Range Resources up on Trinidad flow rates

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.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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