Range Resources Ltd

Range Resources Limited (“Range” or “the Company”) is both an ASX-listed (ASX: RRS) and AIM-listed (AIM: RRL) exploration and production company with assets in Texas- U.S, Republic of Georgia, Trinidad and Puntland- Somalia.
 
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PostSubject: RB #1   Tue Jun 15, 2010 10:37 pm

Russell-Bevly #1 well (20% WI)
On 12 May 2010, Range announced the spudding of the Russell‐Bevly Unit #1 appraisal well, the second well in the North Chapman Ranch Field project.

The projected total depth of the well is 14,000 ft. (4,260m), and located approximately 1,900 ft. (570m) north‐northwest of Smith #1.

The well is expected to add reserves and production while helping to delineate the overall size of the reservoir. Range holds a 20% working interest in the well, which has an estimated dry hole cost of $US3.8m (Range’s share of US$760,000 has been paid upfront).

Multi-well program

Well Details


Name of well
Smith #1
Russell-Bevly #1

Spud date
4 September 2009
12 May 2010

Revised total depth
~13,975 ft (4,260m)
~13,975 ft (4,260m)

Range working interest
25%
20%
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PostSubject: Re: RB #1   Wed Jun 30, 2010 7:04 am

Wednesday 30 June, 2010Range Resources LTD
RB 1 Well Confirms North Chapman Ranch Discovery

ABN 88 002 522 009

Level 3, 1 Havelock Street
West Perth, WA 6005

P +61 8 9488 5220 +61 8 9488 5220
F +61 8 9324 2400

30 June 2010

Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000

By E-lodgment

TEXAS UPDATE

Russell Bevly #1 Appraisal Well Confirms North Chapman Ranch Discovery

Range Resources Limited ("Range", or "the Company") would like to announce an
update on the Russell Bevly #1 appraisal well as part of the North Chapman
Ranch Joint Venture's multi-well program in Texas.

After drilling to a revised Total Depth of 14,225' (4,337m), the operator has
concluded open hole logging operations that indicate the presence of
approximately 130 ft. of net oil and gas pay in the Howell Hight formation.
This exceeds the net pay thickness of the Smith #1 discovery well (Range
interest - 25%) and identifies a new, potentially productive interval. The well
is currently being equipped with 4 1/2" production casing.

The Russell Bevly #1 confirms the Company's structural and stratigraphic models
across the northwestern flank of the field, which formed the basis of the
recently released reserve report. Once completed for production, and depending
upon final production test data, the well is expected to add significant Proved
Reserves, production, and cash flow to Range's Texas operations.

Range Executive Director Peter Landau commented that, "The Russell-Bevly #1
exceeds our expectations for the first appraisal well in the North Chapman
Ranch field and sets the stage for additional development drilling across our
acreage. As of casing point, the well was significantly under budgeted costs
and ahead of schedule, indicating that the Company and its joint venture
partners are already capitalizing on information acquired during the initial
test. We will continue to look for ways to optimize drilling and completion
operations in order to keep downward pressure on finding and development
costs".

Well Details

Name of well Russell Bevly #1

Spud date 9 May 2010

Final total depth ~14,225 ft (4,337m)

Proposed total depth ~14,000 ft (4,268m)

RRS working interest 20%

For and on behalf of the Board
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PostSubject: Re: RB #1   Wed Jun 30, 2010 6:37 pm

Range Resources (RRL) found favour with investors on Wednesday, after its latest appraisal well in Texas came up trumps.

The AIM-listed company has discovered up to 130 feet of net oil and gas pay at its Russell Bevly #1 appraisal well, part of the North Chapman Ranch Joint Venture programme in Texas.

The appraisal well, which marks the first of its kind in the North Chapman Ranch field, was drilled to a total depth of 4,337 metres on budget and ahead of schedule, the company said in a statement.

Range, which owns a 20% interest in Russell Bevly #1, said the discovery was made in the Howell Hight formation after drilling pushed beyond the original 4,268 metre target.

The discovery exceeds the thickness of the earlier Smith #1 discovery well in the same area, it added.

Executive director Peter Landau said: "The Russell-Bevly #1 exceeds our expectations for the first appraisal well in the North Chapman Ranch field and sets the stage for additional development drilling across our acreage. As a casing point, the well was significantly under budgeted costs and ahead of schedule, indicating that the company and its joint venture partners are already capitalising on information acquired during the initial test."

The US-focused company went onto say that Russell Bevly #1, which was first spudded in early May, confirmed the structural and stratigraphic models across the northwestern flank of the field, which formed the basis for its recent reserve report.

"We will continue to look for wards to optimise drilling and completion operations in order to keeo downward pressure on finding and developing costs," Landau added.

Broker Old Park Lane said in a note: "We are confident of further positive news from Russell Bevly and we believe that Range will be able to upgrade a significant volume of its North Chapman Ranch reserves. This will provide an attractive degree of upside to our current valuation of 3p per share for Range's interest in North Chapman Ranch."

Investors had a great deal to say on events on the Interactive Investor Range Resources discussion board.

Loadsamoney added: "The company is fantastic, they are showing themselves to be truly gifted in adding company value quickly."

While pistolpete1986 summed up the general mood: "I'm not bothered by this instant day responses to news, what's more important is the continued strength of the fundamentals. The support now underpinning this share price is building and Range grows stronger every week."

Its shares initially rose over 5% before retreating to 2.5% at 5p.

Edit:
http://www.radiodaljir.com/xview.php?id=733

http://www.proactiveinvestors.co.uk/companies/news/18272/range-resources-russell-bevly-1-well-confirms-oil-and-gas-potential-18272.html
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