Range Resources Ltd., Sydney, (ASX: RRSO) has reported an update on its Texas operations.
Texas - North Chapman Ranch
The company remains on track to commence the two well program on the North Chapman Ranch prospect in October 2011, with the Albrecht well to be drilled in the east south east portion of the license area with the second well location currently being finalized. With the Smith #1 and Russell-Bevly wells located in the north-west corner of the license area, assuming success on the Albrecht well alone, the company would expect a significant re-classification of the current P2 & P3 (Probable & Possible) reserves into the P1 (Proved) and P2 (Probable) categories.
In addition to the Howell Height formation that the Smith #1 and Russell- Bevly wells are currently producing from, the Albrecht well is also targeting multiple shallower targets. The shallower objectives are known to produce within or on trend with our license area.
Texas - East Texas Cotton Valley
Operations have resumed on the company's Ross 3H horizontal well after fluid samples from the well were recently collected and analyzed. The Ross 3H was drilled with significant oil shows and strong evidence of oil saturation from core data but experienced a high pressure salt water flow near the end of its nearly 3,500 ft. lateral section.
Range and its partners will continue to perforate and test additional sections of the lateral. If successful, the Ross 3H could set up a multi-well horizontal development program to exploit the shallow oil reservoir there.
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