Range Resources Limited announced that Rig 8 was inspected by the Trinidad regulatory authorities last week with a follow-up inspection having been completed on Tuesday, August 28. The Company will now commence operations to spud the MD248 well.
This is a significant achievement for the Company which now has four drilling rigs in operation including Rig 8. Rig 8 is Range's largest drilling rig, capable of drilling to approximately 11,000 feet; a depth believed to be sufficient to test the highly prospective Herrera exploration targets.
The MD248 well will target the development of the Middle Cruse sands at 4,000 feet, as well as explore the Lower Cruse formation at 6,500 feet. This will be the first well drilled by the Company that targets both the Middle and Lower Cruse formations.
Upon completion of the MD248 well, Rig 8 is scheduled to move on to drill the first of a series of wells that primarily target the prolific Herrera formation as an exploratory target. The first well in this program is designed to test multiple objectives and will penetrate both the Forest and the Cruse formation targets as well as the primary Herrera target.
The Herrera test well will be an important step forward in Range's Trinidad drilling campaign, as it is expected to yield critical stratigraphic control at the Herrera level. This in turn will help to calibrate the broader Herrera exploration program.
Peter Landau, Executive Director commented "Our active drilling fleet in Trinidad continues to grow with the addition of Rig 8 to the line-up. With Rig 8 in service, the Company is now able to test all of the identified conventional targets on its existing acreage. We are confident that as the drilling program progresses, Rig 8 will encounter new reservoirs in both the known field plays and deeper objectives. Given the existing infrastructure, any new reserves would be expected to be translated into additional production and cash flow in a very short time."
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