Range Resources Limited provide an update with respect to its Trinidad operations. Range has commenced executing its updated field development plan to increase current oil production and cash flow with six wells now scheduled for drilling and completion.
In Morne Diablo field, the Company has recently completed mast upgrades for Rig 8 and will now recommence drilling of the MD248 well to its target depth. Back on location, Rig 8 will deepen the well to test Lower Cruse targets after encountering strong oil shows in the shallower section, including oil to surface. The Cruse formation is the deeper producing interval within the Morne Diablo field with the majority of production coming from Middle Cruse sands (31 wells drilled to date with total production of 3.9 MMbo).
Once the MD248 well is completed, the Company will look to either drill adjacent offsetting locations (given the successful oil shows from the MD248 well to date) to establish formation continuity and production from Lower Cruse development wells, or move to a new location to target the Herrera formation. Initial site preparation for the Herrera location has already been completed.