Range Resources Limited (RRL) Trinidad Drilling Update
30-Aug-2016 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information, transmitted by EQS Group AG. The issuer is solely responsible for the content of this announcement.
Trinidad Drilling Update Range is pleased to confirm that the QUN 159 well which was spudded on 8 August 2016 has reached target depth of 2,500 feet. This is the third development well drilled by Range in Trinidad this year. The well is located at Morne Diablo field and was targeting the Lower Forest and Upper Cruse horizons. Preliminary analysis of the well indicates approximately 40 feet net oil pay. The programme to perforate the well has been approved by the government and Range intends to proceed with production testing of the well during early September. Production testing on the two previously drilled development wells (MD 250 and MD 251) is also underway. All three wells are expected to be brought into production during Q3 2016.
Celtic, I agree the lack of RNS and the shares being shown as delisted is probably and error as nothing of the sort is being shown on the stock exchange website.
I am happy that an RNS has been released. It was a bit of a nothing RNS but keeps us posted that production testing is underway/ongoing at all 3 wells. We should hear reasonably soon as to the outcome of all three wells which should show a marked increase in production and given we are sitting on all time low production levels, of c. 350 BOPD (possibly lower) we could potentially see a doubling in production virtually overnight.
These wells in the scheme of things are small fry as the waterflood is the game changers so the big RNS to look out for are the Sinosure deal and the Petrotrin water contract signing. These allow us to press ahead at a significantly increased rate.
All in all I am happy with the RNS as it keeps shareholders in touch with what is going on.
I would have liked to have heard about where the drills are going next, whether the other drills are being signed off and whether we are going to do the exploration well (I can never spell) in the Guayaguayare (thanks Ctrl+C and Crtl+V) block.
Positive movement can not be sniffed at.
Regarding the ASX SP increase. We could easily be up by a similar percentage, however a spread of 17% doesn’t give a true reflection. Nice to see sells going through at close to 0.6p though.
Good luck and let’s hope September shows continuing delivery on the positive movement over the past few months.
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