Range announced that in less than 2 months from the acquisition of 100% of the Trinidad assets, the Company has commenced its 21 development well program utilizing 3 of the Company's rigs and is targeting an increase in production to between 1,400-1,800 bopd, an increase and reclassification of reserves along with extending the limits of the existing fields.
Rig 1 was recently inspected and re-certified for drilling by the Ministry of Energy and has been mobilized to spud in the coming days, Rig 2 is due for inspection and re-certification this week, soon followed by Rig 3, with both then immediately mobilized to join Rig 1 in the development well program.
Range Executive Director Peter Landau commented, "The Company is extremely pleased at the swift progress made since acquiring the Trinidad assets, with the operational team in Trinidad now being able to look to maximize the potential of the assets, something they have wanted to progress for a number of years but were restrained through a lack of capital earmarked for development."
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