Range Resources boosted by Trinidad and Texas wells

Range Resources (RRL) on Friday announced that not only had it successfully drilled and logged the QUN118ST development well on the Morne Diablo concession in Trinidad, but that the surface casing was also successfully set on the Albrecht #1 appraisal well on the company's North Chapman Ranch Project in Texas.

The QUN 118ST well, which is currently being completed for initial production from natural pressure, logged more than 200 feet of gross oil pay in the shallow Forrest formation. The company expects this to further extend the existing field area to the north and east.

Initial production from the well is expected to commence within the next week, with exploratory drilling for deeper targets programmed for 2012. This is one of Range’s three production areas in onshore Trinidad.

Additionally, the Albrecht #1 appraisal well is currently being drilled ahead at a depth of 7,900 feet with a target depth of 14,500 feet. If successful, it is anticipated to prove up reserves in the South East portion of the North Chapman Ranch license area, and support a re-classification of current Possible (P3) reserves into the Probable (P2) and Proved (P1) categories.

"Following on from the Albrecht #1 well, the joint venture has the option to continue with the development of the field with a possible four-well program in 2012 under discussion among the joint venture partners," the company statement read.

Shares in the exploration and production company soared almost 5% on the news.