18th Jul 2016 08:13
LONDON (Alliance News) - Range Resources Ltd Monday said it has started to drill the latest development well in Trinidad that is expected to be completed in around three weeks time.
The company said the MD 251 development well, previously known as MD 51-2, is drilling ahead to a total depth of 3,900 feet. The well will be a directional well to test the Middle and Upper Cruse sands that were encountered with he MD 250 well.
The initial log evaluations of the MD 250 well identified multiple hydrocarbon-baring zones that have an estimated net pay of over 140 feet.
A subsidiary of LandOcean is drilling the well from the same drill pad as the MD 250 well using the same 4,000 metre rig used for previous wells. The wellhead of MD 251 is located around 20 metres away from the MD 250 wellhead.
Production tests for both MD 250 and MD 251 will be carried out together and carried out once all drilling operations on that drill pad area. A further two development wells are planned to be drilled in Morne Diable, one development well will be drilled in Beach Marcelle and one exploration well will be drilled in the Guayaguayare block.
Range said three new drilling rigs owned by LandOcean are currently pending approval from authorities, which is expected to be secured in the third quarter of this year.
Range shares were trading up 8.7% to 0.370 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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