.

http://www.reuters.com/article/2012/05/21/us-somalia-oil-idUSBRE84K0B720120521

Range Resources confident of commercial discovery in Puntland
Monday, May 21, 2012 by Philip Whiterow Range Resources’ (LON:RRL ASX:RRS) Shabeel-1 well in Puntland, Somalia could produce up to 130mm barrels of recoverable oil, the company’s MD said in an interview today.

Drilling of Shabeel-1 has been suspended pending testing, with Range saying it had been a significant success to date with the discovery of a 12 to 20 metres net hydrocarbon pay zone in the Jesomma sands.

Managing director Peter Landau added that based on Range's internal technical team's review of the net pay zone and results to date, a successful flow test could result in 70 to 130mm barrels of recoverable oil from the well.

Of that, 14 to 26mm bbls would be attributable to Range.

“The zone needs to be commercially flow tested and this will be undertaken after the completion of the second well, Shabeel North, which will spud early June,” he said.

“It is also important to remember that this is the first hydrocarbon well drilled in the Dharoor Valley for over 50 years and it is a massive credit to all involved, namely Horn Petroleum, the Puntland Government and the local Puntland communities that the well has been successfully drilled to date,” he said in an interview with Open Briefing.

“Globally, the average discovery rate is between one in five and one in 10 for a ‘wildcat’ well, which essentially is what Shabeel-1 is, hence we consider the well successful to date with both the net pay and the confirmation of an active petroleum system.

“Whilst the market and short term traders may have been anticipating further success in the deeper sections of the well, what we have discovered is extremely significant and the chances of a commercial hydrocarbon operation in Puntland are far greater now than when the well was spudded.

“And it must be remembered that we did encounter additional potential net pay sands in a Jurassic aged formation over a 184 metre section at a depth of 3,246 metres to 3,430 metres. The fact that hydrocarbons were encountered at a number of levels is particularly significant moving ahead.”

Landau added the company decided to test the Shabeel-1 well after drilling Shabeel North for timing and logistic reasons.

“Obviously the preference would be to flow test immediately but timing and logistics would mean that the rig and crew would be idle for four to six weeks at what are expensive day rates in the region.

“Previous test equipment flown in was designed for open hole, smaller diameter testing as opposed to the now cased well requiring high performance perforation.

“This is quite standard practice across the world, particularly in remote areas.”

Laundau added that the Shabeel North well is scheduled to spud early June with a revised target depth of 2,400 metres.

“The well has an identified Jessoma formation significantly thicker and of better quality than the Shabeel-1 well providing the joint venture with great comfort in moving the rig immediately to drill the second well.

“Internal technical estimates suggest recoverable oil of between 100 to 150mm barrels from a successful discovery in the Jessoma formation, of which 20 to 30mm barrels would be attributable to Range.

“It is also important to note that given the Jessoma discovery in the first well, the second well will be drilled with smaller casing to ensure that open hole testing can be undertaken with the equipment already on site.“

Landau said that the Shabeel North well is not contingent on the Shabeel-1 outcome, but the success there certainly gives Range greater confidence moving forward.

He added that he was still confident of a commercial discovery even with a revised target of just the Jessoma formation.

“If the Shabeel-1 well successfully flows and the Shabeel North well delivers to current expectations, we would have discovered between 170 to 280mm barrels of recoverable oil in our first two wells (with 34 to 56mm barrels attributable to Range) with the remainder of the basin still to be tested.

“Investors must also remember the well's proximity to the coast (approx 60 km) and the relative ease of constructing a pipeline to an offshore loading facility based on a commercial discovery.

“Nothing changes for Range in the immediate future. We are fully funded and look forward to updating the market on a number of fronts including Colombia and our flagship operations in Trinidad and of course hopefully on further drilling success in Puntland,” he concluded.

Range has a 20 per cent stake in the Dharoor Block in Puntland, Horn Petroleum has 60 per cent and Red Emperor Resources 20 per cent.

Leni Gas & Oil
Just for you gibby, as I know how much you like them. lol





http://www.proactiveinvestors.co.uk/companies/news/43087/leni-gas-oil-mobilises-rig-for-re-development-of-goudron-oilfield-trinidad-update-43087.html

No Horn today (Victoria day Canada)

Heaven help the females in Canada then. Bet you were waiting for that one from me DC!!!!!!!!!!

They will get a double portion tomorrow lol. Trust you to notice lol

Virgin have just rang and a BT engineer will be coming out on Thursday between 1 - 6 pm to sort my broadband out.

Nothing else to laugh about at the moment 3m with this company.

Wow at last 3m, they dont rush do they.

You will get a knock at 5.55pm I bet, so you sit in all afternoon. Is it just you in the road or several houses ?

Sorry the phone rang just before I managed to tell you that it is going to be Thursday this week - I think they have made a preverbial cock up so cannot give you the answer to how many houses in my area, not many I would not surmise. Await patiently in anticipation but it could take 2 wonderful hours, still waiting confirmation that they will be arriving on Thursday.n Think I shall fly to Canda and see what the double portion is - I wish!!!!!!!!

Sorry but I think I have lost the plot and told you already they were coming on Thursday - my appologies for repeating myself. Never Mind eh!

Why have you not counted all the strange people sitting by the windows. lol

I have been mortified at the about the numbers of Huge Mothers I have seen since the bedroom window sage taking their children to school and picking them up and the amount of huge children that there are. So an education it has been in a way. No wonder the National Health Service has Problems. Glad my little 3 great nephews are busy doing sports, cycling etc. and still eating like horses but fit.

Thats whats its about. The internet is good in some ways but turning kids into couch
potatoes.

Yes you are right - I unfortunately was denied children but I love to know that they are encouraged to play and enjoy outdoor sports despite young injuries which I do worry about in later life for them but far better world than TV, Internet Etc, sobeit they are experts on that field as well (How Life Changes because whent I cannot do something technoboic they can) and they help.

Sadly a computer is not the same as a face to face conversation. Also texting on the mobile is not conversation as I know it. Its the way the world is going now.

Correct - very sad, I have had this out with my Wonderful GP this morning and he is advising that perhaps I should take up some charrity work - think he may be right. Anyway thanks for being there and will worry about the rest in days to come. Good Night.

We are doing that here lol. Very nice to give something back in this world. Good night 3m

Directors buying RRL as well as RMP.


22 May 2012


CHANGE OF DIRECTOR'S INTEREST NOTICES


Please find below changes to Director's Interest Notices for Range Resources
Limited. The Appendix 3Y (as provided to the ASX) is available on the Company's
website.


PETER NEIL LANDAU

Shares Previously Held 13,206,522

Date of change - 22 May 2012

Total Shares acquired through on market trades 750,000

Total Value Consideration A$87,909.00

Balance Now Held

Shares (held indirectly through Doull Holdings Pty Ltd) 13,956,522

Percentage interest 0.61%


MARCUS EDWARDS-JONES

Shares Previously Held 3,381,522

Date of change - 22 May 2012

Total Shares acquired through on market trade 150,000

Total Value Consideration A$18,060.00

Balance Now Held

Shares(held indirectly through Cheviot Capital (Nominees Ltd)) 3,531,522

Percentage interest 0.15%



Yours faithfully

Peter Landau
Executive Director