LONDON (Alliance News) - Range Resources Ltd Monday said that it has achieved positive operating cashflows across the group for the first time in its history at current production levels, following the sale of its drilling business.
The Trinidad-focused oil and gas company added that the average production in Trinidad in May was 620 barrels of oil per day.
The company completed the sale of Range Resources Drilling Services Ltd to LandOcean Energy Services Co Ltd for USD4.37 million at the start of May.
On Friday last week, Range said it executed the definitive subscription agreement with Beijing Sibo Investment Management LP for funding of up to GBP35 million.
Range said Monday that it has completed drilling the QUN 158 well located on the north flank of the Southern Range anticline on the Morne Diablo field. The QUN 158 well is the first development well of the 13 development and exploration wells to be drilled this year, and encountered good shows of oil and gas from both the Lower Forest and Upper Cruse formations during the drilling, Range said.
However, the company said that last week an incident occurred during the drilling operations which resulted in operations being halted. Operations will not resume until further investigations are undertaken, although no damage was caused to people or the drilling rig, it said. Range estimates that the investigations will take a minimum of one month.
Range added that other field operations have not been affected by the incident and continue as normal. Preparations on the upcoming Canari North exploration well onshore Trinidad are progressing as planned ahead of an anticipated spud date in June 2015, Range said.
Range also added that the QU 454ST well has encountered potential oil bearing sands in three zones and is currently being tested from the lowest zone, which is expected to be completed by the end of June, and that the QU 456 well has been perforated and testing operations are expected to be completed in June.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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