Initially, the company will drill four exploration wells during the six-year period and will also carry out 2D and 3D seismic analysis along with other technical studies.
Trinidad state oil company Petrotrin has been given a 20% carried interest, as part of the license, through the exploration work program commitment.
Currently, Range Resources and Petrotrin are in final discussions with respect to the joint operating agreement.
The company signed the license for St Mary’s with the Government of the Trinidad and Tobago. The agreement was originally announced in February 2014.
The main reservoir targets discovered Pliocene Deltaic sands, Miocene Herrera sands, Cretaceous sands and the source rock in St Mary’s Block.
The block’s western part is adjacent to Range’s production infrastructure, which may be used in the development of any discoveries on the new block.
Range is scheduled to further evaluate the exploration potential of St Mary’s Block through the acquisition and interpretation of new 2D and 3D seismic analysis.
