Georgia
During the quarter Range Resources announced that following a strategic review of the current operations in Georgia, that the Company, along with its partners, Strait Oil & Gas and Red Emperor Resources NL (ASX:RMP/AIM:RMP), are to embark on a revised exploration and appraisal strategy for Blocks VIa and VIb in Georgia.
The revised strategy will focus on low-cost, shallow appraisal drilling of historically defined Contingent Resources around the Tkibuli-Shaori ("Tkibuli") CBM field, which straddles the central sections of the Company's two blocks.
Tkibuli has been estimated by Advanced Resources International to contain Contingent Resources (mean) of approximately 0.4 trillion cubic feet ("tcf") of coal-bed methane ("CBM") gas (Range's attributable 40% interest is 0.16 tcf). Sand horizons have also been identified around the coal beds, which could add additional, conventional hydrocarbon resources to those estimated for CBM at Tkibuli alone.
By prioritising exploration around the productive coal seams, the Company has the opportunity to make early discoveries, add proven reserves and look to provide revenue potential from the Tkibuli CBM play within 18 months from commencement of drilling, in conjunction with satisfying its Production Sharing Agreement ("PSA") commitments.
Range and its partners have executed agreements with the Georgian Industrial Group ("GIG") regarding the joint development of the project and providing a commercial off take for 100% of the gas produced.
The Company is also in discussion with a number of parties that have expressed interest in the possible unconventional shale opportunities that exist across the two Blocks.
As a result of this change in short term strategy, preparations for drilling the Namakhvani-1 well were postponed with the Company continuing with the proposed seismic program across the license area.
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