Range Confirms Plans to Drill 22 Wells in Trinidad by 2016

Range Resources Limited confirmed Monday plans to drill 22 exploration and development wells in Trinidad by the end of the first quarter of 2016.

The drilling schedule for all 22 wells has been finalized by Range, with the first wells in the program expected to be spud in the third quarter of this year. The company has been granted permission to construct 15 drilling pads to assist the program and the remaining seven constructions are currently under negotiation.

In a company statement, Range Resources said:

"It is expected that the proposed 22 wells will be drilled by the end of Q1 2016, however certain drilling logistics are beyond the company’s control and, therefore, the drilling schedule remains subject to a number of variables, including availability of suitable rigs, arrival and commissioning of new rigs into RRDSL’s [Range Resources Drilling Services Limited] rig fleet, various regulatory approvals, and the construction of drilling pads. RRDSL will also be required to recruit additional drilling staff to operate the new rigs.

"The management believes that the 22 well program presents an ambitious target, given a number of challenges that need to be overcome. However, the management will spare no effort to achieve and deliver on its targets, in order to grow production and turn the company around. Range is committed to provide all the required assistance to RRDSL to complete the proposed work program."

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