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UPDATE - Range Resources sharpening its focus on Trinidad

Last updated: 15:36 03 Feb 2014 GMT, First published: 16:36 03 Feb 2014 GMT

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---ADDS BROKER COMMENT---

Range Resources (LON:RRL) has secured an addition to its Trinidad portfolio, with a successful bid for the St Mary’s block.

The successful bid, in the 2013 bidding round, was formally announced today by Trinidad’s Ministry of Energy at an energy conference.

St Mary’s block spans 44,731 acres, contiguous with the group’s existing acreage – the Morne Diablo licence and the Guayaguayare licence.

"I am very pleased to be able to announce the award of this significant new acreage today, further consolidating our position and deepening our commitment to safely exploring and developing onshore oil in Trinidad," said Rory Scott Russell, Range’s new chief executive, who was formally appointed at the beginning of February.

Broker Old Park Lane Capital said: "Range is sharpening its strategic focus. The proposed merger with International Petroleum will not be proceeding and the company is looking to farm down its interests in Georgia and Colombia as well as complete the sale of its Texas assets. With Trinidad representing a raft of opportunities, we are confident that the new management will consolidate Range’s activities in this exciting region."

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