Range Resources Share News (RRL)

Oil and gas company Range Resources has said that the Lower Forest wells on the Morne Diablo Block in Trinidad are capable of adding 100-130 barrels of oil per day (bopd) of initial production per well.The company is also set to reach 1,000 bopd in the coming weeks once current tests are completed. The company also said it expects to certify upwardly revised probable and proved reserves in the third quarter of this year. The firm is planning to stage in additional equipment throughout the year as it continues to add rigs with greater operating depth capabilities. Rig 8 has already been commissioned and is soon to begin drilling the first of its deeper locations on the Morne Diablo Block, where offset wells have produced at initial rates of 200-400 bopd and recovered up to 400,000 barrels. The additional rigs are expected to boost production growth from the company's Trinidad holding to more than 4,000 bopd over the next 12 months. Since acquiring the site, the firm has drilled 15 wells and successfully completed all of them. The company is now planning a 60-plus drilling programme aimed at bridging the gap between those wells already drilled and the QUN 16 well. The company is currently drilling QUN 129, 130 and 131 on the lower forest horizon. "Range is increasingly enthusiastic about the considerable exploratory potential on its Morne Diablo and South Quarry Blocks, where high impact exploratory prospects have been identified in the Herrera Formation alone", the company said. The firm also said that is has boosted the resources at the Herrera formation by 40m barrels following the identification of sizeable unrisked exploration potential. The share price fell 5.26% to 6.93p by 14:51.NR