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Georgia

Thursday, Jul 09 2009 by
3

Range to acquire a 50% farm in interest in two key Georgian O&G blocks

  • Heads of Agreement signed with unlisted UK company, Strait Oil and Gas Limited, to acquire a 50% farm in interest in two oil and gas blocks in the Republic of Georgia, Eastern Europe.
  • Blocks cover 7,000 sq km (approx 10% of the acreage of the Country) and have been subject to significant exploration in the Soviet era.
  • As part of the agreement Range must complete next phase of exploration activity (350 km of 2D and 3D seismic and well selection).
  • Range is proceeding with a strategic placement of AUD$2.5m to meet initial requirements as part of the transaction ($1m to December 2009) and to fund operational activities on Puntland assets.
  • "Led by seasoned international energy executives Mark Patterson and Greg Smith, Range's management team is well placed (in conjunction with Strait's established team) to find and produce commercial volumes of oil and natural gas on the Georgian Blocks".

http://www.stockopedia.com/news/announcement/RRL/090709rrl000669.htm


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Range Resources Limited is an oil & gas exploration company with oil and gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia, Texas, the United States, Trinidad and Colombia. In Trinidad, the Company holds a 100% interest in holding companies with three onshore production licenses and operational drilling subsidiary. In the Republic of Georgia, it holds a 45% farm-in interest in onshore blocks VIa and VIb, covering approximately 7,000 square kilometers. In Puntland, the Company holds a 20% working interest in two licenses encompassing Dharoor and Nugaal valleys. The Company is earning a 65% (option to move to 75%) interest in prospective licenses in the Putumayo Basin in Southern Colombia. more »

Share Price (AIM)
2.06p
Change
-0.1  -2.9%
P/E (fwd)
72.4
Yield (fwd)
n/a
Mkt Cap (£m)
69.3



  Is Range Resources fundamentally strong or weak? Find out More »


6 Posts on this Thread show/hide all

salty64 10th Dec '09 1 of 6
3

Range up over 100% today and trading called to a halt at 3pm on ASX until an anticipated update on Monday. Until then it will continue to trade on AIM.

http://www.rangeresources.com.au/

The most probable reason for the oil frenzy might be in Texus. In September 2009, Range acquired a 25% interest in the North Chapman Ranch project in Nueces County, Texas. The operator, US-based private oil and gas company Crest Resources Inc., has already commenced drilling the first well. The project area encompasses approximately 1,280 acres in one of the most prolific oil and gas producing trends in the State of Texas.

 

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salty64 10th Dec '09 2 of 6
5

Range is one of my Stockapedia Seasonal picks.  When I picked and posted I mentioned that I was not boasting about it, but hopefully I will be able to.

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Betasurfer 10th Dec '09 3 of 6

Excellent news!

[Rubs hands with glee]

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salty64 11th Dec '09 4 of 6

The Great Geraldo thinks the doubling is due to the news on Puntland being due for release. I don't mind at this stage.

http://boards.fool.co.uk/Message.asp?mid=11775051

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salty64 14th Dec '09 5 of 6
1

That was exciting until the 40% drop on the sensible news of progress.

http://www.investegate.co.uk/Article.aspx?id=20091214070000P85A1

Range Resources Limited is pleased to announce that Range, Africa Oil Corp. and the Puntland State of Somalia have entered into amending agreements modifying the terms of the existing Production Sharing Agreements ("PSAs") made in respect of the Dharoor and Nugaal Valley Exploration Areas.

The Seismic survey being conducted by Range and Strait oil & Gas in Georgia has commenced after the arrival, testing and commissioning of the equipment over the last 2 weeks.

With the positive news regarding the Company's Puntland interests, the seismic program commencing in Georgia and the Smith 1 commercial test results expected later this week, The Board of Range is excited by the Company's prospects over the coming months.

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salty64 16th Dec '09 6 of 6

Interview with Peter Landau spelling out the possibilities in Georga, which is probably last in line of the three major interests, today, Wed, 16 Dec 2009 02:45PM Australia/Sydney

http://www.brr.com.au/event/63277

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