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No movement on the ASX

Puntland Update.

Range Resources Limited ("Range" or "the Company") is pleased to announce the
commencement of drilling operations on the Shabeel North well in Puntland,
Somalia, the second well in the current drilling campaign led by the Company's
Joint Venture Operator Horn Petroleum Corp. ("Horn" - TSXV:HRN).

The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had
good oil and gas shows in the Shabeel well 3.5 kilometers to the south.
Petrophysical analysis of downhole electrical logs in the Shabeel well
indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an
average porosity of 18 to 20%. It is planned to bring the rig back to the
Shabeel location to test these sands to confirm their ability to flow oil once
the drilling of the Shabeel North well is completed. The planned TD of the
Shabeel North well is 2400 meters and drilling is expected to take 45 to 60
days to complete.

David Grellman, President and CEO of Horn stated "The Shabeel North well will
test the same reservoirs that appear to be oil bearing in the nearby Shabeel
well. We would expect similar or better reservoir thickness and quality as we
move deeper into the basin. The results of this well should help us confirm the
extent of the petroleum system in the basin and, if successful, would be
another step towards proving the economic potential of the basin."

dream, they could not get it to flow - which is indicative of potential permeability problems, or its very heavy crude, or something similar.

Not true, show me the rns ? You think it does not flow more like. The company has issued no statement to say they could not get it to flow.

Here it is, they could not get a sample aka it would not flow into the WFT. So now they will try a cased hole test to try to get a sample out aka, get it to flow.

And also, as they do not have a sample as yet, this could be 80% water, or 50% water or 100% oil - nobody knows until they get a sample -

http://www.investegate.co.uk/Article.aspx?id=20120412074457P29D9

............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.......................

:-)) Lets just wait for the news. I am thinking you mean the company could not get it to flow end of. You mean for a sample . They seem pretty sure it will with the % figure K. Hill gave.

Red Emperor & Range Resources (RMP LN, 18p, ▲ 1.4%; RRL LN, 6.2p, ▼ 2.1%) - Second of the now Three Leg Programme: Shabeel North-1 was initially planned to be the second and final leg of the current programme; however, with the discovery it is now the second leg of three, which will conclude with the testing of at least one well - Shabeel-1. While there is a long way to go before commerciality is declared, the first step towards it has been achieved. Ahead of this news, we are reiterating our BUY recommendation on both stock and target prices of 65p (RMP) and 27p (RRL).



Read more: http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Essar_Energy_San_Leon_and_Red_Emperor/637d22304970.aspx#ixzz1x1z70fRj

http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Essar_Energy_San_Leon_and_Red_Emperor/637d22304970.aspx

Ftse up over 100 pts + spudding of new well = little change. A very slow and long road for this one !

TT update today or tomorrow. Should of been a spud on a deeper drill. (6500Ft)

sp lifting perhaps pre news

Will be good to have news to drive the sp not on Puntland.

Agree - still a long way to go for me and I guess you to DC? Nice to see a blue sea instead of the red one!!!!

If Europe does not wreck us, then lets hope for a steady rise 3m. There is Talk Pl is in TT for the spud. Perhaps now giving the operation a kick up the ar--

up 13% :-))

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Thats better than the start of 2010 :-))

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Perhaps PL has used both feet and kicked a few more up the chuffy. Or may be just one of those things that they have decided to let them go up for a change for now!!!!!!

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I think this sp fall has shaken the Directors. No news to date has lifted the sp like this .
Odd ?