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Range Resources remains confident of oil production boost from Trinidad programme

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Range Resources (LON:RRL, ASX:RRS) has been buoyed by early success from its 21 well programme in Trinidad and remains confident of increasing production there to between 1,400 and 1,800  barrels per day.

In an operations update, the firm said that following the completion of wells QUN 115 and MD 247, it had recently spudded step-out well QUN 116 and is currently at 725 feet depth targeting 1,000 ft and the Lower Forest oil sands.

Another step out well - QUN 117 - the fourth in the programme, has been spudded and has a projected total depth of 2,000 ft, said the firm.

The firm said the focus will then increasingly turn to reserves from deeper targets and it will introduce other drilling and completion rigs to accelerate drilling and production increases early next year.

In the North Chapman ranch, onshore Texas, the drill rig has recently moved to the offset well (Smith No.2) from Smith No.1. This well is regarded as a relatively low risk development well, said the firm.

Once completed, the rig is expected to move to the Albrecht No. 1 well site - a step-out well intended to extend the field to the south east and add significant reserves, production, and cash flow.

Range said that if Smith No. 2 and Albrecht No.1 are successful, the partners will jointly consider a multi-well program for 2012 that could see as many as four additional wells drilled in the field.

At the firm's East Texas Cotton Valley prospect, the operator has resumed testing of the Ross 3H horizontal wells and swabbing operations have begun to confirm oil saturation before fraccing operations to the reservoir begin, said the company.

Meanwhile, in Georgia, at the Mukhiani well, in Georgia, drilling has resumed after a pause to gather data, the firm reported.

Close analysis of the well was carried out after an intermediate depth of 1544 metres was reached. A full suite of wireline logs has been recorded and "valuable information" has been obtained from sidewall cores.

It added that a Vertical Seismic Profile (VSP) survey will be run in around 10 to 14 days and the new information will be used to decide the next steps for the well.

The firm undertook the analysis to see if the well had reached the Paleozoic granite basement or is drilling through an area which is masking the targeted primary reservoir objective at a depth of about 2300 metres as interpreted from a previous survey.

Quick facts: Range Resources

Price: 0.0325 GBX

AIM:RRL
Market: AIM
Market Cap: £3.83 m
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