Live Currency Rates
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Range Resources targeting higher oil production at Morne Diablo  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 19/12/2012

No. of Ratings : 0
Add to Mixx!


(MENAFN - ProactiveInvestors - Australia) Range Resources (ASX: RRS) is increasingly enthusiastic about its prospects in Trinidad with the success of its ongoing development program at Morne Diablo.

This is highlighted by the MD 248 and QUN 135 wells that are approaching target depth and have the potential to increase current oil production rates by a total of up to 600 barrels per day (bpd).

Shallow wells targeting the Lower Forest formation have also exceeded forecast targets with initial production rates averaging about 60bpd of oil.

Deep Drilling

Range is currently drilling the MD 248 and QUN 135 wells towards the Lower and Middle Cruse targets respectively.

Based on historical production rates seen in the Middle Cruse Formation, the Lower Cruse Formation is also expected to yield similar initial production rates of 200bpd to 300bpd of oil.

While the previous MD 19 well encountered welldeveloped Lower Cruse that were structurally low and watersaturated at that location, MD 248 targets the Formation at an updip location where oil is expected to be trapped.

Upon completion of MD248, Rig 8 will drill the first of a series of wells that will test the prolific deep Herrera formation as a primary exploration target, with the Forest and Cruse formations as secondary objectives.

QUN 135 is currently drilling ahead at a depth of 2,300 feet to a total depth of 3,500 feet to test the Middle Cruse formation below the current Lower Forest development area.

Based on historical production rates seen from the Middle Cruse formation, a successful well at this location could have initial production rates of 200bpd to 300bpd.

Lower Forest

Range continues to develop the Lower Forest formation on its Morne Diablo license with shallower capacity rigs and has drilled and completed five new wells during the current quarter, with another three drilling ahead.

Wells from the ongoing development program are exceeding initial expectations in terms of average well performance and initial production rates, offsetting recent operational delays which have caused slippage in the drilling timetable.

The company continues to refurbish and upgrade its drilling rigs to improve their performance and reduce downtime while its Trinidad operations team continues to add drilling and completion personnel required to support the ongoing development programs.

Of the recent wells, two were drilled to test the southern limit of the Forest Formation productive trend and encountered thin Lower Forest sands, allowing Range to define the southern extremity of the Lower Forest trend.

Both wells retain the potential to be side tracked back into the main productive area within the Lower Forest trend.

The QUN 137 well was completed and also encountered the Lower Forest formation with initial production rates of 100bpd of oil while QUN 138 is expected to yield better than average production rates after intersecting a highly resistive feet zone at a depth of between 770 feet and 810 feet within a broader 100 feet of net oil sands.

Range is also preparing to drill the QUN 139 well to a total depth of 1,000 feet to test the Lower Forest.

Beach Marcelle field update

The Environmental Impact Assessment (EIA) on the Beach Marcelle water flood project is nearing completion after which it will be submitted to the Environmental Authorities for review. The Authorities have 2 to 3 months for review and will then grant the approvals if satisfied.

Once approved, Range will make its applications for both development drilling and the water flood project to the Ministry and Petrotrin for their individual approvals. Once all permits and approvals are in place, Range will commence development, currently forecast for mid2013.

Beach Marcelle is designed to recover the remaining secondary recovery oil " estimated at 12.8 million barrels of oil " left behind by previous water flood schemes in the 1960s.

Morne Diablo Waterflood

The expanded Morne Diablo waterflood program is currently in the reservoir simulation phase, with completion expected early in the first quarter of 2013, and application for approval to follow, with development forecast to commence mid2013.


Range is also entering into the final phase of negotiations regarding the sale of its North Chapman Ranch and East Texas Cotton Valley assets in Texas.

It is currently negotiating an agreement for a cash/royalty transaction in line with the previously announced price range of between US20m and US40m.

This is expected to be completed in January 2013.

Looking ahead

Range has successfully drilled 21 wells in its Morne Diablo licence and expects to start an extensive development program targeting the deeper Lower Cruse and Middle Cruse formations should the MD 248 and QUN 135 wells be successful.

Drilling activity is also expected to increase across the board with additional crews being recruited and trained to expedite the addition of Range's remaining two drilling rigs.

All six rigs are expected to be active within the first quarter of 2013.


  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

Apr 23 2014Qatar's Ezdan Holding buys 20 percent stake in Widam Food ,MENAFN
(MENAFN) Qatar-based Ezdan Holding Group said that it acquired a 20.16 percent stake in Widam Food Co. in a bid to promote investments and diversify its portfolio, The Peninsula Qatar ...

Apr 23 2014Kowait: 5938 illegal residents said 'rectified' status ,Arab Times
(MENAFN - Arab Times) Kuwait city april 5 (kuna): up to 5 938 illegal residents have modified their status since formation of the central agency for remedying illegal residents' status in 2011 ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014Kowait- 'All must join hands to save youth from strife' ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (kuna): minister of information and minister of state for youth affairs sheikh salman al-sabah said tuesday the youth ministry has completed a study ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help