Range Resources down on drilling update

Range Resources, the oil and gas explorer, has dropped 3% this morning following the announcement it is yet to reach its target depth at its Albrecht appraisal well in Texas.Currently the dig is at 9,150ft, while the target is 14,500ft. In the same update Range announced that 15.5m Australian dollars have been raised after outstanding share options (both listed and directors) were exercised at the end of 2011.Range Resources' shares are 0.27% ahead of where they were at this time last year, after a roller-coaster 2011 in which the stock gained 160% on news of new finds before retreating back again.BS