Range and Red Emperor unveil latest progress

Red Emperor Resources (RMP) and Range Resources (RRL) have updated investors on their operations in Georgia and Puntland.

The Georgian Mukhiani-1 well has been suspended following reinterpretation of seismic data, which indicated that the well encountered previously unrecognised faults that led to possible basement being encountered far earlier than predicted.

The companies said that the new fault and stratigraphic trapping potential has been identified in the vicinity of the well and based on these findings, they have the option to side-track and test these targets.

However it has been decided that, based on the exploration schedule and availability of the drilling rig, they would suspend work and continue onto the next proposed Kursebi well.

The Kursebi well is targeting separate geological structures from the Vani area, with the Kursebi target having been identified using different seismic lines for interpretation purposes.

Puntland update

In Puntland, Horn Petroleum is currently in final preparations to commence a two-well drilling campaign in the Dharoor Valley Block, with the first well (Shabeel-1) planned to spud next month.

The pair said drilling locations have been selected over two robust prospects targeting gross best-estimated prospective resources of over 300 million barrels each, based on internal operator estimates.

Horn has completed sourcing drilling related materials and the majority of these materials are on-site or en route to the drilling site.

Preparation works including the drill site, airstrip and ingress route construction have been completed and water wells are currently being drilled.

Range said it is hosting a presentation for investors on 5 December.

Interested in investing in oil and gas firms? Peter Temple's guide to analysing oil companies may come in handy...