LONDON (Alliance News) - Range Resources Ltd Friday said it is currently cashflow positive after reporting an increase in production and a fall in costs in the second quarter of 2015.
The company said net production averaged 602 barrels of oil per day in the second quarter of 2015, up 8% from 557 barrels per day in the first quarter. That means Range produced a total of 54,770 barrels in the second quarter.
The production brought in USD2.9 million in sales during the quarter, up from USD2.4 million in the first quarter, and Range said it is currently cashflow positive at its current level of production.
The Trindad-focused company said it preparation work continued with good progress for the drilling of the Canari North exploration well, which is the first shallow onshore well planned on the Guayaguayare production sharing contract licences in the country, it said.
In the second half of the year, Range will commence its exploration programme in the Guayaguayare block, which the company said has a "best case" scenario of holding 129 million barrels of oil equivalent in prospective resources.
Range spent a total of USD2.9 million in capital expenditure in the quarter, around half of the amount spent in the first, and at the end of June it reported a cash balance of USD10.7 million.
Range shares were up 2.3% to 0.594 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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