Range Resources along with its joint venture partners, Strait Oil and Gas and Red Emperor Resources reported that following the successful spudding of the Mukhiani 1 well earlier this month, the well is currently at 510m.

As was expected in the early stages of drilling, progress was relatively slow, however the Company is pleased to report that the last few days has seen drilling progress as planned with the lithology encountered being in line with expectations (derived from seismic interpretations and analysis). It is anticipated that drilling will continue to circa 700m after which casing will be set and logging performed.

The recently completed geochemical helium survey undertaken by Range confirmed the suitability of the first drill location with oil exploration and development prospectivity complementing the earlier seismic work completed on the target.

The Company will continue to provide updates on a 7-10 day basis as to the progress of the drilling of the Mukhiani well.

Trinidad - Drilling Program Commencing

Range also announced that in less than 2 months from the acquisition of 100% of the Trinidad assets, the Company has commenced its 21 development well program utilizing 3 of the Company's rigs and is targeting an increase in production to between 1,400-1,800 bopd, an increase and reclassification of reserves along with extending the limits of the existing fields.

Rig 1 was recently inspected and re-certified for drilling by the Ministry of Energy and has been mobilized to spud in the coming days, Rig 2 is due for inspection and re-certification this week, soon followed by Rig 3, with both then immediately mobilized to join Rig 1 in the development well program.

Range executive director Peter Landau commented, "The Company is extremely pleased at the swift progress made since acquiring the Trinidad assets, with the operational team in Trinidad now being able to look to maximize the potential of the assets, something they have wanted to progress for a number of years but were restrained through a lack of capital earmarked for development."

Tags: Range Resources Corporation