Thursday, Jul 09 2009 by

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".


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Range Resources Limited is an exploration and production company. The Company is engaged in oil and gas exploration, and development and production in Trinidad. It holds interests in non-core oil and gas projects in Georgia and Guatemala. It holds interest in three onshore production licenses: Morne Diablo, South Quarry and Beach Marcelle, as well as interests in two exploration blocks: St Mary's and Guayaguayare. The Company's waterflood programs include Beach Marcelle South East block and Morne Diablo Expansion project. The Company's Beach Marcelle field is located on the eastern side of Trinidad, where various operators have processing facilities, and oil and gas pipelines that pass through the field. The Company is focused on the acquisition of various projects. It focuses on constructing a water pipeline to connect the gathering and injection stations at the Morne Diablo field to a water treatment facility. Range Resources (Barbados) Limited is a subsidiary of the Company. more »

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6 Posts on this Thread show/hide all

salty64 10th Dec '09 1 of 6

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.

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

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.

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salty64 14th Dec '09 5 of 6

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

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

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