Range Resources Share News (RRL)

(Sharecast News) - International oil and gas company Range Resources updated the market on its Trinidad operations on Thursday, reporting that it has commenced the sales facilities upgrade as part of its ongoing infrastructure modernisation activities at the Beach Marcelle field.The AIM-traded firm said those upgrades were expected to provide a greater resilience in the production infrastructure and accommodate production growth at the field.It said it planned to undertake a number of activities as part of the programme, including the addition of a new tanker truck unit, the installation of a new transfer station, the installation of a new 500-barrel settling tank, the installation of a new lease automatic custody transfer unit, and the upgrade on two 500-barrel sale tanks.The upgrades were expected to be completed over the next four months, and would be funded from existing cash resources.On its drilling programme, Range said that as it had previously announced, it was planning to drill two new development wells as part of its work programme this year.The company said it was "pleased" to confirm the details of the two wells which had been prioritised for drilling.Both wells were located on the north-east area of the Beach Marcelle field, which has an estimated 3.5 mmbbls of oil in place, of which 6% had been recovered to date.The company estimated that at least a further 10% could be produced from the area through primary recovery, or an additional 0.3 mmbbls."The wells drilled on this area in the recent years have shown the best production results and, in the company's view, have significant potential," the Range board said in its statement."This includes the GY 684 well which was drilled by Range in December 2017."The well was successfully put into production at a stabilised rate of 120 bopd, and had produced more than 12,200 barrels of oil to date.Range said there were also a number of historic wells on the area, which had demonstrated "strong" production performance.One of those wells - the GY 602 well - had been producing for more than 50 years, with over 180,000 barrels of oil produced to date."The first well will be a directional well drilled from the existing GY 684 location."The second well will be drilled from a single new drilling pad."The drilling pad is suitable for drilling two additional follow-on wells, which are planned for drilling next year, subject to successful results of the first two wells."Range aid each well would be drilled to a total depth of about 4,300 feet, targeting the Lower Gros Morne formation.The wells were expected to produce between 70 and 100 bopd each."The wells are planned for drilling during the fourth quarter of 2018, once the majority of the sales infrastructure upgrade at the Beach Marcelle field has been completed," Range explained."The drilling operations will be undertaken by the company's in-house oilfield services provider RRDSL."