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Range Resources fully funded for its 2016 work programme

A minimum of two projects will be brought into production this year
Range Resources fully funded for its 2016 work programme
Range expects to be producing 2,500 bopd by the end of 2017

Range Resources (LON:RRL) said implementation of its waterflood projects in Trinidad is its highest priority as it is a more cost efficient way to grow production in the current oil price environment.

A minimum of two projects will be brought into production this year, said Range, starting with Morne Diablo where water injection has already started. First production as a result of the waterflooding is expected this half year.

At the flagship Beach Marcelle project, Range Resources said it will start with the South East block, the largest of its projects.

Injection is expected to commence in the second quarter 2016 with first production anticipated by the end of the year.

Average production of the South East block over eight years period is expected to be approximately 1,600 bopd, with production estimated over the plateau period of three years of 2,000 bopd.

Overall, Range expects to be producing 2,500 bopd by the end of 2017 compared to the current production of 570 bopd.

Range will also drill five high impact wells this year (4 development and 1 exploration).

Cash holdings were US$22mln at the end of 2015, in addition to credit facilities in place for the drilling and waterflood programme.

Range said it was therefore fully funded for its exploration, development and waterflood programme with financial flexibility to consider any potential acquisition opportunities.

 

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