13th Jan 2016 10:43
LONDON (Alliance News) - Range Resources Ltd on Wednesday said approvals for the implementation of the Beach Marcelle waterflood project in Trinidad have been received from the government and regulators.
Beache Marcelle is one of the company's three onshore production licences, which are owned alongside the exploration acreage on Guayaguayare licence farm-in and the St Mary's licence.
The company said that 12 wells have been approved for conversion to water injectors on the Morne Diablo waterflood project, and that initial water injection has begun.
The third development well of the 22 well programme has reached its total depth with a total of 130 feet of net oil sand encountered and the well is being tested.
In addition, Range Resources said, a new upper zone on the existing QUN 47 well has been perforated, with the well flowing a stabilized rate of 50 barrels of oil per day from the zone.
Shares in Range Resources were up 8.0% at 0.270 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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