Australia's exploration and production company Range Resources Limited provided Monday an operations update on its upstream asset in Trinidad.
Trinidad Operations Update
Range is pleased to provide an update on its Trinidad operations with the following highlights:
Increase in Reserves
Range is pleased to announce an independently audited increase in reserves attributed to the Company's onshore Beach Marcelle, Morne Diablo and South Quarry licenses in Trinidad.
The Company’s total 2P reserves have increased by over 9 percent from the previously reported 20.2 million barrels to 22.1 million barrels. These reserve increases are a result of the Company's ongoing development drilling program and consequent update to development schemes in Trinidad during the period. During the period the Company produced 1.2 million barrels of oil from its three fields.
The updated independent reserves report was completed by Forrest A. Garb & Associates, Inc. (FGA) with the reserve volumetrics used in the report effective Jan. 1 and prepared in accordance with SEC Regulation S‐X and with the guidelines of the Society of Petroleum Engineers.
The following table set outs the increase in the Company's net reserves from FGA Report effective Oct. 1, 2012 to the latest report effective Jan. 1.
Total Net Reserve Volumes:
Commenting on today’s announcement, Rory Scott Russell, CEO, said:
“The 18 percent production increase is a great result for the company and shows good progress towards meeting our production targets for the year. The QU 452 well in particular demonstrates the untapped potential of our development assets in Trinidad, flowing exceptionally light oil at 70 bopd and opening up a new area for development drilling.
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