30 Sep 2009 07:10
ASX Announcement30 September 2009 DRILLING UPDATE - SMITH #1 WELL, TEXAS
Update by Australian based oil and gas explorer Range Resources Limited ("Range" or "the Company") on its exploration drilling program in North Chapman Ranch, Texas.
Smith #1 well, North Chapman Ranch
The exploration well Smith #1 spudded on 4 September 2009. Surface casing has been set and cemented at 1,528 ft (465m).
Name of well Smith #1 Spud date 4 September 2009 Current depth of well ~10,918 ft (3,329m) Target depth of well ~14,200 ft (4,329m) RRS beneficial interest 25%
Figure 1: Unit Texas Rig #35 drilling ahead on Smith #1 well - please see website.
Background on North Chapman Ranch
Range holds a 25% working interest in the drilling of Smith #1 well. The well shall be drilled to an approximate depth of 14,200 ft (4,329m) or to a depth sufficient to test the Howell Hight formation. If successful, the Smith #1 well could trigger significant oil and gas production and development drilling with very attractive economics, at a time when exploration and development costs in the US have dropped dramatically.
Range will continue to update the market on a weekly basis during its exploration drilling program.
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For further information please contact:
Range 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.com
RFC Corporate Finance (Nominated Advisor) Fox-Davies Capital (Broker) Stuart Laing
Daniel Fox-DaviesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 936 5200
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