Range provides the following update with respect to its operations in Trinidad.
The average production in Trinidad during the last 30 days was 560 barrels of oil per day ("bopd"). The Company has maintained existing oil production by conducting multiple workovers on current wells. The previously announced production target of 1,000 bopd by the end of 2015 is now expected to be achieved by the end of Q1 2016. Based on the expected production from the wells, this production target will be achieved by:
· Drilling and completion of 13 new wells - expected production to be added of approximately 600 bopd, combined with,
· Stable production from existing wells of approximately 500 bopd."
So would you care to elaborate on why today's RNS was not good, last week many on here were claiming that MD42N was going to be a dry well which it is not, it is a producing well and one of many to follow, next time maybe we will hit the primary target too. If nothing else it proves up commercial oil in the area. Now we build on that!
So Abraham have effectively doubled their holding in Range and now have 712,377,560 shares. Certainly does not strike me as being anything but confident in where this company is going. Lots more news to come here yet despite the frustration (yes me too) of the Curia not finding a berth yet.
It is not the 30 barrels a day that is significant in itself as this was the secondary target but it proves the area has commercial oil and will ensure we try again for the primary target. Incidentally we are drilling another 22 of these which will all add to our production. What I like is that Range announce a stable flow rate not, as some others on TT do, an artificially high initial flow rate (IFR).
The focus will now shift to GY 180SE
"Rig 2 will now be moved to the next drilling location, to spud the GY 180SE development well, which is the first well to be drilled by the Company on its Beach Marcelle field. The well will be drilled to a total depth of 1,820 ft. to test the Lower Gros Morne horizon anticipated at 268 ft. (primary target) and at 574 ft. (secondary target). Range's estimate of recoverable oil from the well is 100,000 barrels."
yes bricket cant disagree with that. surely there has to be a time when these new rigs eventually start working its almost as if the bod are deliberately delaying the chance to up production. something very odd going on IMO which maybe good or bad.
Nothing much in the quarterly update, but not surprisingly more jam tomorrow is forecast. Oh I forgot, we have a new well (the one we didn't drill very deep in) which is producing a gobsmacking 30 barrels a day...but to be fair we did at least try. Another one of those and we will be producing nearly as much oil as we did in the previous quarter. Doh!!!!! What on earth did Abrahams do? Bring back the old guard I here you say. Batten down the hatches, its going to be one heck of a rocky week.
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