Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Range Resources makes new discovery, continues to grow Trinidad oil production  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 12/02/2013

No. of Ratings : 0
Add to Mixx!


With the addition of a new oil producing well and the discovery of a new oil reservoir, Range Resources continues to unlock the development potential of its Trinidad blocks that remain largely untapped.
(MENAFN - ProactiveInvestors - Australia) Range Resources (ASX: RRS) continues to unlock the value of its Trinidad assets with the discovery of a new oil reservoir and the addition of another oil producing well.

"We are extremely pleased with the results of the ongoing drilling program in Trinidad, and particularly with the discovery of new oil reservoir." executive director Peter Landau said.

"The QUN 135 well confirms once again that the development potential on Range's Trinidad blocks remains largely untapped.

"Once production testing of this new zone is complete, we will make a determination as to how best to develop the reservoir as part of our expanding portfolio of exploratory, development, and secondary recovery opportunities in Trinidad."

QUN 135 had intersected 50 feet of previously unseen oil pay in the Middle Cruse Formation with porosities in the 2123% range.

Notably, offset well control indicates that the identified reservoir section has significant areal extent.

Production casing has been run and Range will now starting testing operations.

Range had previously encountered more than 80 feet of net oil pay in the Lower Forest, Upper Cruse and Middle Cruse formations after drilling QUN 135 to a depth of 3,500 feet before deciding to deepen the well when logging indicated the presence of additional resistive oil sands.

Lower Forest Development Update

Range has also enjoyed further successes with shallow wells targeting the Lower Forest Formation with the QUN 138 well successfully perforated and placed into production at initial rates of about 85 barrels per day (bpd) of oil over the first five days on a 6/23 inch choke.

Well performance will be monitored and the company may look to increase the choke size to increase output depending on the performance of the well.

The company has also intersected 70 feet of high resistive oil sands in addition to 190 feet of lower resistive oil sands in the Lower Forest at the QUN 139 well.

Casing has been set and cemented and approvals received to perforate the well and be placed into production later this week.

Importantly for Range, QUN 139 is contiguous to the QUN 119 and QUN 129 wells that had produced at initial rates of 129bpd and 138bpd under natural pressure respectively with current production of 45bpd and 65bpd of oil.

Approvals have been received to start drilling of the QUN 140 and QUN 141 wells, which will continue the development of the Lower Forest trend, being contiguous and updip to the recently completed and successful QUN 138 well.

Range is also looking to start remedial work on four wells that have experienced comingling of oil and water sands. This is expected to improve the performance of the wells and add further to production.

The company will use a small workover rig to carry out the work, which will also include additional perforations at two of the four wells.

As part of this, Range has perforated the Lower Cruse formation of the QUN 133 well, which experienced oil and water sands comingling in the Upper Cruse and will now assess performance under pump.

Looking ahead

Range had advised earlier this month that it is working to regain the drilling and completion momentum established during the third quarter of 2012 by having all six of its rigs up and running as soon as possible.

As such, it expects to bring 10 to 12 new wells into production at its Trinidad operations during this quarter, well above the five wells completed in the fourth quarter.

Further updates are also due shortly on the progress of the MD 248 well, finalisation of the sale of its Texas interests, the finalisation of the GIG joint venture in Georgia as well as well performance in Guatemala.


Taking Range's ongoing successes in adding new producing wells and the prospect of considerable increase in the number of wells being completed during the current quarter, the company appears set to mark a sizeable production increase in the short term.

This is further reinforced by the discovery of a new oil reservoir as well as workovers of existing wells.

With these catalysts in play, Range Resources appears to be an affordable buy at the current price of A0.056.


  MENA News Headlines
Apr 23 2014Saudi- Exhibit to showcase 1000 paintings ,Arab News
(MENAFN - Arab News) Arabian wings (aw) will kick off fiesta 1000 a display of 1000 paintings in jeddah on thursday at the al-furusya yacht club. 'the project has received support from different ...

Apr 23 2014Saudi- Sweet success: Mars factory in KAEC impresses governor ,Arab News
(MENAFN - Arab News) Makkah gov. prince mishaal bin abdullah recently paid an official visit to king abdullah economic city (kaec) where the mars chocolate factory one of the largest confectionery ...

Apr 23 2014Saudi- Insurance sector index surges 2.27% ,Arab News
(MENAFN - Arab News) The benchmark tadawul all-share index (tasi) closed tuesday's trading session down by 11.18 points or 0.12 percent to 9606.58 after being low as much as 55 points during the ...

Apr 23 2014Saudi- First group of doctors engineers graduate from IMSIU ,Arab News
(MENAFN - Arab News) The riyadh-based imam muhammad ibn saud islamic university (imsiu) celebrated the graduation of 17000 students this year on monday on its campus in the presence of riyadh gov. ...

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- '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 ...

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 2014Kowait- MoH boosts efforts to curb obesity rate ,Arab Times
(MENAFN - Arab Times)  kuwait city feb 3 (kuna): director of the health well-being division of the ministry of health dr abeer al- baho affirmed sunday that the ministry scaled up the efforts ...

Apr 23 2014UAE- Local 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- 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 2014UAE- ADCB NIC in Dh950 million deal ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank or adcb this week inked a dh950 million term facility to provide national investment corporation or nic the developer of the breakwater area in ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014Kuwait- Al-Mazaya Holding unveils Queue Point project's second stage ,Arab News
(MENAFN - Arab News) Al-mazaya holding company one of the first kuwaiti companies that entered the dubai market launched the second stage of the queue point project in liwan.addressing a press ...

Apr 23 2014UAE- Billion-dollar realty projects on show ,Arab News
(MENAFN - Arab News) Cityscape abu dhabi a three-day realty event that began with 120 regional and international exhibitors witnessed major announcements on tuesday.salama bint hamdan al-nahyan ...

Apr 23 2014Saudi- Ministry launches complaint center for domestic workers ,Arab News
(MENAFN - Arab News) The labor ministry has launched a first-of-its-kind multilingual communication center to address complaints and grievances voiced by the kingdom's 1.2 million domestic ...

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 al-issa.al-issa called on applicants ...

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 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

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 ...





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