Range Resources fails to flow

AIM-listed oil firm Range Resources saw its share fall after announcing that the first of two tests on its Mukhiani well in Georgia did not flow. The second test will now be undertaken and the company will provide an update next week, it said. Elsewhere, the firm's second development in the North Chapman Ranch in Texas is progressing ahead of schedule, where Range and its partners have logged a significant show in the Manley section. The firm said: "It is expected that the well will reach an intermediate pipe point in the coming days, at which time it will be logged to this intermediate depth and before drilling ahead to total well depth of 14,000 ft." In Trinidad, extensive engineering studies have led the company to expect to be able to release details of an upward revision of its proved reserves in the area next week. "The upward revisions follow better than expected drilling results from the company's initial 2011 drilling program, along with recently completed engineering studies of secondary recovery potential in the Beach Marcelle Block," the firm added.The engineering review confirmed that significant volumes of crude remain in the Beach Marcelle field that can be produced using standard secondary recoverytechniques such as water flooding.The share price fell 5.53% to 9.4p by 16:44.NR