3 Nov 2014 07:00
Range signs St Mary's Block licence in Trinidad
Range is pleased to confirm that following the announcement of award on 3 February 2014, the Company has signed the Exploration & Production Licence for the St Mary's Block in Trinidad with the Government of the Republic of Trinidad and Tobago. A signing ceremony was held in Port of Spain on 31 October attended by Senator the Honourable Kevin Ramnarine, Minister of Energy and Energy Affairs.
The Exploration & Production licence is awarded for 25 years should a commercial discovery be made. During the six year period, Range has committed to drilling four exploration wells, shooting of 160 km 2D seismic and 60km2 of 3D seismic, along with various other technical studies. As part of the award, the state oil company Petrotrin is given a 20% carried interest through the exploration work programme commitment.
Range is in final negotiations with regards to the Joint Operating Agreement with Petrotrin and a subsequent announcement will be made when this has been finalised.
St Mary's Block Overview
The 44,731 acre St. Mary's Block was awarded to Range on 3 February 2014 via competitive tender in the Trinidad Onshore Bid Round 2013.
The Block is on trend with highly prospective acreage with multiple plays, and several significant recent onshore discoveries, including the 150 million barrel Penal / Barrackpore field, the 20 million barrel / 0.5 TCF gas condensate Carapal Ridge field and other fields ranging in size between 10 and 25 million barrels of oil. The main reservoir targets identified in St Mary's Block are Pliocene Deltaic sands, Miocene Herrera sands, Cretaceous sands and the source rock itself.
The western part of the Block is adjacent to Range's extensive production infrastructure which could be utilised in the development of any discoveries on this new block.
Range's evaluation of existing seismic and well data has enabled the Company to high-grade a number of areas and the exploration potential of St Mary's will be assessed further through the acquisition and interpretation of new 2D and 3D seismic.
Contacts
Range Resources LimitedRory Scott Russell (CEO)
Evgenia Bezruchko (IR)
Cantor Fitzgerald Europe(Nominated Advisor and Broker)
David Porter / Sarah Wharry(Corporate finance)
Richard Redmayne (Corporate broking)
t. +44 (0)20 7894 7000
Buchanan (Financial PR - UK)
Ben Romney / Helen Chan
t. +44 (0)20 7466 5000
e. rangeresources@buchanan.uk.com
MAGNUS (Financial PR - Australia)
Rupert Dearden / Richard Glass
t. + 61 8 6160 4900
e. rdearden@magnus.net.au
Australian Office
945 Wellington Street
West Perth, WA 6005
Australia
t. +61 8 9322 7600
f. +61 8 9322 7602
UK Office
Suite 1A, Prince's House38 Jermyn StreetLondon, SW1Y 6DNUnited Kingdom
t. +44 (0)20 7025 7040
f. +44 (0)20 7287 8028
e. admin@rangeresources.co.uk
www.rangeresources.co.uk