Range Resources Share News (RRL)

Oil and gas company Range Resources said it has started its field development plan in Trinidad to boost oil production and cash flow. The group is ready to restart drilling the MD248 well in the Morne Diablo field before looking to drill adjacent offsetting locations to establish formation continuity and production from Lower Cruse development wells, or move to a new location to target the Herrera formation. "The Lower Cruse horizon remains a largely untapped reservoir below the historic producing Forest, Upper Cruse, and Middle Cruse horizons in the Morne Diablo Block," the firm said. Range is currently producing from the Cruse and Forest formations at depths between 300 feet and 4,000 feet.The Shallow and Lower Forest sands are the most drilled formations within the Morne Diablo and South Quarry fields and contain the most well defined sand fairways.A total of 65 wells are to be drilled in the Lower Forest sands over a 24 month period. Range is also expediting the ongoing engineering and simulation phase of the Beach Marcelle Waterflood programme. Once production commences, it is expected to add 3,000-3,500 barrels of oil per day (bopd) for a minimum of eight years.The company is looking at deepening up to six wells following the receipt of environmental approvals earlier in the year. They are anticipated to recover up to 90m barrels of oil per well at 80 bopd initial production if successful. Shares fell 6.67% to 1.40p at 14:48 on Tuesday.RD