Oil & Gas Corporate News
Range Resources (LON:RRL) (BUY, £0.08) (RRS, 6.2p, ? (0.80%)) announced the initial results from the draft report entitled Seismic Interpretation, Field Mapping and Evaluation of Prospective Hydrocarbon Volumes across the Company's two Georgian blocks (Block VIa and Block VIb) completed by Rps Group (LON:RPS) Energy. RPS has identified a total of 68 structural culminations across the two blocks each of which potentially contains stacked reservoirs. Total combined best estimate of gross unrisked oil-in-place across these 68 indentified structural culminations amounts to 2,045MMbbl. Recovery factors for oil in place can be conservatively estimated at 30%. Of the 68 identified prospective targets across the two blocks, 6 structures have been prioritised as being ready for drilling. Of these 6 structures, total gross unrisked oil-in-place has been estimated at 728MMbbl (364MMbbl attributable to Range). Range and Strait (its joint venture partner in the Georgian Blocks) are finalising the mobilisation and drilling program and will update in due course.
Afren (LON:AFR) Plc (AFR, 124.6p, ? (1.03%)) announced that the seven contractors being held hostage have all been released unharmed.
Heritage Oil (LON:HOIL) (HOIL, 375.8p, ? (3.47%)) indicated that testing of numerous zones within a 2,500m interval in the Cretaceous, Jurassic and Triassic has commenced in the Miran West-2 well and is expected to complete within the next couple of months. The acquisition of approximately 550km2 of 3D seismic over the Miran Block has recently commenced to help exploiting the reservoirs' fracture networks for future appraisal and development drilling. Acquisition of 300km2 of 3D seismic is due to begin shortly on the offshore Latham Block in Tanzania and acquisition of approximately 800km of 2D seismic is scheduled to commence in Block 11 in Mali during December. In addition, Heritage is planning the acquisition of 1,000km of seismic in Malta for early 2011. Drilling will commence on the Zamzama North Block, Pakistan, when the flood waters subside which is anticipated to be during the first half of 2011. As at 30 September 2010, Heritage had a cash position of US$614m, excluding reserved amounts relating to the tax dispute in Uganda of U$$121.5m deposited with the Uganda Revenue Authority and US$283.5m placed in escrow.
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