LONDON (Alliance News) - Range Resources Ltd, a Trinidad-focused exploration and production company, on Tuesday reiterated its production target of 1,000 barrels of oil per day by the end of the first quarter of 2016. The company expects to then double that level of production by the end of that year.
"The original oil-in-place in the expansion area of the Morne Diablo waterflood project is estimated at 6.5 mmbbls, of which 1.35 mmbbls (21%) has been produced by primary depletion," Range said.
Waterflood injection on the Morne Diablo project is expected to begin in December subject to approvals, the company said, with first production expected during the second half of 2016 with anticipated peak production of 640 bopd in year two.
Meanwhile, the South East block on the Beach Marcelle project is forecast to achieve peak daily production of up to 2,500 bopd and cumulative production over an 8-year period of 5.5 mmbbls.
The currently planned waterflood projects are expected to add over 3,000 bopd of production in total.
Shares in Range were down 4.2% at 0.415 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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