Range Resources says initial production rates at a new well in Trinidad have peaked at 102 barrels of oil per day.
The QUN118ST well, located onshore at the Morne Diablo concession, has stable production of 84 barrels per day under natural pressure.
Peter Landau, Range's Executive Director, says the firm is "extremely pleased" with the production rates.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
In a separate announcement, related to its interests in Texas, Range says its joint venture at North Chapman Ranch has run a casing on the Albrecht #1 well.
If successful Albrecht #1 could support a re-classification of current "possible" reserves into the "probable" and "proved" categories.
Range Resources' share price had gained 0.73% by 08:29. In the last year the stock is up 21%.
BS
-
London claims victory in the Brexit warsOpinion JPMorgan Chase's decision to build a new headquarters in London is a huge vote of confidence and a sign that the City will remain Europe's key financial hub
-
Rachel Reeves's Autumn Budget: What it means for the UKOpinion A directionless and floundering government has ducked the hard choices at the Autumn Budget, says Simon Wilson
