(Alliance News) - Range Resources Ltd on Tuesday said production was "broadly unchanged" in the fourth quarter of its year due to continuing well optimisation, new studies, and infrastructure upgrades.
Shares in Range Resources were down 28% at 0.016 pence at midday.
Average production for the three months to June 30 was 501 barrels of oil per day, compared to 487 barrels per day in the third quarter and 572 barrels in the second. Range said the quarter held steady with the previous quarter due to the ongoing optimisation plan, upgrades, and studies.
In the fourth quarter, Range's infrastructure modernisation plan at the Beach Marcelle field in Trinidad completed and two new settling tanks and a new storage tank. The upgrades are intended to "allow for greater resilience in the production infrastructure and more stabilised production growth in the future".
It was a busy final three months for the company, which terminated its proposed acquisition of a stake in a China-based educational company. As the company's debt restructuring agreement with LandOcean Energy Services Co Ltd depended on the acquisition, the debt restructuring will not go ahead on its original terms, although talks over revised terms are underway regarding the outstanding payable balance.
Moreover, the company also submitted a notice of arbitration against the State of Georgia due to the termination of a production sharing contract in Georgia and is seeking around USD21.9 million in damages plus USD1.7 million of interest.
The company's chief financial officer also tendered his resignation in the fourth quarter, and Group Financial Controller Theo Eleftheriades became acting CFO.
