LONDON (Alliance News) - Range Resources Ltd said Thursday it exceeded its target with average production over the past week of 820 barrels of oil per day.
Range Resources shares were trading 14% higher at 0.26 pence.
The oil and gas company with assets in Trinidad and Indonesia said its production target in Trinidad is 800 bopd. The latest oil production rate exceeded that and represented a 43% increase on the past 12 months' production.
"The growth in production was mainly attributed to the optimization programme on the company's producing wells. Since April 2018, optimization activities have been completed on 34 wells, with up to 24 further wells planned for optimization during the current quarter," Range Resources said.