Range Resources and Red Emperor update on Mukhiani well in Georgia
Range Resources (LON:RRL, ASX:RRL) and Red Emperor Resources (LON:RMP, ASX: RMP) today advised investors that operations are currently suspended on the Mukhiani well in Georgia.
Last month it was revealed that the Mukhiani well had encountered hard rock at shallower depths than initially anticipated.
The well is being tested to discover whether the hard rock is volcanic overthrust, or if it represents the basement of the well. If it does turn out to be the basement rock then drilling will not continue, Red Emperor said last month.
The rig is on standby with a skeleton crew awaiting final technical analysis of the well.
Red Emperor said that it will provide an update on the results as soon as they are finalised.
The second exploration well in the programme will be spudded within a four to six week timeframe if the partners decide to move on.
Red Emperor has a 20 per cent interest in the Georgian asset, while Red Emperor and Strait each have a 40 per cent stake.
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