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Range Resources to raise £1mln to accelerate development of Trinidad assets

With an active work programme of waterflooding, development drilling and optimisation, the company anticipates that the Beach Marcelle field will be the largest contributor towards the company's future production growth

Pound notes
Following the share issue, Range will have 8,504,921,692 shares in issue

Range Resources Limited (LON:RRL, ASX:RRS) is to raise £1mln through a share issue to accelerate development of its assets in Trinidad.

The company will issue 909mln shares at 0.11p a pop.

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

Range intends to use the net proceeds from the subscription to make further investment in sales infrastructure upgrades at the Beach Marcelle field, including the purchase of a new settling tank, transfer station and a lease automatic custody transfer (LACT) unit.

The upshot of this investment should be an increase in sales volumes from the Beach Marcelle field.

"We are pleased to be able to commit this additional funding into infrastructure upgrades at our Trinidad assets. This will enable us to continue production growth and allow us to further develop our significant assets with a view of unlocking the full potential of our reserves base in the years ahead,” said Yan Liu, the chief executive officer of Range.

“With an active ongoing work programme, we are focused on delivering on our key objectives geared towards production growth to 1,000 bopd [barrels of oil per day] target and increasing cash flows,” he added.

Shares in Range closed at 0.11p last night, down 0.06p on the day.

Quick facts: Range Resources

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AIM:RRL
Market: AIM
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