Range Resources rises after successful drilling beats targets

Oil company Range Resources has successfully completed the drilling of the step out QUN 116 well where it encountered around 66 feet of net pay zone.

The well initially flowed at a rate of 50 barrels of oil per day (bopd), exceeding the company's targeted rates of 15-30 bopd.

"This is especially encouraging given this was achieved under natural flow

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

as opposed to under pump," the firm said.

The rig has now moved onto well location QUN 118, which is currently drilling with a total depth of 950 feet.

Rig 2 has reached the extended target depth on the QUN 117 well of 2,400 ft, with good oil sands and oil shows encountered between 560-830 feet and 2220-2300 feet.

The initial results from this well look to have confirmed the predictions that the current well program would extend the existing fields, the firm added.

A production rig has been moved onto the location for production flow testing with early indications exceeding the company's expectation on the 2,000ft wells (50-100 bopd target).

The share price rose 4.94% to 8.5p by 13:04.

NR