Advertisement

Range Resources gains on Trinidad oil production update

Range Resources shares jumped six per cent Thursday after the oil and gas company announced it was making progress on the production of six wells in Trinidad.

Range Resources shares jumped six per cent Thursday after the oil and gas company announced it was making progress on the production of six wells in Trinidad.

The company said it successfully drilled the QUN 135 well to a planned total depth of 3,500ft following operational delays.

Results indicated the group may have penetrated a previously undiscovered reservoir in the Middle Cruse section.

Advertisement - Article continues below

The well will be deepened and evaluated to determine which of the multiple oil zones represent the best candidate for initial completion.

Progress is also coming along on the QUN139 well in the Lower Forest formation, having encountered about 80ft of quality oil sands to 945ft as drilling goes ahead for a revised target depth of 1,300ft.

The Morne Diablo Waterflood licence is currently being simulated and modelled with completion estimated in February.

The group's Beach Marcelle programme is set to commence upon receipt of the approvals to deepen six of the existing wells with a target production of 150-300 barrels of oil per day per well.

"There is no doubt that it has been a challenging few months given the

operational delays experienced in getting certain wells drilled in Trinidad and the softening of the company's share price," said Executive Director Peter Landau.

"As we continue to address the supply chain issues that resulted in those delays, it is important to remember the key positives that will continue to underpin Range's performance moving forward in the short to medium term."

Range is working toward having all six of its drilling rigs running to increase production and cash flow and resolve the operational delays.

RD

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/investment-strategy/601567/have-small-companies-lost-their-edge
Sponsored

Have small companies lost their edge?

SPONSORED CONTENT – The tectonic plates beneath the modern investing landscape appear to have started moving in new directions
26 Jun 2020