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Range Resources increases production for third quarter running

The Trinidad-focused oil group averaged 731 barrels per day (bopd) to March, an increase of 16% on the previous quarter

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1,000 barrels daily is Range's target in Trinidad

Range Resources Limited (LON:RRL) has increased production for a third consecutive quarter.

The Trinidad-based oil group averaged 731 barrels per day (bopd) to March, a rise of 16% on the previous quarter.

READ: Range Resources agrees settlement to walk away from Colombia

Cashflow from the Trinidad operation amounted to US$800,000 over the period, the equivalent of US$12 per barrel.

Most of the higher production came from the Beach Marcelle field, where additional facilities are being installed to boost oil storage and to regulate better the water injection programme currently underway.

Yan Liu, chief executive, added that the company would buy its own truck to alleviate some of the storage issues that had hampered Beach Marcelle in the quarter.

Some 57 well workovers were completed in Trinidad during the period, and with the additional storage and truck Range expects production to rise to 800 barrels this quarter and to 1,000 bopd by the end of 2018.

In addition, first production from Indonesia is scheduled for the middle of the year and might add up to 200 bopd (gross).

Liu added he was pleased with the significant production and revenue growth and is confident Range can meet its production target even with the challenges of the past three months.

In Indonesia, all preparations for first well reopening are progressing well and on track for commencement during the current quarter, he added.

Cash at the quarter end was US$6.7mln.

Quick facts: Range Resources

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AIM:RRL
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