Range Energy Resources Inc. announces that, on October 8, 2015, Gas Plus Khalakan ("GPK"), the sole contractor of the Khalakan Block in the Kurdistan Region of Iraq, issued a press release stating that it spudded the Shewashan-2 development well on 1st October 2015 under Phase 1 of the approved Field Development Plan (FDP) for the Shewashan oil field in the Kurdistan Region of Iraq. The press release says that Shewashan-2 is expected to reach a total depth of approximately 3000 meters in the Cretaceous Qamchuga reservoir and take 120 days to drill and complete. The press release concludes by saying that once finished the well will be put into production and contribute to the Phase 1 production target of 10,000 barrels of oil per day (bopd) in 2016.
The Company is a 24.95% indirect shareholder of GPK through its ownership of 49.9% of the shares of New Age Alzarooni 2 Limited ("NAAZ2"). NAAZ2 owns 50% of the shares of GPK.
Range has no additional information on the extent of the discovery or the Field Development Plan.
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