Following the completion of 200 km of 2D seismic on Blocks VIa and VIb in Georgia earlier this year, Range engaged senior geologist Dr M. Arif Yukler to perform a review of the hydrocarbon potential of the acreage. This review has yielded encouraging indications of substantial conventional and unconventional resources (CBM) across Range’s acreage.
- Dr Yukler’s review combined analysis of the new seismic data on the blocks in addition to the 610 km of seismic acquired in 2009 and older Soviet era data including well logs and geochemical information.
- Consequently, quantitative basin modelling of the blocks has indicated best estimate conventional undiscovered oil and gas in place of 403 mmbbls and 18.4 TCF respectively. This is equivalent to 181 mmbbls and 8.3 TCF in respect of Range’s 45% interest in the blocks.
- The study also estimates that the CBM (coal bed methane) potential is 3.16 TCF of gas in place (Range attributable: 1.42 TCF). On a 3P reserves potential, the review indicates that recoverable reserves could be 508 mmbbls (Range: 229 mmbbls) based on a 60% recovery rate.
- Range has presented its findings to the Georgian State Agency and Georgian Oil & Gas Corporation and is now evaluating the selection of a suitable drill location for further analysis of the CBM prospectivity of its acreage. Range is also continuing discussions with potential farm-out partners in order to advance the potential for drilling activity on its blocks.
- The sale of Range’s Texas assets is proceeding with the company having now received confirmation of settlement from the purchaser. Range will make a further announcement when the $25m upfront cash consideration has been received.
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