12th May 2016 08:47
LONDON (Alliance News) - Range Resources Ltd on Thursday said it will drill a second development well in Trinidad, following the "highly encouraging results" from its MD250 well posted in April.
Range Resources said that, after having discovered multiple zones containing hydrocarbons at its MD250 well, it will drill a directional well to a total depth of 3,900 feet to test the Forest and Cruse sands, which were encountered by the MD250 well. The new well will be called MD51-2.
Range Resources said the well will be drilled by LandOcean Energy Services Co Ltd subsidiary RRDSL, using the same drill rig that drilled the MD250 well. The drilling will be funded under Range Resources's existing credit terms for drilling services with LandOcean.
Production testing operations will be performed only once all drilling operations on the pad area are completed, Range Resources said.
Shares in Range Resources were up 1.3% at 0.475 pence on Thursday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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