Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
Cours Or & Argent en

Range Resources Ltd

Publié le 02 novembre 2015

Trinidad Operations Update

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
Mots clés associés :   Canari | Europe | K Street |

Trinidad Operations Update


Range Resources Limited

('Range' or 'the Company') 2 November 2015

Trinidad Operations Update

Range provides the following update with respect to its operations in Trinidad.

The average production in Trinidad during the last 30 days was 560 barrels of oil per day ('bopd'). The Company has maintained existing oil production by conducting multiple workovers on current wells. The previously announced production target of 1,000 bopd by the end of 2015 is now expected to be achieved by the end of Q1 2016. Based on the expected production from the wells, this production target will be achieved by:

  • Drilling and completion of 13 new wells - expected production to be added of approximately 600 bopd, combined with,

  • Stable production from existing wells of approximately 500 bopd.

    Expected production at the end of 2015 is anticipated to be relatively unchanged from the current production levels. There will be no new production added from the wells drilled during Q4 2015, as despite being drilled this year, these wells will not be put on production until Q1 2016.

    The revised production target is a result of fewer wells being drilled than had been forecast. This was due to:

  • Rental rig - The contract for the rental rig has not yet been finalised by Range Resources Drilling Services Limited ('RRDSL'), now owned by LandOcean. This has taken longer than anticipated due to the lack of available medium-size rigs in Trinidad at a reasonable cost. RRDSL has now been able to negotiate a reduced rig rate, and is working to finalise the agreements. Range had forecast this rig to drill four wells before the end of the year.

  • New 4,000 m rig - The rig arrived in Trinidad on 31 August 2015 and subsequently mobilised to the drilling location at the Morne Diablo field, with a construction of a three-cellar drilling pad successfully completed. The Ministry of Energy and Energy Industries ('MEEI') has requested that RRDSL provides additional information as part of the approval process, which is being provided this week. RRDSL is also in the process of hiring the relevant drilling crew to operate the rig (currently 70% completed). The search and selection process commenced prior to rig arriving in Trinidad, but hiring of the senior drilling staff has taken longer than anticipated because of limited availability of such employees locally. Range had forecast this rig to drill two wells before the end of the year, but now anticipates just one well to be spudded.

  • New 1,000m, 1,500m and 2,000m rigs - The unforeseeable late arrival of the new rigs was caused by lengthy delays in the vessel berthing due to large number of other vessels at the port in Trinidad. The vessel is currently in the queue for berthing. Range had forecast these rigs to drill two wells before the end of the year.

  • Rig 8 - As previously announced, initial delays were encountered following the scheduled testing of the rig prior to drilling the Canari North well, which indicated that both the mast and the crown required repair work, as a result of previous repairs during 2014 not being adequately

Range Resources Limited AIM: RRL

Australian Office

Ground Floor, BGC Centre

UK Office e. [email protected]

10 Adam Street


28 The Esplanade

The Strand


Perth WA 6000

London, WC2N 6AA


t. +618 6205 3012

United Kingdom

t. +44 (0)20 7520 9486

completed. Following completion of the repairs and testing, the MEEI has requested RRDSL to provide additional data on the modifications to the mast, as part of the approval process. RRDSL has been experiencing delays in receiving this data from the contractor who undertook the rig repairs and will be meeting with them on Monday, 2 November to review these outstanding issues. Once the required data is received, final regulatory inspections of the rig will take place. Range had forecast this rig to drill two wells before the end of the year.

  • Rig 2 - During drilling of the MD42N well, the well bore instability was encountered, and it was considered prudent not to continue drilling any further in order not to lose the well. Therefore, the well was only drilled to its secondary target. At the time, there was no other suitable rig available for drilling, and if RRDSL did not start drilling the well at the time, it would have resulted in further delay to the drilling schedule. As previously announced, RRDSL was evaluating the possibility of swapping rig 2 for rig 6 to finish drilling the well, however, following completion of maintenance upgrades and as a result of further assessments on rig 6, RRDSL decided to use the rig for workover operations, and not for drilling.

Range had forecast rig 2 to drill three wells before the end of the year. One well has been drilled so far (the MD42N well) and one further well is expected to be drilled before the end of the quarter (the GY180SE well). Delays were encountered due to additional road approvals needed (which are now in place) prior to spudding the GY180SE well.

Range is disappointed that the production target exit rate for 2015 will not be achieved. The production target was based on a drilling schedule, which was ambitious but believed to be achievable at the time. However, as detailed above, there has been a combination of adverse factors, including principally the delayed commissioning of the new rigs into the fleet and subsequent delays in approvals by MEEI, which have resulted in this target being extended by one quarter.

Range has put in place mechanisms to more closely monitor performance by RRDSL, including extensive operational reporting requirements with strict timelines for submission. The management believes that once the new rigs are operational, it will be able to fully achieve on set drilling plans. The Company will assist RRDSL and LandOcean as much as possible to improve forward planning, approval processes and to mitigate any delays going forward.

Drilling programme

Range advises that the MD42N development well, located at the Company's Morne Diablo field, which was drilled in September has been successfully put on pumping production at a stabilised rate of 30 bopd.

As previously announced, the well was drilled to a revised total depth of 2,610 ft. (instead of 3,210 ft. as initially planned) to test the prolific Upper Cruse channel sand complex at a depth of 1,650 ft. (secondary target). Despite not reaching the primary target with this well, the Company is encouraged by the production rates achieved from the secondary target and will continue to produce from this target.

The drilling schedule has been revised (as summarised in the table below). The Company will provide further announcements once each new well is spudded, as well as information on any further wells to be drilled during Q4 2015 / Q1 2016.

Proposed well

Well location

Target depth (ft.)

Target horizon


Rig used and rig status (as advised by RRDSL)

GY 180SE


Beach Marcelle


Middle Gros Morne

Construction of the well location completed

Rig 2 - moved safely to location. Once rig up is completed, rig tests and regulatory inspections will be carried out before spudding

Canari North (exploration)*

Guayaguayare (Shallow)


Lower Gros Morne, Middle Gros Morne and

Upper Gros Morne

Construction of the location completed

Rig 8 - rig tests have been completed. RRDSL is waiting to receive the data package from the contractor who undertook the rig repairs.

Once this has been received, final regulatory inspections will take place

MD 51-1


Morne Diablo


Middle Cruse and Upper Cruse

Construction of the location is completed

4,000 m Rig - on location. Construction of a three-cellar drilling pad successfully completed. Hiring of local crew and preparations for the regulatory inspections continue

*The Canari North well approval has expired on 7 September 2015, and Range has submitted an application for extension, ahead of spudding. Once the extension is granted, it will be valid for 3 months.

**Three directional development wells (MD 51-1, MD 51-2 and MD 51-3) will be drilled from the drilling pad, using the 4000 m rig.

The Company advises that the vessel carrying the three new additional drilling rigs (with drilling capabilities of 2,000 m, 1,500 m, and 1,000 m) has arrived at the port in Trinidad and is currently in queue to berth. The Company will provide further details on the progress of commissioning of new rigs into operations in due course.

In addition, the Company has been advised by RRDSL that the rental rig contract has not been finalised to date. Until the contract is in place, the Company will not be including it in its drilling schedule.

Waterflood programme

As previously announced, the Company submitted applications for necessary government and regulatory approvals for the Beach Marcelle waterflooding and is expecting to receive these approvals shortly. Facility designs are currently underway.

As previously announced, the Company also submitted applications for necessary government and regulatory approvals for the revised Morne Diablo waterflooding, expected to be received during Q4 2015.

The Company will be providing further details on the waterflood programmes and the benefits of LandOcean's detailed work and studies completed on the projects as part of Purchase Order 1 in due course.

Exploration programme

St Mary's block

As previously announced, the work programme on the St Mary's block has commenced with the audit of existing field infrastructure, facilities and wells currently underway.

Range has prepared the relevant documentation for environmental permitting of production operations for existing wells and facilities, Electro Magnetic Surveying (Stratagem) and drilling of both development and exploration wells, expected to be submitted for approvals during Q4 2015. Range is planning to commence the tendering process for drilling rigs, equipment, and other oilfield services during Q4 2015.

As required under the Joint Operating Agreement, Range has also prepared a work programme and budget for 2016 for both exploration and development components, which was reviewed by the Joint Venture Partner, Petrotrin.

Under the work programme, Range has committed to drilling four exploration wells, shooting 160km of 2D seismic and 60km2 of 3D seismic, along with various other technical studies before the end of 2018.

Guayaguayare block

As announced on 21 May 2015, Range signed an amendment agreement to acquire the full remaining interest of Niko Resources Ltd in the block. Range has received consent from the MEEI for the transfer and is currently finalising the necessary documents. Following completion of the agreement, Range will hold an 80% interest in the Deep Production Sharing Contract ('PSC') and a 65% interest in the Shallow PSC. Range currently holds a 40% interest in the Deep PSC and a 32.5% interest in the Shallow PSC and is the Operator of the block. Application for the extension of the PSCs has also been submitted and Range hopes to receive this shortly.

Contact Details

Range Resources Limited

Evgenia Bezruchko (Investor Relations)

e. [email protected]

t. +44 (0)20 7520 9486

Cantor Fitzgerald Europe (Nominated Advisor and Broker)

David Porter / Sarah Wharry (Corporate Finance) Richard Redmayne (Corporate Broking)

t. +44 (0)20 7894 700

Lire la suite de l'article sur www.noodls.com

Range Resources Ltd

ISIN : AU000000RRS3
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
de Marché
Projets & res.
de Presse
Profile actifs
Contactez la cie

Range Res. est une société d’exploration minière d'or basée en Australie.

Range Res. détient divers projets d'exploration en Australie.

Ses principaux projets en exploration sont CORACHAPI au Perou et DONNYBROOK en Australie.

Range Res. est cotée en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 7,6 millions AU$ (5,2 millions US$, 4,7 millions €).

La valeur de son action a atteint son plus haut niveau récent le 11 mars 2011 à 0,38 AU$, et son plus bas niveau récent le 22 novembre 2019 à 0,00 AU$.

Range Res. possède 7 595 830 272 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
Projets de Range Resources Ltd
24/10/2011Silver Range Resources Continues to Expand and Delineate Keg...
Communiqués de Presse de Range Resources Ltd
01/08/2016Expiry of options
27/07/2016Quarterly Activities Report, Appendix 5B
26/07/2016Updated Securities Trading Policy
26/07/2016Expiry of options
18/07/2016New well spuds in Trinidad
14/07/2016Line Corp’s IPO, MGM’s Push Into Mobile Gaming Among the Big...
27/01/2016Billionaire Halvorsen Reveals Another New Energy Play, Mande...
27/01/2016Management Changes
27/01/2016Quarterly Activities Report, Appendix 5B
19/01/2016Colombia Update
18/01/20165 Stocks Reach 5-Year Lows
31/12/2015Range Resources (RRC) Closes Divestment of Nora Assets
23/12/201510 favorite stocks on Wall Street for 2016
22/12/2015Successful Completion of Unmarketable Share Sale Facility
22/12/2015Investor Q&A
14/12/2015What is Happening to These 4 Falling Stocks?
10/12/2015Insider Selling Nears Record Levels And These Are 3 of the L...
02/12/2015Trinidad Operations Update
01/12/2015Is Range Resources Corp. (RRC) a Good Buy?
01/12/2015Expiry of Options
27/11/2015Results of Meeting
08/11/20155 Big Oil and Gas Stocks Analysts Want You to Buy Now
06/11/2015Range Resources Soared with an Earnings Beat for 3Q15
06/11/2015Investors riding Range Resources
03/11/2015Range Resources to sell Nora assets to reduce debt
02/11/2015Credit Suisse Says There Will Be a Winter: 4 Natural Gas Sto...
02/11/2015What Triggered the Heavy Insider Selling Activity at These 3...
02/11/2015Trinidad Operations Update
02/11/2015Notice of Change of Interests of Substantial Holder
02/11/2015Becoming a substantial holder
02/11/2015Quarterly Activities Report, Appendix 5B
29/10/2015Range Resources Posts Narrower-than-Expected Loss in Q3
28/10/2015Range Resources reports 3Q loss
26/10/2015Notice of Annual General Meeting/Proxy Form
26/10/2015Will Low Prices Mar Range Resources' (RRC) Q3 Earnings?
26/10/2015Addendum to the Annual Report Reserves Statement
22/10/2015Unmarketable Parcel Sale Facility for ASX Shareholders
21/10/2015Expiry of Options
09/10/2015Investor Q&A
05/10/2015Trinidad Drilling Operations Update
01/10/2015Director Appointment, Appendix 3X
30/09/2015Appendix 4G
30/09/2015Annual Report 2015
24/09/2015Trinidad Operations Update
17/09/2015Higher US Natural Gas Consumption Supports Prices
08/09/2015U.S. Steel's (X) USS-LIBERTY TC Installed Successfully
07/09/2015Trinidad Operations Update
03/09/2015Completion of US$30M Funding and Issue of Shares
02/09/2015New Drilling Rig Arrives in Trinidad
01/09/2015Sibo Funding Update
31/08/2015Range Resources' Deep Focus on Marcellus to Affect Growth
30/08/2015Results of Meeting
26/08/2015Lind Financing Update
24/08/2015Trinidad Update
12/08/2015Investor Q&A
12/08/2015Updated Securities Trading Policy
07/08/2015Trinidad Update
03/08/2015With Oil and Gas Down Huge This Year, 4 Quality Stocks to Bu...
31/07/2015Notice of General Meeting/Proxy Form
31/07/2015Quarterly Activities Report, Appendix 5B
30/07/2015Range Resources Corp. (RRC)’s Production Hits Record, But We...
29/07/2015Range Resources Q2 Loss in Line, FY15 Outlook Reaffirmed - A...
28/07/2015Range Resources reports 2Q loss
27/07/2015Lind Financing Update
27/07/2015Funding and Non-Core Assets Update
24/07/2015Will Range Resources (RRC) Disappoint Earnings in Q2? - Anal...
14/07/2015Canari North Exploration Well Update
02/07/2015Range Resources to Redeem $500 Million Notes in Advance - An...
02/07/2015Lind Financing Update
26/06/2015John Scully’s SPO Advisory Corp Finds Value In Three Key Ene...
11/06/2015Emerald Oil Inc (EOX) All The Rage For At Least One Hedge Fu...
24/04/2015Is Range Resources (RRC) Likely to Surprise This Earnings? -...
15/04/2015Notable option activity in equities
14/04/2015Georgia Project Update
13/04/2015Range Resources Drilling Services Limited sale update
09/04/2015Investor Q&A
01/04/2015US$60M Financing Update and Expiry of Options
31/03/2015Change of Company Secretary, Issue of Options, Appendix 3B a...
27/03/2015Results of General Meeting
24/03/2015Completion of Texas Sale
19/03/2015Trinidad Operational Update
15/03/2015Half Yearly Report 31 December 2014
12/03/2015Lind Financing Update
09/03/2015Investor Q&A
23/02/2015Notice of Extraordinary General Meeting/Proxy Form
18/02/2015Lind Financing Update
13/02/2015Investor Q&A
07/01/2015Company Update and Appendix 3X
23/12/2014Sale of non-core Texas assets
12/12/2014Company Update
10/12/2014ASX Trading Halt Request
08/12/2014Appendix 3B & s708 Notice
05/12/2014Company Update and Executive Changes
02/12/2014Appendix 3Z - Final Directors Interest Notice
02/12/2014Appendix 3X - Initial Directors Interest Notice
01/12/2014Director Appointments and Financing Update
30/10/2013Silver Range Resources Reports Drill Results and Identifies ...
25/06/2013Silver Range Resources Announces 2013 Exploration and Drilli...
07/08/2012Silver Range Resources Intercepts 4,620 g/t Silver (134.8 op...
06/06/2012Silver Range Resources Announces 2012 Exploration and Drilli...
10/08/2011Silver Range Resources Ltd. announces completion of Plan of ...
Publication de commentaires terminée
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
AU$ 0,001
22/11 10:00 -
Cours préc. Ouverture
0,001 0,001
Bas haut
0,001 0,001
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  0,001 -%
Volume var. 1 mois
0 -%
24hGold TrendPower© : 24
Recherche Uranium
Interactive chart Add to compare
Imprimer Comparer Exporter
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
Variation annuelle
Graphique 5 ans
Graphique 3 mois
Graphique volume 3 mois
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
announces expected non-cash impairment
7,05 AU$-0,84%Trend Power :
Oceana Gold(Au)OGC.AX
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
7,04 US$-1,81%Trend Power :
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
Reduced Funding Requirement
0,70 GBX-2,91%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,08 CA$-21,05%Trend Power :
Closes Bridge Loan Financing
1,97 CA$+4,79%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
9,41 CA$+2,84%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,18 CA$-5,41%Trend Power :
Q A April 2017 Quarterly Report
0,32 AU$+3,23%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
2,30 CA$+0,88%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
62,20 US$+1,58%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
2nd Quarter Report
0,03 AU$+12,00%Trend Power :