Range is pleased to provide an update on its Trinidad operations with the following highlights:
- Operations continue without any significant Health, Safety, Security and the Environment (HSSE) incidents.
- Production has increased by 18% from the previously reported 533 barrels of oil per day (“bopd”) (see announcement on 22 April 2014) to 630 bopd.
- The increase in production is primarily due to excellent results at the South Quarry QU 452 development well. The well is producing at a stabilised rate of 70 bopd of very light 470 API oil on a 5/32” choke.
- The well was drilled to a depth of 1,945 ft., and a 17 ft. section perforated between 1,702-1,730 ft.
- QU 452 is the first development well to be drilled in the South Quarry licence since 2007. This successful outstep development well confirms the extension of the shallow producing trend and is expected to result in additional development drilling targets and an increase to the Company’s proved reserves (additional to the increase in proved reserves).
- Four of the fleet of six drilling rigs are fully operational.
- The Company is finalising the location of the first planned well on the Guayaguayare block with JV Partner Niko Resources, and will update the market on further progress via separate announcements.
For further information please download PDF attached: