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MENAFN - ProactiveInvestors - Australia - 17/11/2012

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Range Resources to shoot seismic in Georgia, Puntland
(MENAFN - ProactiveInvestors - Australia) Range Resources (ASX: RRS) and its partners have acquired 200 kilometres of 2D seismic to identify drilling targets and attract farm in partners to their Georgian acreage.

Processing and interpretation of the seismic, which was shot primarily over Block VIb to firm up leads identified in the previous seismic program, is expected to be completed early next year.

It also targeted two gas wells which were drilled and suspended in Soviet times.

The earlier 410 kilometre 2D survey had also identified a number of priority prospects on Block Vla.

Range also continues to develop the coal seam gas and conventional potential around the TkibuliShaori Coal Field.

The Georgian Industrial Group (GIG) has made available a significant amount of information including a detailed geological model based on 339 wells drilled in the region, many of which vented methane.

Range and its partners are planning to finalise the joint venture agreement with GIG for the development of Tkibuli in the current quarter with the potential for third party financing being available to fund the program.

Following completion of the current technical and economic analysis, between three and four pilot production well locations will be identified with drilling expected to commence in the second quarter of 2013.

Tkibuli has been estimated by Advanced Resources International to contain Contingent Resources of about 400 billion cubic feet (Bcf) of coal seam gas (Range 160Bcf).

Sand horizons have also been identified around the coal beds, which could add additional, conventional hydrocarbon resources.

Range holds a 40% working interest in Blocks Vla and Vlb.

In Puntland, operator Horn Petroleum (CVE: HRN) is preparing to carry out seismic in the Dharoor production sharing agreement.

This will include a regional seismic reconnaissance grid in the previously unexplored eastern portion of the basin as well as prospect specific seismic to delineate a drilling candidate in the western portion of the basin where an active petroleum system was confirmed by the recent drilling at the Shabeel1 and Shabeel North1 wells.

This is expected to start in the first half of 2013.

The joint venture is also pursue efforts to drill an exploration well in the Nugaal PSA.

Range has a 20% interest in the two Puntland PSAs.


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