Oil & Gas Corporate News
Range Resources (LON:RRL) Ltd (BUY 24p), (RRL LN, 8.8p, ? 1.95%) announced a reserves upgrade in Trinidad and issued an operational update. Highlights: Increase in Proved (P1) Reserves in Trinidad by 490% from 2.6 Mmbbls to 15.4 Mmbbls; The 12.8 Mmbbls increase in Proved (P1) Reserves has independent valuation (PV10) of approximately US$ 290MM; and proposed production program (from new reserves) of 1m-1.5m bbls per year for a minimum of 8 years. This increase in reserves follows the recently completed engineering studies of secondary recovery potential in the Company's Beach Marcelle Block. Range, through its wholly owned subsidiary Los Bajos Oil Limited will seek all necessary approvals to commence development in early 2012 and commit to a $12m development program over the next 12-18 months. In Texas (North Chapman Ranch) Range and its partners are drilling ahead at approximately 12,700 ft. in the Smith #2 well in North Chapman Ranch, after successfully setting intermediate casing at 11,300 ft. Prior to reaching casing point, two zones of interest were identified that may be tested at a later date. TD for the well is 14,000 ft. If successful the Smith #2 well would increase Proved Reserves, production, and cash flow from the field. In addition to the Smith #2 well, site preparation is underway at the Albrecht #1 well location. The Albrecht well is intended to more fully appraise the North Chapman Ranch field, while testing additional, shallower objectives. The well is expected to spud immediately after operations have been completed on the Smith #2 well. In Georgia, operations are currently suspended on the Mukhiani well with the rig on standby with a skeleton crew as the Company awaits final technical analysis on the well. The Company will provide an update as to the results as soon as they are finalised, which is expected shortly. If a decision to move is made, it is expected the second well in the Georgian exploration program will spud within a 4-6 week period. In Puntland, Joint venture operator Horn Petroleum continues with significant set up operations for the initial well in the proposed two well programme in Puntland and remains on track for spudding later this year.
Valiant Petroleum (LON:VPP) PLC (VPP LN, 414.75p, ? 2.24%) announced that drilling operations have completed on the Zapffe exploration prospect (Valiant,…
