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Range Resources focuses on more productive Trinidad assets as Perlak field falls below requirements

The group said following net forecast production figures, it “does not consider its interest in the Perlak field in Indonesia to be a material oil and gas project for the purposes of the ASX Listing Rules in light of the significance of its oil and gas assets in Trinidad”

Oil Derrick
The news follows a contract win for the company’s drilling arm to work over a major onshore well in Trinidad

Range Resources Ltd (LON:RRL, ASX:RRS) has said it does not consider its interest at the Perlak field in Indonesia to be ‘a material oil and gas project’, citing the ‘significance of its oil and gas assets in Trinidad’.

The AIM and ASX-listed oil and gas explorer said based on its initial 23% indirect interest in the Indonesia-based Perlak project, the net forecast production is estimated at 46 barrels of oil per day (bopd) and net 1P reserves of 64,183 barrels.

READ: Range Resources' drilling arm wins Shell contract in Trinidad

In March 2018, the company had forecast 200 bopd (gross) based on 1P reserve estimates of 279,055 barrels (gross).

The group added that, due to the net forecast production numbers, it “does not consider its interest in the Perlak field in Indonesia to be a material oil and gas project for the purposes of the ASX Listing Rules in light of the significance of its oil and gas assets in Trinidad.”

The news follows a new contract win for the company’s drilling arm, RRDSL, to work over a major onshore well in Trinidad owned by oil major Royal Dutch Shell PLC (LON:RDSB).

The group also saw increased production by an average of 22% in its half-year results, with benefits from a waterflood programme in Trinidad, drilling and workovers boosting daily output to 605 barrels per day.

Quick facts: Range Resources

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AIM:RRL
Market: AIM
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