Range Resources hits oil with first well onshore Trinidad

Source: Range Resources

In the two months since completing its Trinidad acquisition, Range Resources (AIM:RRL) has successfully drilled its first development well on the Morne Diablo Block onshore Trinidad.

As part of the initial 21-well drilling program, the MD 247 well was drilled to a total depth of approximately 900 feet using the company's own drilling rig and personnel. Despite the shallow depth, open hole logs indicate the presence of roughly 145 feet of net oil pay in the shallow Forest Formation, an established producing horizon on the block.

Casing is currently being run in the well in preparation for production testing next week.

“We will be adding a second and third rig to the remaining 20-well 2011 drilling program in order to begin exploitation of deeper producing reservoirs,” said Peter Landau, Range Resources’ executive director. “The MD 247 well is only the beginning for us in Trinidad, but represents an important milestone for Range as our first internationally operated well, drilled and completed by the Company's own operations team using our own equipment."

In Trinidad Range recently completed the acquisition of a 100% interest in holding companies with three onshore production licenses and fully operational drilling subsidiary. Independently assessed gross recoverable 3P reserves in place of 6.9 million barrels (on a mean 100% basis) with an additional 20 million barrels of prospective resources.

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