The company anticipates that the well will provide information regarding the size and geometry of the reservoir and move additional reserves into the proved producing category.

The projected total depth of the well is 14,000ft and located approximately 1,900ft north-northwest of the Smith#1. Range holds a 20% working interest in the well, which has an estimated dry hole cost of $3.8m.

Range is an oil and gas exploration company with oil and gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas.