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Range Resources updates on Trinidad upgrades and production growth expectations

The rate of production growth is tied to the pace at which infrastructure can be upgraded

oil and gas operations
Production averaged 594 barrels per day

Range Resources Ltd (LON:RRL), in its quarterly activities report, told investors that daily production averaged 594 barrels of oil per day in the three months ended 30 September.

It also confirmed a number of operational milestones such as the completion of more than 20 well workovers, reactivation and swabbing activities.

The company highlighted that the Beach Marcelle waterflood project expansion was underway, aiming to increase the number of active producer and injector wells.

READ: Range Resources sees losses narrow thanks to sharp increase in revenue

A programme of infrastructure upgrades was revised and, amid delay, is expected to complete in the third quarter. Range noted that the later completion would impact its production growth – with that now anticipated into late 2019.

"We are clearly disappointed and frustrated with the delay in infrastructure upgrade programme and the knock-on effect it is having on our drilling programme and production in Trinidad,” Yan Liu said.

“Our focus is to complete the upgrades as quickly and as efficiently as possible to allow the team to move onto drilling.

“In the meantime, we are continuing with other work programmes in Trinidad with waterflood expansion underway and over 50 workovers and reactivations planned before the end of the year.

Liu added: “We continue to see significant value in the Trinidad asset base and are determined to unlock its value in the years ahead as production growth is delivered."

Range also highlighted that its drilling business unit successfully delivered drilling services to Trinidad peer Touchstone during the period without any lost time or health and safety incidents.

In terms of corporate or financial activities, it highlighted its £1mln placing was completed to accelerate its growth strategy. It, elsewhere, agreed to increase its stake in its Georgian venture, up to 65%.

The company ended the quarter with $6.6mln of cash and liquid assets.

Quick facts: Range Resources

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AIM:RRL
Market: AIM
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