Range Resources Share News (RRL)

(ShareCast News) - Range Resources announced on Monday that the QUN 160 development well in Trinidad that spudded on 9 November, was successfully drilled to a total depth of 2,140 feet on 22 November.The AIM-traded firm said the well was originally planned to be drilled to 2,600 feet, however it was decided not to drill below 2,140 feet as the main target had been encountered at that depth and drilling of the additional footage would have contributed to an increase in drilling cost with little to no benefit."During drilling, hydrocarbon sands and oil shows were encountered between 1,084 and 2,045 feet," the board reported."The production testing is expected to commence at the beginning of December and is proposed to be completed in two stages, at depths between 1,012 to 1,271 feet and between 1,794 to 1,963 feet."Range also advised that the GY 218 SE well - the renamed GY 681 well - located in the Beach Marcelle field successfully spudded on 1 December."The well is drilling ahead to a total depth of 4,500 feet, expected to take approximately four weeks to reach target depth."The primary target of the well is the Lower Gros Morne formation located below 3,500 feet."Range said any success with the well is expected to open up other development opportunities for that reservoir and add to the geological knowledge of the area.The GY 681 well is the last well from the five-well campaign to be drilled this year.The well is being drilled by RRDSL - a wholly owned subsidiary of LandOcean Energy Services - using the 2,000 meter rig, which was granted all necessary regulatory and government approvals in November.