LONDON (Alliance News) - Range Resources Ltd on Monday said it has finally started drilling its second exploration well in Trinidad after being hit by delays, and said it will drill the well deeper than originally planned.
The company said the second well of its 22 well programme, GY180SE, was spudded last Wednesday and will now be drilled to a total depth of 2,000 feet compared to the original plan to drill down 1,820 feet.
The well is expected to reach that target depth on November 25, and is the first well to target the Beach Marcelle field and will test multiple Middle Gros Morne horizons. It will also test an additional sand unit that lies beneath the Middle Gros Morne section, which if successful, will "strongly influence" future drilling in the area.
The well has previously faced delays because the company had to acquire additional road approvals from authorities, which are now in place. Currently, Range has approvals in place for five of the 22 wells to be drilled.
In addition, Range said the vessel carrying three new rigs has been docked at the port in Trinidad, and arrangements are being made to offload the rigs so they can be used from the first quarter of 2016. The three rigs have the capacity to drill to depths of 2,000 feet, 1,500 feet and 1,000 feet respectively.
Range shares were down 2.2% to 0.420 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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