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INVESTMENT OVERVIEW

Range Resources updates on Trinidad operations

Infrastructure upgrades at Range’s Beach Marcelle oil field are underway, while two new wells at the project are due to be drilled later this year
range resources well in trinidad
INVESTMENT OVERVIEW: RRL The Big Picture
The new wells will be drilled in Q4, when most of the upgrade work should be completed

The infrastructure upgrade programme at Range Resources Limited’s (LON:RRL) Beach Marcelle oil field onshore Trinidad is underway.

As part of the modernisation activities, Range plans to add a new tanker truck unit, install a new transfer station and 500-barrel settling tank, as well as upgrade an existing 500-barrel sale tank.

READ: Range's drilling unit lands contract with Touchstone

The upgrades are expected to be completed by the end of the year and are expected to provide a greater resilience in the production infrastructure and accommodate production growth at the field.

Stocking with Beach Marcelle, Range has confirmed the details of the two wells it has prioritised for drilling.

Both wells are located on the north-east area of the field, which has an estimated 3.5mln barrels (mmbbls) of oil in place, only 6% of which has been recovered so far.

Range reckons at least a further 10% – around 0.3 mmbbls – could be produced from the area through primary recovery, which is when the reservoir pressure inside the well is at its highest.

The first well will be drilled from the existing GY684 location, where Range drilled a well last December, which has produced more than 12,000 barrels of oil so far.

New wells to be drilled in Q4

As for the second well, that will be drilled from a single new drilling pad. The drilling pad is suitable for drilling two additional follow-on wells, which are planned for drilling next year, subject to successful results from the first two wells.

The wells are planned for drilling during Q4 2018, once the majority of the sales infrastructure upgrade at the Beach Marcelle field has been completed.

Range shares rose 1% to 0.094p in early deals on Thursday.

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