17 Feb 2010 10:00
17 February 2010
Company AnnouncementsAustralian Securities ExchangeExchange Plaza2 The EsplanadePERTH WA 6000By E-lodgmentCOMPANY UPDATETexas
Range Resources Limited ("Range" or "the Company") would like to announce a further update on the Company's US Gulf Coast interests.
As previously announced the production facilities are in place, with the flow line and connection to the sales line now being installed in readiness for imminent first production.
Pumps have been running continuously over the past few days draining the surface water next to the facilities to allow for the successful installation of the flow line to the sales line. Whilst the water has been drained work crew have been welding the flowline together in 500 ft sections on the well/tank location (which is now built up and dry). With the water drained the work crew will be preparing trenches for the laying of the flowline and connection with the sales line.
Following the tie up, next stages will include commercial sales, production rates, independent reserve report and drilling of the second development well scheduled for April 2010.
Georgia
The seismic acquisition program is progressing well with the seismic contractor having completed the majority of the mountainous and elevated acquisition. To date approximately 220kms has been completed, with approximately 140kms remaining. Given the majority of the remaining kms to be acquired is on the lower ground, it is envisaged that the total program will be completed towards the end of March 2010.
Figure 1 - Seismic Acquisition Program (red = completed / yellow = planned / blue = optional) - please see website for picture.
The Company will continue to provide further updates on the progress of its portfolio of assets.
For and on behalf of the Board
RegardsPeter LandauExecutive DirectorContactsRange ResourcesPeter LandauTel : +61 (8) 8 9488 5220Em: plandau@rangeresources.com.auAustralia LondonPPR Conduit PRDavid Tasker Jonathan CharlesTel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7429 6666Em: david.tasker@ppr.com.au Em: jonathan@conduitpr.comRFC Corporate Finance (Nominated Advisor) Old Park Lane Capital (Broker)Stuart Laing Michael ParnesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188Range Background
Range Resources is a dual listed oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas, USA.
* In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells - 65% Operator, in 2010. * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range is undertaking a 350km 2D seismic program. * Range holds a 25% interest in the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with production due to commence Feb 2010.
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