First Well Success in Trinidad Date : 08/08/2011 @ 07:00 Source : UK Regulatory (RNS & others) Stock : Range Resources (RRL) Quote : 11.625 0.0 (0.00%) @ 05:00 Quote Chart Trades Level2
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TIDMRRL
8 August 2011
The Manager Company Announcements Australian Securities Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000
By e-lodgement
First Well Success in Trinidad
International oil and gas exploration, development and production company, Range Resources Limited ("Range" or "the Company") is pleased to announce that in the two months since completing its Trinidad acquisition, the Company has successfully drilled its first development well on the Morne Diablo Block.
As part of the initial 21 well drilling program, the MD 247 well was drilled to a total depth of approximately 900 ft using the Company's own drilling rig and personnel. Despite the shallow depth, open hole logs indicate the presence of roughly 145 ft. of net oil pay in the shallow Forest Formation, an established producing horizon on the block. Casing is currently being run in the well in preparation for production testing next week.
Added Peter Landau, Range's Executive Director, "The successful drilling of the MD 247 well indicates that Range's aggressive program to increase production and cash flow in Trinidad is on track and the first pay zone size has exceeded expectations. As previously announced, we will be adding a second and third rig to the remaining 20 well 2011 drilling program in order to begin exploitation of deeper producing reservoirs. The MD 247 well is only the beginning for us in Trinidad, but represents an important milestone for Range as our first internationally operated well, drilled and completed by the Company's own operations team using our own equipment."
The Company looks forward to keeping our shareholders updated as our drilling program continues in Trinidad, Georgia, Texas, and Puntland, in what will be an exciting period for Range with wells being drilled on all four the Company's assets in the coming months.
Appointment of Joint Broker - Panmure Gordon & Co
Range would also like to announce that is has appointed Panmure Gordon & Co (" Panmure Gordon") as its joint broker with immediate effect.
Range's Peter Landau commented: "Given the recent growth in Range's asset base and our active pipeline for the second half of this year and beyond, we believe the time is right to strengthen our adviser team. We look forward to working with Panmure Gordon as we take the Company forward."
About Panmure Gordon & Co
Panmure Gordon & Co has established a reputation for excellence and integrity since it was founded in 1876. Panmure Gordon is a corporate and institutional stockbroking and investment banking Group with offices across the UK, US and Europe, providing clients with access to the combined financial expertise of 230 dedicated professionals across nine cities.
Panmure Gordon has a respected and growing natural resources franchise advising clients with operations in Europe, the North Sea, Falklands, Brazil, China, North America, Canada, Africa and the Caribbean.
For more information go to www.panmure.com.
Yours faithfully
Peter Landau Executive Director
Ends
Contacts
Range Resources Limited Peter Landau Tel : +61 (8) 8 9488 5220 Em: [email protected]
Australia London PPR Tavistock Communications David Tasker Ed Portman/Paul Youens Tel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7920 3150 Em: [email protected] Em: [email protected]
RRS Price at posting:
17.0¢ Sentiment: ST Buy Disclosure: Held