Range Resources, the AIM-listed oil and as exploration group, says that it now has four drilling rigs in operation on the Morne Diable licence, as it provided an update on drilling in Trinidad.
The QUN 130 well reached its target depth of 1,300 ft with two likely oil pay zones being identified. The well is being completed and production tests began over the weekend. The well initially flowed approximately 170 barrels of oil per day (bopped), with production being stabilised at around 150 bopd.
"The company is extremely encouraged by this well which has indicated that there is a new extended Lower Forest oil zone below the 1,000 ft. level that has been the focus of development to date, and this may transition into the productive Upper Cruse sands. In addition, the well showed higher than expected pressure for these depths resulting in encouraging production rates," the firm said.
Subscribe to 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
The QUN 132 well reached its target depth of 1,000 feet but is being deepened to target lower zones due to "encouraging performance" of the QUN 130 well.
Meanwhile, the QUN 134 well was spud over the weekend and the QUN 131 well has been perforated and is under test.
The firm is also looking at some other older wells close by to determine the possibility of re-entering and deepening them to test for the deeper Lower Forest sandstones recently identified.
"Range now has four drilling rigs in operation on the Morne Diablo licence and is extremely encouraged with its Trinidad projects. The company is targeting to bring the remaining two rigs into operation within the next one to two months."
Shares were up 4.32% at 4.85p in early trading on Monday.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
