.

Well name Shabeel, at a guess drilling about 55mtrs a day.
Drilling for 3 target zones. WE have a c.o.s of 25% on the first two and 20.7% on the third.

1st target zone - formation name - Jesomma Sandstone - 3,300ft

2nd -Early Cretaceous - Qishn Sandstone - 6,900ft

3rd - Jurassic - - 8,200 ft.


Would be great to hit the first pay zone to keep the market positive for the two deeper zones.

waiting for the offshore Puntland announcement with the 20% free carry.

Find a couple of oily penguins and these could go ballistic.

PL does state that there could be indications of HC's quite early in the drill?..

Morning grannyboy, good news.

dreamcatcher yes its starting to get very exciting!!, lets see if we get any early doors news...

indeed roll on monday

kerrrrrrrrrrrrrrrrrchinnnnnnnnnnnnnnnnnnnnnnggggggggggggggggggggggggggggggggg!!

Anyones thoughts on -


Horn had 80% of puntland with Range the other 20% . RMP came along then Horn passed over 20% to them.

So we have Horn 60%, Range and RMP 20% each.

Will RMP be taken over by Range in the not to distant future giving Range 40%.

We both have the same head office.

I do not think it will be easy for an outside company to takeover RMP . Seems Range
have several acts written up in the puntland parliament.

Thanks to Alex g

Ranges 'CONTRACT OF WORK' is an agreement set in seperate Acts of Parlament.
(RNS. Puntland Update 25/03/08)

The agreement shares exclusive rights to all identified regions for onshore and offshore oil and gas. Range and the Puntland Gov to bring in joint venture partners and undertake offshore licencing rounds. (SVS Research Report 11/02/10)

Most recent mention in this video. 5:47mins in
Good find Hammer102. Aljazeer News.

http://www.aljazeera.com/programmes/countingthecost/2012/01/201212111213181948.html

PL refers again to the original 'Contract of Work' saying:"
4-12% graduating Royalty. 50:50 on profits. 3-4% Taxes". These were the original figures in the contract set as Acts of Parlament in March '08.

This contract means that if any international O&G company gets a licence to drill anywhere in Puntland, (212,000 SqKm) onshore or offshore, the licence has to by Act of Parlament include Range Resources.

Now the Contract of Work can't be priced into the SP, but what it means to me is that Range's future in Puntland is set in an Act of Parlament. Will never be taken over as a whole, and I imagine that Range will sell off blocks as they are proved up.

Range has come a long way since buying 50.1% off Consort in Oct 2005. People saying that we are the next GKP seems a bit far fetched at the moment, this Contract of Work ensures that in the future Range will far exceed anything that GKP can do.

dreamcatcher PL has said in interviews that they'll sell to some major if Puntland comes up trumps, so i should imagine RMP would do the same.

As to Georgia nothings been mentioned as to if they sell off, so if they hit HC's then maybe they'll keep that area, but who knows??...

HC???? Who called?

lol hc

rmp t/o by rrl - doubt it to be honest for the reasons stated above - never thought that before either - but never say never!! lol

Lol HC, sorry HARRYCAT. Thanks for your views gibby and grannyboy. Perhaps I am being greedy. lol .

UP 6.25% on the ASX = 0.170 $ = 11pence

here we go!! :-))

georgia rns :-)

Georgia Update Site Construction Underway
PRNW


23 January 2012


The Manager
Company Announcements


By e-lodgement

GEORGIA UPDATE - SITE CONSTRUCTION UNDERWAY

Range Resources Limited ("Range" or "the Company") is pleased to announce that
site construction has commenced in readiness for the spudding of the Company's
second exploration well in Georgia - the Namakhvani well which is the Kursebi 6
Prospect. Targeted spudding date is early to mid Feb with a target depth of
circa 3,500m.

Given the unexpected geological sequences encountered with the first well,
Range engaged new independent technical consultants, NTD Energy, to perform a
fresh review of all of the seismic and geological data across the top 3 Kursebi
prospects previously identified. The Kursebi 6 prospect was identified as the
most robust prospect with a more clearly defined structure and indications of a
significantly thicker Jurassic section, increasing chances of encountering more
reservoir and mature source rocks.

Below are the estimates of undiscovered stock tank oil initially in place
(STOIIP) for the prospect.

STOIIP (Mmbbls)

P90 P50 P10 Mean

K-6 Prospect - 100% 32.2 84.8 185.8 99.2

Attributable to Range - 40% 12.9 33.9 74.3 39.7


NTD Energy will assist in the management of the Company's drilling program for
the Namakhvani well along with the supervision of the proposed 2D seismic
program on block VIb. NTD Energy will also assist the Company in promoting and
developing the unconventional (shale) plays that may exist across the two
licence areas through the introduction of farm-in partners.

The Company will provide regular updates as to the progress of the drilling of
the second well.


Yours faithfully

Peter Landau
Executive Director

Fox Davies Capital Update

Range Resources (LON:RRL) Limited (BUY, 27p) (RRL LN, 11.25p, ► 0.0%) and Red Emperor Resources (TRADING BUY, 19p) (RMP LN, 18.25p, ► 0.0%) have announced that site construction has commenced in readiness for the spudding of the second exploration well in Georgia, the Namakhvani well at the Kursebi 6 Prospect. Spudding is expected in early to mid February now that Range have reviewed all seismic and geological data across the top 3 Kursebi prospects, given the unexpected geology encountered at the first exploration well, and Kursebi 6 has been identified as the most robust prospect. The estimate for undiscovered STOIIP for the prospect is 99.2 Mmbbls (mean). Range has a 40% interest and Red Emperor a 20% interest in the prospect.