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".