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Range Resources celebrates “one of the best” new wells

"We are very pleased with the production results from the latest well which is one of the best producing wells drilled by Range in recent years in Trinidad,” said Yan Liu, Range chief executive
oil and gas operations
Production currently tallies 703 bopd

Range Resources Ltd (LON:RRL) told investors that its latest well, at the Beach Marcelle field, is “one of the best” the company has drilled in recent years.

The well, which has now been put on production, has been flowing at a stabilised rate of 120 barrels of oil per day, the company revealed.

READ: Range Resources makes early payment for drilling services acquisition

Additionally, Range highlighted that it is seeing a positive trend in production growth via its water flooding operations, with some 240 bopd (40% of group output) now coming as a result of the programme.

Production averaged 629 bopd for the quarter (as at December 29), and the current daily production rate was reported at 703 bopd.

"We are very pleased with the production results from the latest well which is one of the best producing wells drilled by Range in recent years in Trinidad,” said Yan Liu, Range chief executive.

READ: Range Resources spuds new development well in Trinidad

“We are also continuing our focus on production growth from the ongoing waterflood programme and seeing a steady increase in oil production from this programme.

“With approximately half of our total production currently attributed to Beach Marcelle, we are excited by both the waterflood and development opportunities of the field and are planning to exploit its full potential as part of the upcoming work programme."

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