Range to acquire a 50% farm in interest in two key Georgian O&G blocks
- Heads of Agreement signed with unlisted UK company, Strait Oil and Gas Limited, to acquire a 50% farm in interest in two oil and gas blocks in the Republic of Georgia, Eastern Europe.
- Blocks cover 7,000 sq km (approx 10% of the acreage of the Country) and have been subject to significant exploration in the Soviet era.
- As part of the agreement Range must complete next phase of exploration activity (350 km of 2D and 3D seismic and well selection).
- Range is proceeding with a strategic placement of AUD$2.5m to meet initial requirements as part of the transaction ($1m to December 2009) and to fund operational activities on Puntland assets.
- "Led by seasoned international energy executives Mark Patterson and Greg Smith, Range's management team is well placed (in conjunction with Strait's established team) to find and produce commercial volumes of oil and natural gas on the Georgian Blocks".
http://www.stockopedia.co.uk/news/announcement/RRL/090709rrl000669.htm
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Range Resources Limited is engaged in hydrocarbon exploration and development within Somalia, Republic of Georgia, Texas, Trinidad and Colombia. During the fiscal year ended June 30, 2012 (fiscal 2012) the Company commenced its development drilling program in a Trinidad holding company whose two wholly owned subsidiaries hold production licenses for three blocks in producing onshore oilfields in Trinidad. During fiscal 2012, the Company spudded the historic Shabeel 1 well in the Dharoor Valley. During fiscal 2012, the Company, along with its joint venture partners, spudded the first exploration well- Mukhiani 1, on the Vani 3 Prospect on Block Via. The second (Shabeel North) of two historical exploration wells in Puntland was completed subsequent to the fiscal year end June 30, 2012. On July 1, 2011, the Company acquired 100% of West Indies Exploration Company Ltd and Drilling International Service and Supply Ltd thru SOCA Petroleum Ltd. more »
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Range up over 100% today and trading called to a halt at 3pm on ASX until an anticipated update on Monday. Until then it will continue to trade on AIM.
http://www.rangeresources.com.au/
Range is one of my Stockapedia Seasonal picks. When I picked and posted I mentioned that I was not boasting about it, but hopefully I will be able to.
Excellent news!
[Rubs hands with glee]
The Great Geraldo thinks the doubling is due to the news on Puntland being due for release. I don't mind at this stage.
http://boards.fool.co.uk/Message.asp?mid=11775051
That was exciting until the 40% drop on the sensible news of progress.
http://www.investegate.co.uk/Article.aspx?id=20091214070000P85A1
Interview with Peter Landau spelling out the possibilities in Georga, which is probably last in line of the three major interests, today, Wed, 16 Dec 2009 02:45PM Australia/Sydney
http://www.brr.com.au/event/63277