Republic of Georgia – Another Prudent Strategy with Huge Potential for Range Resources Limited (RRS:ASX, AIM:RRL)
The pipeline that crosses Georgia can move slightly more than 1 million barrels of crude oil per day, or more than 1 percent of the world’s daily crude output. Georgia is home to the Samgori field which has about 200 million barrels of recoverable reserves.
Last month, Range Resources Limited announced that it entered into a Heads of Agreement with a private UK company to acquire a 50 % interest in two oil and gas blocks (Blocks VIA and VIB) in the Republic of Georgia. These blocks cover approximately 10% of the acreage of the country.
In addition to the oil potential of the oil potential of the two blocks, there are significant natural gas and coal bed methane targets.
The next step for the exploration strategy on these 2 blocks is to acquire 2D seismic data to identify more specific drill targets. We are expecting more developments on this initial data by the end of the year.
These 2 blogs have significant potential in which the value and Range’s earn-in rights can far exceed Range’s total valuation at this time.
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