Range Announces Trinidad Operational Update
Range Resources Limited is pleased to provide a Trinidad update with the following highlights:
Production increased by 23% from the previous month;
Testing on two wells in the South Quarry field is currently ongoing;
One further well is drilling ahead in the South Quarry field;
The sale of Range Resources Drilling Services Limited is on track to complete before the end of the month;
LandOcean has committed to add four new drilling rigs this year to the existing fleet to be available for drilling from Q3 2015;
Waterflood preparations are progressing, with the first preferred waterflood project now identified on Beach Marcelle field;
Waterflood studies have been extended to include further blocks;
In accordance with the revised internal forecast, management believes the production target of 1,000 bopd will now be achieved during Q4 2015.
Development and exploration programmes
Current production in Trinidad reached 645 barrels of oil per day (bopd) from an average of 525 bopd in the previous month.
During the current quarter, the Company has:
Completed two new development wells (QU 454 and QU 455) in the South Quarry field to depths of 1,440 ft. and 890 ft. respectively, with testing
operations currently ongoing;
Brought three new development wells in the Morne Diablo field into production (these wells were drilled in the previous quarter), including the
QUN 157 well, which is currently flowing at a stabilised rate of 105 bopd on a restricted 5/32” choke from an average perforated depth of 1,300 ft.;
The QU 456 well spudded and is drilling ahead in the South Quarry field to a target depth of 2,000 ft.;
Spudding of the first shallow onshore exploration well on the Guayaguayare licence has been postponed to Q2 2015; and
Range and its strategic partner LandOcean Energy Services Co.,Ltd (LandOcean) are progressing with geological and geophysical studies which are aimed at improving operational efficiency, and sub-surface evaluation, in order to reduce risk and increase reward. These studies resulted in a revision of the previous development and exploration drilling programmes. The refined 2015 / 2016 work programme is being finalised and will be announced in the coming weeks.
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Source: Range Resources Limited