Georgia

Sixty-eight structures each with potential for multiple reservoirs identified on the VIa and VIb blocks in Georgia could contain a combined gross best estimate 2 billion bbl of oil in place, and six of the targets that are drill-ready have 728 million bbl in place, said Range Resources Ltd., Perth.

Nov. 18, 2010

By OGJ editors
HOUSTON, Nov. 18 – Sixty-eight structures each with potential for multiple reservoirs identified on the VIa and VIb blocks in Georgia could contain a gross best estimate 2 billion bbl of oil in place, and six of the targets that are drill-ready have 728 million bbl in place, said Range Resources Ltd., Perth.

Recovery factors can be estimated conservatively at 30%. The six drill-ready structures are Kursebi 1, 2, and 3 and Vani 1, 2, and 3. The company, which has 50% interest in the blocks, is finalizing a drilling program.

Georgia is a reasonably well-established hydrocarbon producing province with a number of discoveries and seeps along the Greater Caucasus and Achara-Trialet frontal folds, which are present along the northern and southern margins of the two licenses, where there are numerous oil and gas seeps, Range Resources said.

Samgori field, a 1974 discovery that has produced more than 165 million bbl of oil, is the country’s largest field. A further 35 million bbl remains to be recovered.