LONDON (Alliance News) - Range Resources Ltd said Thursday that it will upgrade sales facilities at the Beach Marcelle field in Trinidad to accommodate production growth at the field.
The Trinidad and Indonesia focused exploration company also said that it has now determined the two wells that have been prioritised for drilling. The two wells will be located on the north-east area of the Beach Marcelle field which has an estimated 3.5 million barrels of oil in place, of which only 6% has been recovered to date.
Range Resources said the first well will be a directional well drilled from the existing GY 684 location and the second well will be drilled from a single new drilling pad.
Each well will be drilled to a total depth of around 4,300 feet, targeting the Lower Gros Morne formation. The wells are expected to produce between 70 to 100 barrels of oil per day each.
As part of the sales facilities modernisation programme, the company plans to add a new tanker truck unit; install new transfer station, 500-barrel settling tank and atomatic custody transfer unit; and upgrade two 500-barrel sale tanks. The upgrade is expected to be completed over the next four months and will be funded from existing cash resources.
Shares in Range Resources were trading 2.6% lower at 0.09 pence each on Thursday.