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Range gets boost in Trinidad
Range Resources yesterday raised proven estimates for its oil fields in Trinidad by 490 per cent to 12.8m barrels, following engineering studies on the assets. Range, which is dual listed in Australia and the UK, said work has begun on spudding a third well at its Texas North Chapman project, and that its Beach Marcelle field has “significant volumes of crude” remaining. It expects to produce 1m to 1.5m barrels per year using a water flood programme at the site. The firm’s interests in oil fields produced 51,486 barrels in the three months to December.