Range Makes Progress with Trinidad Assets

Junior oil firm Range Resources reported Tuesday that it continues to make progress with its onshore assets in Trinidad.

Range said that three of a fleet of six drilling rigs it has available to it are fully operational and currently drilling. A fourth rig has undergone preliminary regulatory inspections, while the maintenance program for the remaining heavy rigs continues.

On the Morne Diablo field development, the QUN148 well has been completed and is now on production. QUN149 was drilled to a total depth of 1,400 feet and is under production test. QUN150 is half way to its target depth of 1,400 feet.

Following delays in sourcing equipment, the sidetrack well to MD248 has begun from 3,234 feet. This is targeting a depth of 6,500 feet.

On the South Quarry field development, the QU452 well was drilled to 1,845 feet. The well was logged and partly perforated, showing an influx of oil with no water produced. Range said that the development program here is expected to extend the field’s shallow producing trend into new fault blocks and result in additional proved reserves and future development targets.

Meanwhile, the QU453 well on the South Quarry development is now below 700 feet, with target depth at 2,000 feet.

Range's Trinidad production for March averaged 533 barrels of oil per day (bopd).

Range also announced the appointment of Terry Motley as its Operations Manager in Trinidad. Motley has technical expertise in horizontal drilling, high-pressure wells and multi-well development, having previously managed several rigs to increase oil production onshore Yemen from 2,000 bopd to 25,000 bopd over a two-year period.

In a company statement, Range CEO Rory Scott Russell said:

"Since joining Range in February I have been working to restructure and focus the company's portfolio, implement appropriate financing for our projects and bring in an experienced oil and gas management team. We are making progress on all these fronts and the new management team is excited by the opportunities ahead, particularly in building on our world-class onshore Trinidad asset."

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