Range Resources has announced that its Shabeel-1 well in Puntland, Somalia could produce up to 130mm barrels of recoverable oil.
Range Resources managing director, Peter Landau a 12 to 20 metres net hydrocarbon pay zone in the Jesomma sands has been confirmed.
Range’s internal technical team’s review of the net pay zone and results to date, reveals a successful flow test could result in 70 to 130mm barrels of recoverable oil from the Shabeel 1 well.
Mr Landau encouraged Range investors by confirming that 14 to 26mm bbls would be attributable to Range Resources.
Range Resources is convinced they will confirm commercial viability based on both both the net pay and the confirmation of an active petroleum system.
Range is confident of a commercial oil discovery in Puntland even with a revised target of just the Jessoma formation.
