Puntland Drilling Progresses Toward TD

Range Resources Ltd. announced that the Shabeel North well currently being drilled in Puntland, Somalia by the JV partner, Horn Petroleum Corp., is at a current depth of 984 meters targeting a total depth of 2,400 meters. Drilling operations have progressed smoothly since spudding and remain on track to reach target depth on time and on budget.

The Shabeel North well is targeting Upper Cretaceous Jesomma sands, which had good oil and gas shows in the Shabeel-1 well 3.5 km to the south. Petrophysical analysis of downhole electrical logs in the Shabeel-1 well indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an average porosity of 18 to 20%. Upon completion and testing of the Shabeel North well, the rig will move back to Shabeel-1 to flow test the identified Jesomma sands.