Range Resources Begin Updated Field Development Plan In Trinidad

LONDON (Alliance News) - Range Resources Ltd Tuesday said it has begun an updated field development plan in Trinidad to increase oil production and cash flow.

The Texas-based oil and gas company said six wells are now scheduled for drilling and completion across its sites, including the recommencement of drilling at the MD248 site in the Morne Diablo Field to its target depth.

Range Resources said the development programme utilizes its six existing drilling rigs until the end of 2015 with a planned drilling programme of 88 development wells, including a total of 65 wells to be drilled in the Lower Forest sands over a 24 month period.

The company also said it is finalising negotiations with respect to the financing of two new drilling rigs and waterflood plans at the company's operations are moving ahead to schedule.

Range Resources shares were down 7.1% to 1.39 pence Tuesday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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