Trinidad-based oiler Range Resources Limited (LON:RRL) increased production by an average 22% in its latest half-year.
Yan Liu, Range’s chief executive, said: “We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results.
READ: Range Resources names new COO and reveals production growth
“Throughout the remainder of this year we look forward to seeing further improvements in key metrics such as operating costs as a result of RRDSL acquisition, and revenue growth from our upstream assets.”
Benefits from the ongoing waterflood programme in Trinidad, drilling and workovers boosted daily output to 605 barrels per day.
Some 30% of that came from the waterflooding, while two development wells were brought on stream and 130 workovers completed.
An independent assessment estimated reserves at 16 million stock barrels or MMstb (net 2P) and net 2C contingent resources of 8 MMstb.
Over the period, Range acquired a 23% indirect interest in an established oilfield in Northern Sumatra, Indonesia and took 100% control of Range Resources Drilling Services Limited.
Revenues over the half-year rose by 39% to US$5.4mln (US$3.9mln) due largely to the higher production, while the interim pre-tax loss was US$8.5mln (US$37.8mln).
Average oil prices received also rose by 13.7% to US$48.1 per barrel.
No impairment charges were recognised for the first time since 2013, while Range ended the half year with cash of US$10.9mln.