Range Resources gets drilling underway in first Trinidad well

Oil and gas explorer Range Resources said the first development well in its Trinidad project spudded last week and drilling was now underway.

The London-listed company said over the next three weeks the MD 42N will be drilled to a total depth of 3,120 feet, adding it expects to recover 72,000 barrels of oil in the process.

In a short statement released on Monday, Range said the new 4,000 metre rig, which was delivered to Trinidad last week, was in the process of being offloaded from the vessel and will be transported to the site later this week.

The group said it expects three further rigs to be delivered at its 22-well project by the end of the month.

Range shares were up 4.24% to 0.610p at 1231 BST on Monday.