Range Resources (LON:RRL) shares were up in late trading after it confirmed that the QUN 159 well which was spudded on 8 August has reached target depth of 2,500 feet.
This is the third development well drilled by Range in Trinidad this year. The well is located at Morne Diablo field and was targeting the Lower Forest and Upper Cruse horizons.
Preliminary analysis of the well indicates approximately 40 feet net oil pay. 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.
Production testing on the two previously drilled development wells (MD 250 and MD 251) is also underway. All three wells are expected to be brought into production during Q3 2016.
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Management Resource Solution (LON:MRS) has raised £2,800,000, before expenses, through the placing of 26,666,667 new ordinary shares at 10.5p apiece. The placing price represents a discount of 19.2% to the closing mid-market price on 26 August and the shares are equivalent to approximately 73.4% of the existing issued share capital of the company.
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The sector's biggest risers were Iofina (LON:IOF) and Bahamas Petroleum (LON:BPC) - up more than 8.8% and over 7.7% respectively in late trading.
(LON:BOR) Borders Southern Petroleum PLC share price was -0.02p at 1.73p
(LON:BPC) Bahamas Petroleum Company PLC share price was +0.11p at 1.46p
(LON:CHAR) Chariot Oil Gas Ltd share price was -0.09p at 5.7p
(LON:ENQ) EnQuest Plc share price was -0.12p at 27.38p
(LON:GKP) Gulf Keystone Petroleum share price was -0.02p at 4.88p
(LON:INDI) Indus Gas Ltd share price was -1.5p at 403.5p
(LON:IOF) Iofina PLC share price was +1.13p at 13.88p
(LON:MRS) Management Resource Solutions Plc share price was -1.63p at 11.38p
(LON:RKH) Rockhopper Exploration PLC share price was -0.12p at 30.88p
(LON:RPT) Regal Petroleum PLC share price was +0.12p at 3.12p
(LON:RRL) Range Resources Ltd share price was +0.03p at 0.6p
(LON:XEL) Xcite Energy Ltd share price was -0.08p at 7.8p