Range Resources Share Discussion Threads

[hawks11] 03/5/2010 18:17

I am happy to:
1. Wait for a RNS,
2. In the meantime not panic.
3. Definately not send an email which I know full well they cannot give an answer to which will help at all.

[swooped] 03/5/2010 17:46

Grateful, I appreciate that RRL have a good idea what it may do to help them and of course if they believe it will help I will not disagree, my query is because I do not know.

[greatfull dead] 03/5/2010 16:16

swooped, if the operator has stated fraccing. I'm pretty darn sure they have a good idea of what it will do to increase the flow rates. They may even surprise themselves out how much the whole excercise will improve the flow rates at Smith #1.

[alistair4444] 03/5/2010 16:13

Posted by MegaOil on iii board re Georgia

The Geophysical Institute of Israel finished effectively the 2D seismic project in April 2010 conducted on behalf of STRAIT Oil & Gas Company. The project included 410 line Kilometers which were spread out between Samtredia (west of the City of Kutaisi) in the west and Sachkhere in the east (some 2,000 sq. Km.)
The survey was executed along the winter when part of the project done in difficult weather conditions, including: snow, rain - which last several days, fog decreasing the visibility, ice on the roads and muddy off roads.
In spite of those conditions, no LTI (severe injuries) were reported all along the survey; though high quality of field acquisition was kept. Preliminary seismic results were of good quality and rise great interest at the client's professional level.
Following the seismic survey GII was well accredited for its determination and persistence during the field acquisition and data quality to upgrade the seismic crew reputation - which GII strongly believes will enhance its ability and chances to reward future seismic projects in Georgia and other places around the world.

[swooped] 03/5/2010 14:23

Greatfull

Thanks for your thorough answer and reminding me of the past RNS,s. I guess the only bit I am unsure of is just how much better recovery / flow rate can fraccing have on the hole, bearing in mind that the 25th February RNS stated"Initial production is from the middle of three zones and is significantly
better than expected. Flow rates indicate that the currently producing zone may
not require fracture stimulation."

So if this be the case then fraccing will really be of greatest benefit to the other 2 zones, now I seem to have more questions than answers:
1. how much reserves are held in the various zones?
2. how much uplift can fraccing achieve?

This second question seems to be harder to answer as it seems to be dependent on many different factors such as the type of fraccing method used, such as hydraulic fracturing (Hydrofrac, stated on one site as the most effective method for enhancing oil production) the oilfield rock such as sandstone, carbonate etc.

I have no idea how the uplift is estimated, perhaps if anyone has an idea they might share it here?

[sagem] 03/5/2010 14:15

Is the share price going to rise when we open again tomorrow, in fact Australia will open and trade again tonight before we open on Tuesday so they will have had two days trading before us and they closed PLUS 8% so looking good for a further UK increase......any views

[alistair4444] 03/5/2010 14:11

Bobthemonkey/Fairdeal2008 - Top find there !

[fairdeal2008] 03/5/2010 13:45

Bob, yes all the articles on Range on a new Mining Maven profile:

[greatfull dead] 03/5/2010 13:40

swooped.

My thoughts based on the 21 December RNS. Pay zones approx 120' over 3 zones and no water.

Now producing from 1 zone. Could now be shut in and fraccing taking place on all 3 zones. With fraccing IMHO a lot more than your proposed 800bopd.

Note the pressures reported and choke sixe in the 21 Dec RNS.
GD


Part of the RNS.

Smith #1 well, North Chapman Ranch

The Smith #1 was drilled and logged to a depth of 13,975' (4,260m). Based on
open-hole logs indicating approximately 120' (37m) of net pay thickness in
three zones with no water, 4 ½" production casing was run to TD and cemented in
place. After an interval of just 20' (6.2m) in one of the three zones was
perforated, bottom-hole pressure was estimated to be approximately 11,650 psi.

More RNS to read.




Smith well #1 took 109 days from spu date to TD date. TD = 13,975ft.

[bobthemonkey] 03/5/2010 13:26

Pete Landau stated in the interview sited below "ultimate target is between 9-11mmcf per day and 650 - 950 bbls per day " with fracture stimulation and comingling of the 3 zones

[swooped] 03/5/2010 12:51

smith #1 initiated first production from 19th Feb, therefore we have 40 days of production up until 31st March. @5350 bbls / 40 = >133 bopd from one zone, three zones to extract from plus fraccing could see us at up to 800 bopd. thoughts?

[greatfull dead] 03/5/2010 12:33

RRS/RRL still have all of April on Texas activities to report on. So imo more news on Texas Tea this week. Look at the dates in the report on Smith well #1

[bobthemonkey] 03/5/2010 12:28

I dont think calculations on these figures is a useful exercise .They account for the first 40 odd days of a new wells production and are unlikely to be representative . We know from the last presentation the well was producing 200-250 bbls/day and 2.2-2.8 MMcf day in mid/late March . As the reporting period covers production from the 22nd of February until the end of March this would imply that either production started at a lower rate or that it has been interrupted .

[sagem] 03/5/2010 12:26

N now here is something worthwhile to read while we waite for the next big share rise

Tuesday, March 16, 2010
Range Resources connects Smith #1 gas well to sales line
company news image

Range Resources (ASX: RRS; AIM: RRL) has announced an update on the company's US Gulf Coast interests following the successful connection of the Smith #1 well in Texas to the sales line late last month.

Range holds a 25% interest in the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the state.

The well has been stabilised and is producing into the sales line at rates of between 2.2-2.8Mmcf/day and 200-250 bbls/day.

The company said the well remains on track to be shut during Q2 2010, where the remaining two zones will be fracture stimulated (if needed), comingled with the currently producing zone, and then introduced to the sales line.

Range Resources anticipates that completion of an independent reserves report on the Smith #1 well will be completed in the coming weeks with the results announced once available.

Based on the success of the Smith #1 well and the expanded acreage, the joint venture anticipates a multi-well program across the lease area with the spudding of a second development well scheduled to commence in April 2010.

The company's seismic acquisition program is nearing completion in the Republic of Georgia, with sign-off of the acquisition schedule to occur before the end of the month.

Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range is undertaking a 350km 2D seismic program due for completion late March 2010.

Following completion of the seismic acquisition, the seismic data will be processed and interpreted with the aim of identifying drill targets by late Q2 2010/early Q3 2010.

Assuming the successful identification of drillable targets, the company will elect to either: progress the targets at the current 50:50 equity basis with its partner Strait Oil and Gas (UK) Limited; or look to attract potential farm-in partners who could also potential act as operator of a drilling prog

*

[brasso3] 03/5/2010 12:20

Why do you all communicate with him!

[linslader] 03/5/2010 12:11

Guys PWhite , his latest guise I might add, is a serial attention seeker, always is and always has been. Filter and don't feed the troll.

[shrule] 03/5/2010 12:05

PWhite73

If it is bad as you say it is, then why is the share price rising with plenty of pi`s buying into it they cant all be that stupid,and why do you always appear when it does rise and dissapear again when it falls back ??

[hadronuk] 03/5/2010 11:39

The genius of PWhite:-

PWhite73 - 16 Mar'10 - 08:02 - 7943 of 9743

"AND DON'T FORGET THE WELL IS TO SHUT SHORTLY AND I PREDICT IT WELL NEVER OPEN AGAIN."

PWhite73 - 22 Mar'10 - 22:54 - 8194 of 9745

"I'm telling you guys there is nothing in Smith #1."

[three days] 03/5/2010 11:29

Strange figures for the gas,but I think this is about $4200 per day to RRL.

Not as much as thought at first,but as they're going to spud a well in the next few days,don't think it will affect the price.

[sagem] 03/5/2010 11:16

So will the share price go up on TUESDAY after all

[fairdeal2008] 03/5/2010 11:16

Sagem:

Just send your questions to [e-mail] and that might encorage them to do another Q&A with Range...