AIM-listed oil and gas exploration company Range Resources has discovered a new oil reservoir at a well on its Trinidad operations.

The company reported that the reservoir had been discovered at its QUN 135 well, indicating 50 feet (ft) of net oil pay at approximately 3,500 ft, with the well successfully cemented with 5.5 inch casing.

Peter Landau, Executive Director of Range Resources, commented: "We are extremely pleased with the results of the ongoing drilling program in Trinidad, and particularly with the discovery of new oil reservoir.

"The QUN 135 well confirms once again that the development potential on Range's Trinidad blocks remains largely untapped. Once production testing of this new zone is complete, we will make a determination as to how best to develop the reservoir as part of our expanding portfolio of exploratory, development, and secondary recovery opportunities in Trinidad."

Range Resources' share price was up 10.98% to 3.64p at 12:34 on Monday.

MF

Related share prices
Range Resources Ltd. (DI) (RRL) share price