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Range Resources to test multiple hydrocarbon zones in MD 250 well

Published: 08:06 13 Apr 2016 BST

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The AIM quoted oil junior described it as ‘highly encouraging’.

Range Resources Ltd (LON:RRL) shares jumped nearly 30% in early deals after it told investors that multiple hydrocarbon zones have been identified the in newly drilled MD 250 well, onshore Trinidad.

The AIM quoted oil junior described it as ‘highly encouraging’.

Drilling of MD 250 was completed at the end of April, and Range today revealed that initial evaluation of well logs indicate multiple zone which will now be tested.

Four lower zones, with an estimated 40 feet of net pay, will be perforated and tested first and other promising intervals in middle and upper zones with a total of 100 feet net pay will be tested thereafter, the company said.

“Once production testing on the MD 250 well has been completed, the Company will evaluate the possibility of drilling any follow on wells from the drilling pad dependent on the results from this well,” Range added.

If the company decides to drill further wells from the current location it will take longer for MD 250 to be brought online for production.

MD 250 is the first well to be drilled using a new drill rig at the field.  Three further new rigs are currently awaiting certification, and approval is expected during the current quarter.

On AIM, Range Resources shares opened Wednesday’s trading 28.57% higher at 0.45p.

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