Range Resources jumps on Trinidad project update

(ShareCast News) - Oil explorer Range Resources shares jumped on news that the first of four new drilling rigs has arrived in Trinidad. The rig, the largest to be added to the Range Resources Drilling Services drilling fleet in 2015, has a 4,000m drilling capacity and is expected to be available for drilling from next month, providing the group secures customs clearance, as well as government and regulatory approvalsMeanwhile, other three new rigs, which have drilling capabilities of 2,000m, 1,500m, and 1,000m, are on the way to Trinidad, Range said in a statement on Wednesday, adding they're expected to become operational in November."Following shareholders' queries, the company wishes to clarify that the Guayaguayare deep commitment well which was not included in the work programme schedule released on August 24 is expected to be drilled next year," it said in a statement."The details including proposed spud date for this well are still being finalised and will be released in due course."Range shares were up 5.26% to 0.600p at 1104 BST on Wednesday.