likelihood that neighbouring operations have pushed injected water into Range’s acreage. Water samples are currently being analysed to determine whether or not this is the case, in order to adjust the Ross 3H completion and development drilling program. Regardless of the outcome of these tests, over 2,250 feet of horizontal
section remain to be tested before final results are known. We remain confident that the Ross 3H will be successfully completed as a producer

openbriefing.com
Range reported net operating cash outflow of A$26.2 million for the 12 months to 30 June 2011 with cash in hand of A$17.4 million as at the end of June. How are you placed to fund your work program over the coming 12 months?

Executive Director Anthony Eastman
In addition to our existing cash reserves, Range currently has around 190 million options outstanding with an exercise price of AUS$0.05 and 60 million options outstanding with an exercise price of AUS$0.10. The exercise of these options, which expire in December 2011, can be expected to provide Range with an additional AUS$15‐16 million.
In Trinidad we plan to fund our work and exploration program from cash flow from existing production, supplemented by a financing facility. After the initial 12 to 18 months of development drilling, the Trinidad program is expected to be self‐funding.
On our exploration program in Puntland, where African Oil has already spent US$30 million as part of its joint venture agreement with us, its remaining expenditure commitments mean Range will be carried for the first US$15 million spent on the second well. In Georgia, the first well is all but paid for while our farm‐in agreement with Red Emperor Resources requires it to pay 40 percent of the cost of the second well.
If we want to pursue additional opportunities, we have a number of fund raising mechanisms being offered to us in the form of equity, convertible notes or pure debt. Obviously we will need to take into account market circumstances and sentiment when considering the size, pricing and timing of any potential fund raising.

openbriefing.com
Given the impact of recent global market instability on Range’s share price, how confident are you in your ability to complete the planned work program?

Executive Director Anthony Eastman
Whilst it’s distressing to see such a large drop in our share price, the key fundamentals of Range remain on track. Most importantly, our current planned activities are fully funded from existing cash reserves. Range has a 12‐month exploration and development plan which it will complete irrespective of market conditions. The Board believes that the plan will see Range fulfil its exponential growth agenda for the benefit of all shareholders.

openbriefing.com
Thank you Anthony.  

iii article pasted

AIM-listed Range Resources (RRL) has moved to assure investors that it remains on track with its growth plans, despite witnessing a large drop in share price.

Executive director Anthony Eastman admitted that the drop was "distressing to see", but said the "key fundamentals of Range remain on track," in an interview with Australian group openbriefing.com.

"Range has a 12-month exploration and development plan which it will complete irrespective of market conditions. The board believes that the plan will see Range fulfil its exponential growth agenda for the benefit of all shareholders," he said.

Shares in the firm have lost over 10% over the past month, slipping from just under 16p to around 10p before launching something of a recovery to sit over 14p today.

The oil and gas producer recently commenced a 21-well development programme at its Trinidad oilfields which is hopes will ramp up production to between 1,400 and 1,800 barrels of oil per day (bopd) by the end of the year and potentially 4,000 bopd within 24 to 36 months. Earlier this week, the company announced better-than-expected results from its first development well of the programme and plans to drill the remaining 20 wells by year end.

In addition, Range spudded the Mukhiani I well in the Republic of Georgia in July as part of its two-well exploration programme. Eastman said the well was progressing well with the lithology encountered in line with expectations. It expects to reach its target depth of 3,500 metres around mid-September.

And the company was also keen to reiterate its commitment to the drilling programme in the Puntland State of Somalia.

The amended production sharing agreement with operator African Oil requires two exploratory wells to be spudded before 17 January 2012 and, as such, rig mobilisation for the first well, which will be located in Dharoor, is expected to commence in the current September quarter.

"From our perspective, the Puntland Government and key Dharoor Valley clans fully support the project, and will assist to ensure the drilling project moves forward safely and expeditiously. Specific milestone target dates have been adjusted by the Puntland Government allowing Range and our joint venture partners to move the drilling start-up to the fourth quarter of 2011," Eastman said.

Range also plans to further increase production and reserves at its Texan project after unveiling much firmer output numbers for the June quarter.

Production for the quarter totalled 95,000 million cubic feet of gas and 7,863 barrels of oil net to Range from North Chapman Ranch, which was a significant increase from the previous quarter thanks to the successful fracture stimulation of both the Smith #1 and Russell Bevly wells.

The company said it expects to drill a third well on the project in mid-October and is in discussions regarding the location of a possible fourth well to be drilled before the end of the year.

If and when these two planned development wells are successful, Range expects to be able to bring them on-line and producing within two months.

If it should chose to pursue additional opportunities across its portfolio, it said it has a "number of fund raising mechanisms being offered to us in the form of equity, convertible notes or pure debt".

"Obviously we will need to take into account market circumstance and sentiment when considering the size, pricing and timing of any potential fund raising," Eastman added.  

http://www.asx.net.au/asxpdf/20110812/pdf/420by1mnm6qfw4.pdf  

Wow, jetzt gehts wieder los...
http://tmx.quotemedia.com/...le.php?newsid=43796319&qm_symbol=AOI

Africa Oil Signs Definitive Agreement With Denovo for Transfer of Puntland Subsidiaries

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to report, further to its May 12, 2011 news release, that it has now signed a definitive agreement (the "Share Exchange Agreement") with Denovo Capital Corp. ("Denovo") pursuant to which Africa Oil will transfer to Denovo its 60% participating interest in the Puntland (Somalia) projects (the "Transaction"). Africa Oil's 60% participating interest in each of the Dharoor Valley and the Nugaal Valley Production Sharing Agreements in Puntland (Somalia) is indirectly held by its wholly owned subsidiary, Canmex Holdings (Bermuda) I Ltd.("Canmex I"). Pursuant to the Share Exchange Agreement, all of the issued and outstanding shares of Canmex I will be transferred to Denovo. In consideration of the transfer, Africa Oil will receive 27,777,778 common shares of Denovo.  

Africa Oil Puntland Drilling Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2011) - Africa Oil Corp. (TSX VENTURE:AOI)(OMX:AOI) ("Africa Oil" or the "Company") is pleased to provide an update on drilling operations related to the two-well exploration program in the Dharoor Valley Block, located in Puntland (Somalia).

Drilling locations have been selected over two robust prospects targeting gross best estimated prospective resources of over 300 million barrels each, based on internal estimates. A contract has been awarded to Sakson Drilling and Oil Services who will provide a 1,500 horse-power, top drive equipped rig. The majority of the drilling-related third party service contracts have been entered into and all outstanding service contracts are expected to be completed before the end of August.

The Company is actively engaged in sourcing drilling related materials and early stage logistics including drill site and ingress route construction. A contract has been signed with a water well drilling company and water well drilling will commence in early September. Mobilization of required personnel and equipment is planned to allow for spud of the Shabeel-1 well during the fourth quarter of this year.

The Puntland Government and Dharoor Valley communities are fully supportive of the drilling project and have ensured they will do all that they can to allow the project to move forward safely and expeditiously.

Please refer to the Company's press release dated August 11, 2011, detailing a proposed transaction whereby the Company will transfer its interests in the Puntland production sharing contracts to Denovo Capital Corp. ("Denovo"). Assuming completion of the transaction and related financing, it is anticipated the Company will own approximately 50% of Denovo. A private placement of CAD$40.9 million has been closed by Denovo subject to final TSX Venture Exchange approval of the transaction which will allow the new combined company to fully fund the upcoming two well program.

Keith Hill, Africa Oil's President and Chief Executive Officer, commented, "We are very pleased to have signed a drilling rig contract and to have procured the required services to allow us to commence drilling operations in Puntland. With support from the local communities and Puntland Government, we are eager to drill the first exploration wells in Puntland in over 20 years, aimed at unlocking the resource potential of the area."

Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya, Ethiopia and Puntland (Somalia). Africa Oil's East African holdings are in within a world-class exploration play fairway with a total gross land package in this prolific region in excess of 300,000 square kilometers. The East African Rift Basin system is one of the last of the great rift basins to be explored. New discoveries have been announced on all sides of Africa Oil's virtually unexplored land position including the major Albert Graben oil discovery in neighbouring Uganda. Similar to the Albert Graben play model, Africa Oil's concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum system. Good quality existing seismic show robust leads and prospects throughout Africa Oil's project areas. The Company is listed on the TSX Venture Exchange and on First North at NASDAQ OMX-Stockholm under the symbol "AOI".

FORWARD-LOOKING STATEMENTS  

Range ist bei "Tangiers" eingestiegen, die pdf´s hier:

http://www.asx.net.au/asxpdf/20110902/pdf/420v8d5gbv74t5.pdf

http://www.asx.net.au/asxpdf/20110902/pdf/420v7q35rg83s3.pdf

Kurs Tangiers: http://kursdaten.teleboerse.de/teleboerse/...=9138468&zeit=100000

Wenn jemand weiss warum Herr Landau das jetzt schon wieder gemacht hat, ich bitte um Info, denn ich bin immer wieder überrascht.

Gruß  

http://moneyam.uk-wire.com/Article.aspx?id=20110912073933PFC74

schön aber nichts weltbewegendes. London startet wohl leicht rot...  

http://www.asx.net.au/asxpdf/20110928/pdf/421chwdj0fcswp.pdf