21st May 2015 07:57
LONDON (Alliance News) - Range Resources Ltd Thursday said it has finalised the 2015 exploration work programme and budget for the St Mary's block in Trinidad with its state-owned partner, the State Oil and Gas Company of Trinidad and Tobago Ltd.
The work programme is scheduled to begin in the second half of the year and will consist of auditing existing field infrastructure, facilities and wells, preparing for environmental permitting to allow drilling and to commence an electro magnetic survey, and to complete the tendering process for a drilling rig, equipment, and other oilfield services.
Range will also prepare a work programme and budget for 2016, which will include both exploration and development components.
"In addition to significant exploration potential of the St Mary's block, there are additional development opportunities associated with pre-existing fields," said Range.
Range has committed to drilling four exploration wells, shooting 160 kilometres of 2D seismic and 60 kilometres squared of 3D seismic, along with various other technical studies before the end of 2018.
No details regarding the budget for the work programme or the asset were revealed by Range.
Range holds an 80% interest in the St Mary project, with the state-owned company holding the remaining 20% stake.
Range shares were up 4.7% to 0.560 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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