Georgia

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• Current Exploration Activities
• Exploration History

January 2012 - Site construction underway on Namakhvani well, Kursebi 6 Prospect

Namakhvani well site construction is underway ahead of spudding, estimated to start in mid February 2012. Target depth for the second well is circa 3,500m.

 


July 2011 - Successful spudding of Mukhiani 1 well in Georgia

Mukhiani 1 is targeting a prospect with a mean estimate of undiscovered oil in place of 115 million barrels (with 46 million barrels attributable to Range’s 40% interest).

The Mukhiani Well is targeting the Vani 3 prospect which has the following estimated undiscovered stock tank oil-in-place (“STOIIP”):

In July 2009 Range entered into a Heads of Agreement with unlisted UK company Strait Oil and Gas Limited (“Strait”) to acquire a 50% interest in two oil and gas blocks in the Republic of Georgia, Eastern Europe.

The two blocks subject to this agreement, Blocks VIa and Vlb  cover a contiguous area of 7,000 sq km (approx 10% of the surface area of the Country) and were subject to significant exploration in the Soviet era.

In January 2011 Range Resources and Strait Oil and Gas finalised a new Heads of Agreement for Red Emperor Resources (ASX;AIM:RMP) to acquire a 20% interest in two oil & gas blocks in the central portion of the Republic of Georgia.

Currently the ownership percentages of Blocks VIa and Vlb are as follows:

Kursebi 6 Prospect - Namakhvani Well

Range announced on 23rd January that site construction was underway at the site in readiness for spudding what will be the Company's second exploration well in Georgia.

Spudding has been estimated at early to mid-February 2012 with a target depth of 3,500 metres.

Following the outcome of the Mukhiani well in late 2011, Range have engaged technical consultants NTD Energy to review all of the existing seismic and geological data across the top 3 Kursebi prospects previously identified.

The decision to focus the next phase of exploration drilling on the Kursebi 6 prospect was made having identifying it as the most robust prospect with more clearly defined structure and indications of a significantly thicker Jurassic section thus increasing the likelihood of encountering more reservoir and mature source rocks.

NTD Energy will provide management with assistance with sub-surface operations following successful spudding of the well.

In addition they will also supervising the proposed infill 2D seismic program, the aim of which is to identify additional high grade prospective drill locations in the adjacent block, Vlb.

Mukhiani 1 well

The well reached a depth of circa 1,550m at which point a comprehensive data collection program was undertaken which included the shooting of some Vertical Seismic Profiling ("VSP"). The reinterpretation of the seismic supported by the VSP indicated that the well encountered previously unrecognised faults which led to the basement being encountered far earlier than predicted. New fault trapping potential has been identified in the vicinity of the well and based on these findings, Range and its partners have the option to side-track and test these targets.

Range and its partners have decided to plug and suspend the well and move to the second exploration well site in the Kursebi area and will look to perform additional seismic over the Mukhiani prospect as part of the 2012 seismic program.