LONDON (Alliance News) - Range Resources Ltd Monday said it has finalised the company's drilling schedule in Trinidad which will result in 22 new wells being drilled before the end of the first quarter of 2016.
However, its Canari North exploration well has been pushed back, from its original target to be completed before the end of July, until sometime in the third quarter of 2015.
The schedule has been agreed with the company's partner, LandOcean, but Range Resources said the drilling schedule may stretch beyond the first quarter of 2016 because of a number of variables, including availability of suitable rigs, arrival and commissioning of new rigs, various regulatory approvals, and the construction of drilling pads.
Of the 22 development and exploration wells to be drilled, the first four will be drilled before the end of the third quarter, followed by another nine in the fourth quarter with the remaining nine wells drilled from the start of 2016.
Of the 22 wells, only one is an exploration well which will be drilled in the third quarter, targeting the Lower Gros Morne horizon.
"The company also continues to prepare for spudding of its first exploration well, Canari North, located on the Guayaguayare block," it said in a statement.
The company's Canari North well was originally due to be drilled before the end of July, before being pushed back to October. On Monday, Range did not state exactly when it would be drilled but said Canari North should be completed before the end of the third quarter of 2015.
However, that exploration well is due to be drilled by rig number eight, which is currently undergoing repairs. At the moment, the company has until September 7 to drill Canari North, but it said it will seek another extension so it can repair the rig before drilling the first exploration well on the project.
The first well to be drilled will be the GY 161S development well, which will be drilled to a target depth of 1,840 feet targeting the Middle Gros Morne horizon.
"The management believes that the 22 well programme presents an ambitious target, given a number of challenges that need to be overcome. However, the management will spare no effort to achieve and deliver on its targets, in order to grow production and turn the company around," said Range.
Range shares were down 8.2% to 0.491 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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