TIDMRRL
RNS Number : 6687A
Range Resources Limited
02 January 2018
2 January 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
TRINIDAD OPERATIONAL UPDATE
Range is pleased to provide an update with respect to its
Trinidad operations with the following highlights:
-- The recently drilled well located at the Beach Marcelle field
has been successfully put into production and is flowing at a
stabilised rate of 120 barrels of oil per day ("bopd") on a
restricted choke of 5/32";
-- Production growth from the waterflood programme is showing a
positive trend with 40% of current production (240 bopd) attributed
to this programme; and
-- As at 29 December 2017 the average production for the quarter
to date is 629 barrels of oil per day ("bopd"). The current daily
production (as at 29 December 2017) is 703 bopd.
Range's CEO, Yan Liu commented:
"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.
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."
Development drilling
Range is pleased to advise that the GY 684 development well
located at the Beach Marcelle field which was drilled to a total
depth of 4,300 feet in December 2017 has been successfully brought
into production and is flowing at a stabilised rate of 120 bopd on
a restricted choke of 5/32".
The Company is very encouraged by the results from the two wells
drilled at the Beach Marcelle field in the last 12 months. The
Lower Gros Morne Sands in these wells appear to be better developed
than anticipated. The Company continues to study the field to
further exploit and develop the Lower Gros Morne reservoir and is
evaluating further drilling locations as part of its upcoming work
programme.
Waterflood update
Range's focus in Trinidad continues to be on the production
growth from its waterflood programme, with over 70% of total
reserves attributed to these projects - approximately 11 mmbbls of
2P reserves.
Production from the waterflood programme has been increasing
over the last months, with 40% of current production now attributed
to waterflood. The growth in waterflood production has offset the
decline in primary production at the Morne Diablo field. Two of the
Company's waterflood projects are currently in production: the
South East area of Beach Marcelle field, and the Morne Diablo
field.
Since commencement of water injection at the South East area of
the Beach Marcelle field 18 months ago, production from the field
from waterflooding has increased by approximately 200 bopd. The
Company is currently injecting water from the existing water source
wells. The total water injection into the area to date exceeds over
400,000 barrels of water.
To increase the water injection rate further, the Company has
completed the construction of a pipeline to connect to additional
water supply from Petrotrin's gathering station at the Beach
Marcelle field. Petrotrin's water has the potential to increase the
injection rate by additional 700 bwpd. Transfer of Petrotrin's
water has been temporarily suspended, pending installation of a new
pump.
Production from Range's second waterflood programme at the Morne
Diablo field continues at an average rate of 40 bopd. The Company
has completed injectivity tests on other parts of the block and
continues to analyse the results.
Waterflood programme expansion
The Company has been undertaking initial preparatory work
(including injectivity testing) on other
parts of its acreage, and is planning to expand its waterflood
programme to other areas of the
Beach Marcelle, South Quarry and Morne Diablo fields, with
initial work expected to commence
towards the end of 2018 and into 2019.
The Company is finalising its work programme plan for 2018 which
will be published later this month.
Contact details
Cantor Fitzgerald Europe
Range Resources Limited (Nominated Advisor and
Evgenia Bezruchko (Group Corporate Broker)
Development Manager) David Porter (Corporate
e. admin@rangeresources.co.uk Finance)
t. +44 (0)20 3865 8430 t. +44 (0)20 7894 7000
Competent Person statement
In accordance with AIM Rules, Guidance for Mining and Oil &
Gas Companies, the information contained in this announcement has
been reviewed and approved by Mr Lijun Xiu. Mr Xiu is a suitably
qualified person with over 30 years' experience in assessing
hydrocarbon reserves, and holds a Bachelor degree in Geological
Prospecting. In addition, he holds a number of professional titles,
including Reserves Evaluation Specialist from the Ministry of Land
and Resources of the People's Republic of China. Mr Xiu is a member
of the SPE (Society of Petroleum Engineers). Mr Xiu holds a role of
a Vice President of Operations and Production with the Company.
The reserves stated in this announcement are prepared in
accordance with the definitions and guidelines of the SPE Petroleum
Resources Management System (SPE-PRMS). The reserve figures for
Trinidad are reported net, including the volumes in respect of the
notional over-riding royalty, which is paid in the form of a tax to
Petrotrin. The reference point is defined as the point of sale
volumes.
The reserve and resource estimates were calculated using both
the deterministic and probabilistic methods.
Note relating to statutory disclosure of significant
shareholdings
Statutory disclosure of significant shareholdings (as defined in
the AIM Rules) is different for Australian companies and may not
always ensure compliance with the requirements of Rule 17 of the
Aim Rules. All shareholders who are holding (directly or
indirectly), 3% or more of the issued and outstanding Ordinary
Shares are requested to notify the Company without delay of any
changes to their holding which increase or decrease such holding
through any single percentage. Likewise, shareholders who acquire
3% or more of the issued and outstanding Ordinary Shares are
requested to notify the Company without delay.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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