LONDON (Alliance News) - Range Resources on Monday reported a significantly narrowed annual loss due to a reduction in impairments, as it no longer expects to meet its daily production target in 2018 due to delays.
In the year ended June, the oil and gas explorer's pretax loss narrowed to USD16.0 million from USD48.1 million.
The company's revenue increased to USD13.1 million from USD8.4 million. The realised oil price in the period increased to USD55.40 per barrel from USD44.27 per barrel the year before.
Range Resources narrowed loss is primarily due to the company's USD29.0 million impairment of non-current assets in financial year 2017 not being repeated in 2018.
The company's operating expenses increased to USD10.8 million from USD8.8 million but its general & administrative expenses decreased to USD4.1 million from USD5.2 million.
Range Resources also said its upgrade programme at its Trinidad & Tobago project is behind schedule and the company anticipates it will not be fully complete until late 2018, early 2019.
The delay in the infrastructure programme will "clearly have an impact" on production, said Range, and it no longer expects to achieve its target of 1,000 barrels of oil per day by the end of 2018.
The company said it remains focused on seeing sustainable production growth in Trinidad & Tobago but it will be 2019 "until that growth can be achieved".
Range Resources cash and cash equivalents at the end of the year was USD3.9 million, down from USD17.3 million the year prior.
Chairman Zhiwei Gu said: "After another busy period, it is our pleasure to be reporting on significant operational and financial improvements delivered by the team. Looking ahead, we remain focused on achieving long-term profitability and positive operating cashflow through growth in revenues and production whilst maintaining a tight control over costs."
Shares in Range Resources were down 9.7% Monday at 0.070 pence each.