in with Niko Resources boosts acreage in Trinidad
Range Resources Limited is a dual listed (ASX: RRS; AIM: RRL) Trinidad focused independent E company. Range is the largest private onshore acreage holder in Trinidad with strong operating experience, in depth knowledge of the local environment, and wholly owned in house drilling and services company. The Company aims to create sustainable shareholder value by growing oil production and developing discovered resources from its core assets in Trinidad through intensive low cost shallow onshore development drilling programme, combined with low risk waterflood projects.Range Resources (ASX: RRS) has reached an in principle agreement to farm in to over 280,000 acres of both onshore and offshore oil and gas acreage in Trinidad held by Canada listed Niko Resources (TSX: NKO).Notably, this will give the company access to acreage that is on trend with its existing exploration, development and secondary recovery projects.The company will earn 50% of Niko existing interests in the deep and shallow rights of the , increasing its gross acreage footprint in the country by about 17 times.Niko currently holds shallow and deep Production Sharing Contracts for 65% of the onshore portion and 80% of the offshore portion of the license area with the comprising 280,170 shallow acres and 293,999 deep acres.Trinidad State Owned petroleum company, Petrotrin, holds the remaining balance of the interests (35% onshore and 20% offshore).Range will earn 50% of Niko existing interests in the deep and shallow rights covering both onshore and "Comprar Gh Jintropin" offshore areas, with the consortium to drill two onshore wells: one shallow onshore well to a maximum of 5,000 feet and one deep "Anaboliset Aineet" onshore well to a minimum of 5,000 feet.In the event of a discovery Masteron Z Trenbolonem from either of the two initial wells, the consortium will look to drill an initial appraisal well. The first well is targeted to spud in early 2014.are very enthusiastic about the opportunity to work with the Niko team on this venture. The new block gives Range Comprar Gh Jintropin vast exposure to both onshore and offshore potential and creates excellent synergy between our three existing blocks and Oral Steroids Risks Guayaguayare, Range executive director Peter Landau said, represents a perfect opportunity for Range to add highly prospective acreage on trend with its existing exploration, development and secondary recovery projects, while leveraging its fleet of drilling and production rigs and operating experience within the region.our ongoing production operations in South Quarry, Morne Diablo, and Beach Marcelle, Range is uniquely positioned to operate future discoveries, whether on or offshore, which in turn should result in appreciable synergy and lower operating costs. Range will fund the two onshore wells and the potential initial appraisal well at its sole expense, and will split costs 50/50 with Niko in the offshore well as well as any other costs going forward.Under the agreement, certain payments will be made to Niko upon achievement of commercial production from any discoveries.It is situated along trend with the most prolific oil and gas fields in Trinidad and lies in the transition area between the transpressional Southern basin and the extensional Columbus basin.A regional wrench Masteron Female Dosage fault, and extension of the Los Bajos fault, cuts through the onshore to offshore transition zone. Traps associated with this fault produce oil in Southwest Trinidad and off the East Coast from Upper Miocene / Pliocene Sands.The Block surrounds Range Beach Marcelle Field, and extends south to the limits of Trinidad territorial waters.In addition to proven Tertiaryage exploration targets, the block is believed to hold significant potential in the Cretaceous section, which has been successfully developed in the Eastern Venezuelan basin.There are four prospective onshore fields "Achat Anabolisant Belgique" within the Guayaguayare block, each considered to have significant potential for oil, whilst the offshore structural complex is believed to have significant potential for large gas discoveries with several large structures mapped.Niko and previous operators have acquired and processed 217 square kilometres of 3D seismic on the onshore acreage as well as 277 square kilometres of 3D seismic in 2011 on the offshore acreage.The partnership will complement the Company existing drilling fleet of 6 rigs and over 250 employees, as the Company looks to Australian Levitra rapidly ramp up activities in Trinidad through expansion and organic growth.