LONDON (Alliance News) - Range Resources Ltd Monday said that the first development well in the planned 22-well programme in Trinidad spudded last week and is drilling ahead.
The MD 42N well is an infill well located at Range's Morne Diablo field. It will be drilled to a total depth of 3,120 feet which is expected to take around 20 days, and Range estimates that it will recover 72,000 barrels of oil.
The company added that the new 4,000 metre rig which arrived last week is currently being offloaded from the vessel. It will then be transported to Morne Diablo field, ahead of spudding of the MD 51-2 development well. The other three new rigs are expected to arrive by the end of the month, Range said.
Shares in Range were trading up 7.4% at 0.628 pence Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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