Range is pleased to confirm that following the announcement of award on 3 February 2014, the Company has signed the Exploration & Production Licence for the St Mary’s Block in Trinidad with the Government of the Republic of Trinidad and Tobago. A signing ceremony was held in Port of Spain on 31 October attended by
Senator the Honourable Kevin Ramnarine, Minister of Energy and Energy Affairs.
The Exploration & Production licence is awarded for 25 years should a commercial discovery be made. During the six year period, Range has committed to drilling four exploration wells, shooting of 160 km 2D seismic and 60 km2
of 3D seismic, along with various other technical studies. As part of the award, the state oil company Petrotrin is given a 20% carried interest through the exploration work program commitment.
Range is in final negotiations with regards to the Joint Operating Agreement with Petrotrin and a subsequent announcement will be made when this has been finalised.
St Mary’s Block Overview
The 44,731 acre St. Mary’s Block was awarded to Range on 3 February 2014 via competitive tender in the Trinidad Onshore Bid Round 2013.
The Block is on trend with highly prospective acreage with multiple plays, and several significant recent onshore discoveries, including the 150 million barrel Penal / Barrackpore field, the 20 million barrel / 0.5 TCF gas condensate Carapal Ridge field and other fields ranging in size between 10 and 25 million barrels of oil. The main reservoir targets identified in St Mary’s Block are Pliocene Deltaic sands, Miocene Herrera sands, Cretaceous sands and the source rock itself.
The western part of the Block is adjacent to Range’s extensive production infrastructure which could be utilised in the development of any discoveries on this new block.
Range’s evaluation of existing seismic and well data has enabled the Company to high-grade a number of areas and the exploration potential of St Mary’s will be assessed further through the acquisition and interpretation of new 2D and 3D seismic.
