Range Resources (ASX: RRS; AIM: RRL) has provided an update on the Russell Bevly #1 appraisal well, part of the North Chapman Ranch Joint Venture’s multi‐well program in Texas.
Range has a working interest of 20% in the well.
The well has been drilled to the intermediate casing depth of 11,400 ft. Following this, open hole logs were acquired and 9 5/8" casing set and cemented.
In a statement, the company said drilling has recommenced towards the proposed target depth of ~14,000 ft (4,268m).
An independent estimate has estimated the project area (1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas) to have assessed gross recoverable reserves in place of 215 Bcf of natural gas, 16 mmbbls of oil and 15 mmbbls of natural gas liquids.
The first well has resulted in a commercial discovery.
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