Range Resources announce Trinidad update

Thursday, April 12, 2012
  • The Shabeel well is currently at a depth of 2703 meters and has just completed the setting of the 9 5/8" casing.
  • The sands in this interval exhibited both oil and gas shows and petrophysical analysis of downhole electrical logs indicates a potential pay zone of between 12 and 20 meters in the section

Range Resources Limited is pleased to provide an update on the drilling operations on the Shabeel well in Puntland, Somalia which is being drilled by its Joint Venture Operator, Horn Petroleum Corp. ("Horn").

The Shabeel well is currently at a depth of 2703 meters and has just completed the setting of the 9 5/8" casing. The well drilled through primarily tight limestones and shales of Lower Tertiary to Upper Cretaceous age and encountered a 355 meter section of Upper Cretaceous sands and shales of the Tisje / Jesomma Formations at a depth of approximately 1660 meters. The sands in this interval exhibited both oil and gas shows and petrophysical analysis of downhole electrical logs indicates a potential pay zone of between 12 and 20 meters in the section. Attempts to sample formation fluids using a wireline formation tester were not successful and thus the zone will require cased hole testing to confirm whether they are oil bearing. At a depth of 2015 meters, a thick section of tight limestone and shales was encountered and extended to the present depth of 2703 meters. This is believed to correspond to the Upper Cretaceous Gumburo Formation.

The forward plan on the well will be to drill ahead to the originally planned depth of 3800 meters to evaluate the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen. A testing program including the zones of interest seen to date and any deeper potential pay zones identified will be agreed with partners at that time. Upon completion of this well, the
Company plans to move the rig to the Shabeel North location on which construction is nearing completion.

Horn's President and CEO, David Grellman, commented "We are encouraged by the results to date and pleased that we have confirmed the presence of an active petroleum system in the Dharoor Valley. We look forward drilling ahead into the primary objectives of the well and hope to confirm the shallow prospective zones by testing in the near future."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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