Range Resources (Under Review) – Well spudded in Trinidad
RRL LN (0.4p, TP Under Review), Market Cap: £30m
Our view: Range has announced that approval for the new 4,000m drilling rig has been granted, and subsequently, the MD 51-1 development well successfully spudded on 10 March 2016. The well is drilling ahead to a total depth of 4,150ft and is expected to take four to five weeks to reach target depth. The well will test deeper horizons of the Upper and Middle Cruse sand trends and explore the potential of out-step drilling. MD 51-1 is a deviated well from the previously drilled MD 248 well location, therefore adding to Range’s already comprehensive dataset over the Morne Diablo field. 2016 will be an active period for Range, with a number of wells planned in Trinidad, underpinned by a robust financial position and dynamic management team, we see the shares as representing compelling value.
at $15 targeted, sounds very attractive and their for sales sign is still up, if i read that right. Perhaps the process would be quicker for any farm in or nibble, given greater stability on oil price, relative to last long months.
Lot of data to digest with Rns s from three TT players. Got my RNS direct from IR. Anyone else find that?
The investment opportunity here is looking better. Once you have “type” approval, the key aspects of authorisation have been achieved, hence the remaining rigs should be approved shortly enabling operations to step up fairly quickly.
Interesting that LGO & TRIN have also issued upbeat RNA’s this morning as the POO rises above the be value I had calculated and shared.
While no one can predict the future price of oil, the odds are starting to weigh in favour of a slow rise as you have depletion and world demand growth in our favour.
By June we should have all rigs working and potentially early results from the extended water-flood.
Trinity onshore assets do look to be within the reach of RRL
For once I am in agreement with Oma, can see us rising past 0.4 on the back of this RNS alone. Would like to see us past 0.5 by the weekend too, some more positives regarding the POO would certainly help.
Range is pleased to advise that approval for the new 4,000 m drilling rig has been granted to RRDSL (a wholly owned subsidiary of LandOcean Energy Services Co., Ltd). Subsequently, the MD 51-1 development well (renamed MD 250 well) successfully spudded on 10 March 2016 using the rig. The well is drilling ahead to a total depth of 4,150 feet and is expected to take four to five weeks to reach target depth.
The MD 250 well is the first development well to be drilled using one of RRDSL's new rigs. The well will test deeper horizons of the Upper and Middle Cruse sand trends and explore the potential of out-step drilling. MD 250 is a directional well from the previously drilled MD 248 well location.
The Upper Cruse sands, though penetrated by numerous surrounding wells, have not been fully exploited in this area of the Morne Diablo field. The Middle Cruse sands have been identified as well-developed in nearby wells with some of those having produced in excess of 100,000 barrels from this horizon during the well life.
As previously announced, RRDSL successfully completed construction of a three-cellar drilling pad during 2015. Initially, the MD 250 well will be drilled from the drilling pad. Drilling of further wells from the drilling pad will be evaluated dependent on the results from this well.
Further three new drilling rigs of RRDSL are currently undergoing certification and will be brought into drilling operations once approved.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.