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.
Recommended Reading
Atlas Energy Solutions to Buy Hi-Crush, Consolidating Permian Services
2024-02-27 - The $450 million deal effectively connects Atlas Energy Solutions’ Delaware Basin logistics and proppant offerings with Hi-Crush’s operations in the Midland Basin.
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
Apollo to Buy, Take Private U.S. Silica in $1.85B Deal
2024-04-26 - Apollo will purchase U.S. Silica Holdings at a time when service companies are responding to rampant E&P consolidation by conducting their own M&A.
NOG Closes Utica Shale, Delaware Basin Acquisitions
2024-02-05 - Northern Oil and Gas’ Utica deal marks the entry of the non-op E&P in the shale play while it’s Delaware Basin acquisition extends its footprint in the Permian.
Vital Energy Again Ups Interest in Acquired Permian Assets
2024-02-06 - Vital Energy added even more working interests in Permian Basin assets acquired from Henry Energy LP last year at a purchase price discounted versus recent deals, an analyst said.