Range Resources Share News (RRL)

Oil and gas group Range Resources has drilled its first development well on the Morne Diablo Block in Trinidad, just few months after taking control of three licenses in the island. As part of the initial 21-well drilling program, the MD 247 well was drilled toa total depth of approximately 900 feet using the company's own drilling rig andpersonnel. In a statement, the company said, "despite the shallow depth, open hole logs indicate the presence of roughly 145ft of net oil pay in the shallow Forest Formation, an established producing horizon on the block. Casing is currently being run in the well in preparation for production testing next week."Peter Landau, Range's Executive Director, said: "The successful drilling of theMD 247 well indicates that Range's aggressive program to increase productionand cash flow in Trinidad is on track and the first pay zone size has exceededexpectations. "As previously announced, we will be adding a second and third rigto the remaining 20 well 2011 drilling program in order to begin exploitationof deeper producing reservoirs."Range announced in April that it is to take full control of three production licences in active onshore oilfields in Trinidad. The share price was up 1.08% to 11.75p at 14:29. ---NR