Range and Red Emperor press on, despite sidetrack option
Oil firms Range Resources and Red Emperor are pressing on with their plans to move the drilling rig on to the next proposed well site in the Republic of Georgia, despite a reassessment of seismic data on the suspended Mukhiani-1 well suggesting that a side-track well there could be worth a punt.
Oil firms Range Resources and Red Emperor are pressing on with their plans to move the drilling rig on to the next proposed well site in the Republic of Georgia, despite a reassessment of seismic data on the suspended Mukhiani-1 well suggesting that a side-track well there could be worth a punt.
The decision came after the results indicated that the well encountered previously unrecognised faults which led to possible basement being encountered far earlier than predicted.
Although the firms had the option to side-track, they decided that, based on its exploration schedule and the availability of the drilling rig, it will continue on the next proposed Kursebi well.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In Puntland, where the two companies are also workign together, Horn Petroleum is currently in final preparations to begin a two well drilling campaign in the Dharoor Valley Block, with the first well (Shabeel-1) planned to begin drilling in December 2011.
Horn has completed sourcing drilling related materials and the majority of materials are on site or on route to the drilling site.
Range Resources said that at the North Chapman Ranch in Texas, the Smith #2 well has performed in line with company expectations, with good hydrocarbons shows. Upon the successful completion of the well, the rig will move directly to the Albrecht #1 well site.
The share price of Range rose 10.75% to 8.86p by 13:45 while Red Empreror moved imperiously up to 14.25p, up 2p on the day.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published