Range Resources: Range Resources Ltd well to go into production testing early next month

Range Resources Ltd (ASX:RRS, LON:RRL) said production testing of its latest well will take place next month after oil was discovered.A total of 40 feet of net pay was found at QUN 159 on the Morne Diablo field. The well was drilled down to 2,500 feet and tested the Lower Forest and Upper Cruse horizons."The programme to perforate the well has been approved by the government and Range intends to proceed with production testing of the well during early September," the company told investors.Production testing on the two previously-drilled development wells (MD 250 and MD 251) is also underway.All three are expected to be brought into production during the third quarter.Range has the largest independent onshore acreage in Trinidad with five blocks totalling 475 square kilometres.It has proved and probable reserves of 22mln barrels and prospective resources of 91.3mln barrels.Production last year was around 205,000 barrels, and in the medium-term the goal is to produce 2,500 barrels a day.The last update put Range's output at around 447 barrels a day. The five new development wells planned for this year should add 500 barrels and the firm hopes to achieve the 2,500 barrels target by the end of 2017. Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.