Range Resources Receives Approval for Beach Marcelle Waterflood Oil Project, Onshore Trinidad
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Range Resources has now received approval to go ahead with the Beach Marcelle waterflood project, onshore Trinidad.
It is going to be the largest water-flood project to be undertaken in recent times in Trinidad, and it is expected to be a major contributor to the company’s growth, Range said.
Some 14.7mln barrels of Range’s proven reserves are hosted at the project.
Work will now be split into a number of sub-projects. Initial operations will take place on the South East and North East areas, as well as part of the South West block.
First to be flooded will be the South East where the program is expected to yield up to 2,500 barrels of oil per day, and up to 5.5mln barrels over an eight year period.
Range also highlighted that at the Morne Diablo project it has been granted approval to convert twelve wells into water injectors as part of a separate water flood project. Initial water injection has now begun.
In term of new drilling, Range said that the third of twenty two wells has now reached target depth.
The well, GY 680 at the Beach Marcelle, encountered a total of 130 feet of net oil sand. It has subsequently been perforated and is now being tested.
Similarly, the company said that the second well in the program has also be perforated and the well’s performance is being observed.
In light of the continuing low oil price, Range said it is now reviewing its work program for 2016 and it intends to provide further information to shareholders once the review is complete.
Source: (January 13, 2016) Proactive Investors
About Range Resources
Range Resources Limited is a dual listed Trinidad-focused independent E&P company, with a 100 percent interest in three onshore production licenses, namely Beach Marcelle, South Quarry and Morne Diablo, as well as additional highly prospective exploration acreage on Guayaguayare license (farm in) and newly awarded St Mary’s license.The Company is focused on growing its production through waterflood projects, combined with extensive shallow onshore development drilling program.
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