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Range Resources exceeds oil production targets thanks to recent well optimisation work

Range had hoped to be producing 800 barrels of oil per day by the end of the second quarter, but it achieved a production rate of 820 bopd last week

workover rig at well
Range has completed work on 34 wells and there are still another 24 slated for optimisation this quarter

Range Resources Ltd’s (LON:RRL) recent work to optimise its producing wells in Trinidad has allowed the oiler to exceed its production targets.

The AIM-listed firm had set itself the goal of producing 800 barrels of oil per day (bopd) by the end of the current quarter.

But the recent work, including workovers, perforation, swabbing and reactivation, allowed average production to reach 820 bopd last week – a 43% increase compared to this time last year.

READ: Range increases production for third quarter running

There is scope for that figure to rise in the coming weeks as well, with Range planning to work on 24 further wells between now and the end of next month (June).

The company is also upgrading its oil storage facilities at the Beach Marcelle field with the installation of a new 500-barrel tank which will take the total storage capacity at the field up to 2,100 barrels.

Work is already under way and, subject to approvals, Range expects to complete the installation by the middle of June.

“During this quarter our focus in Trinidad has been on achieving our production target of 800 bopd,” said chief executive Yan Liu.

“It is my pleasure to report that we have exceeded this goal, which is a clear demonstration of our ability to deliver on the set targets and strategy of production growth.

He added: “We are currently in the process of reviewing our plans in Trinidad for the remainder of the year with a view to increasing the work programme and achieving continued production growth.”

Quick facts: Range Resources

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Market: AIM
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