http://www.iii.co.uk/articles/16924/exp ... e-trinidad
Oil and gas explorer Range Resources (RRL) has struck better-than-expected oil pay at its first development well on the Morne Diablo Block, Trinidad.
The MD 247 well was drilled to a total depth of 900 feet and despite the shallow depth, open hole logs indicated the presence of around 145 feet of net oil pay in the shallow Forest Formation - an established producing horizon on the block.
The well marked the first of an initial 21-well drilling programme for the AIM-listed company.
"The successful drilling of the MD 247 well indicates that Range's aggressive programme to increase production and cash flow in Trinidad is on track and the first pay zone size has exceeded expectations," said executive director Peter Landau.
Casing is currently being run in the well in preparation for production testing next week.
The company, which also boasts assets in the Republic of Georgia, Texas and Somalia, will add a second and third rig to the remaining 20-well drilling programme in order to "begin exploitation of deeper producing reservoirs".
"The MD 247 well is only the beginning for us in Trinidad, but represents an important milestone for Range as our first internationally operated well, drilled and completed by the company's own operations team using our own equipment," added Landau.
The update comes just days after Range announced that its Puntland joint venture partner and operator, Africa Oil Corp, was in final preparations to commence the two-well drilling campaign in the Dharoor Valley Block in Puntland, with the first well scheduled to spud early in the fourth quarter of this year.
Looks like this puts them on very good footing to put PL operations on full speed. They struck more oil than they thought in Trinidad, which means 19.9 billion expected barrels could just as easily be 199.9 billion barrels - Allah knows.
