Range Resources has reported further success in the appraisal and development of the North Chapman Ranch Field in Texas, in which Range has a 20-25% interest, with the successful drilling of the Smith 2 and Albrecht 1 wells. Work is being conducted to remove all of the plugs below the upper pay zone and combine the remaining lower pay zones to achieve maximum rate and recovery. Once both wells are online, Range estimates that its net production and cash flow from the project will increase by more than 200% over current levels.
Leni Oil & Gas has said that further progress has been made on the A2ST01 well at the Eugene Island Field in the US Gulf of Mexico. A window was successfully milled in the casing and the newly drilled well is now about 500 feet above the anticipated reservoir. The target fault block, the Cranberry Creek prospect, has an estimated mean recoverable reserve of 0.5m barrels of oil.
Beacon Hill Resources has said it is close to obtaining a listing on the Australian Securities Exchange. The firm hopes that a dual listing with give it access to a broader capital market base. The company believes the listing will be announced towards the end of March or early April.
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Sound Oil, an upstream oil and gas company, has reported that the current testing of the Casa Tiberi-1 well in Italy has been successfully concluded. The well flowed as planned at a stabilised rate of 8,000 standard cubic metres per day. The results will now be analysed and reviewed with the authorities.
Mining firm New Mineral Resources has said that the estimate for the Tulu Kapi resource in Ehtiopia is 17.97m tonnes at 2.90g per tonne gold, with a total of 1,672,000 ounces of gold. The resource has an inferred resource of 841,000 ounces of gold at 2.79g per tonne of gold.
New World Oil and Gas has placed 106.25m shares at 8p per share, raising £8.5m. The firm also confirmed that it is in discussions with potential farm-in partners looking to participate in New World's assets which total 10,507 sq km in the South Permian Basin in Denmark.
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