Australian upstream player Range Resources Ltd. announced that it has received approval from the regulatory bodies in Trinidad to spud the MD 51-2 development well. The directional well would be drilled to a total depth of 3,900 feet to test the Middle and Upper Cruse sands. The initial log evaluation identified multiple hydrocarbon bearing zones, with an estimated net pay of over 140 feet.

The company expects to spud MD 51-2 in Jul 2016, with production testing operations scheduled to be performed when all drilling operations on the pad area are completed. This is the second of a six well-drilling program which Range Resources has planned for 2016. The remaining scheduled wells include two development wells in Morne Diablo, one development well in Beach Marcelle and one exploration well in the Guayaguayare block.

Range Resources Ltd. is an Australian exploration and production company with one of the largest private onshore acreages in Trinidad. The company was incorporated in 1982 and is based in West Perth, Australia. The company holds 100% interest in three onshore production licenses, namely Morne Diablo, South Quarry and Beach Marcelle. It also holds interest in two exploration blocks — St Mary’s and Guayaguayare in Trinidad. Apart from these, the company holds interest in the VMM-7 and VSM-1 blocks in Magdalena Valley as well as in PUT-5 block in Putumayo basin located in Colombia.

Investors willing to build positions in the energy space can do so with the help of the Zacks Methodology. Top-ranked players in the energy sector include Enbridge Inc. (ENB Quick QuoteENB - Free Report) , CVR Refining, LP , Boardwalk Pipeline Partners, LP and Tallgrass Energy GP, LP . Each of these stocks sports a Zacks Rank #1 (Strong Buy).

(We have re-issued this blog to correct an error. The original version, dated Jun 23, 2016, should no longer be relied upon.)