LONDON (Alliance News) - Range Resources Ltd provided a positive update in relation to its Trinidad operations Thursday, saying four further wells are expected to be spud before the end of October and it is on track to meet its production target of 1,000 barrels of oil per day by the end of 2015.
The company said that the MD 42N development well, which was spudded earlier this month, is drilling ahead at 2,180 feet to a total depth of 3,120 feet.
Range Resources expects to have four rigs available for drilling during October, with three additional new rigs expected to arrive in Trinidad by the end of September, to be available for drilling from November.
Its average production in Trinidad over the last 30 days was 590 barrels of oil per day, the company said.
Shares in Range Resources were up 15% at 0.576 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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