LONDON (Alliance News) - Range Resources Ltd Monday said its pretax loss widened in its first half as falling revenues and finance costs hit the company as it develops operations in Trinidad.
The hydrocarbon exploration firm said its pretax loss widened to USD17.6 million for the six months ended December 31, 2013 from USD6.7 the previous year as revenues fell 24% to USD12.0 million from USD15.7 million a year earlier.
Range Resources said its revenues fell as the company focused heavily on a planned rig maintenance programme as part of its Trinidad Field Development Plan, which will set out the geological, operational and financial parameters for the development of the company's proven reserves on site over the next three years.
The company said the Field Development Plan is expected to result in increased production, cashflow and proved resources through drilling and testing.
Range Resources also noted that its technical, consultancy and administration expenses increased 71% to USD7.0 million from USD4.1 million the previous year, and it was hit by a USD10.2 million finance cost, including a USD2.3 million loss on an equity swap.
Chief Executive Officer Rory Russell joined Range in February and said that although there is more to do, the company remains a fundamentally strong business with a unique position in Trinidad specifically, and he expects Range to take full advantage of upcoming opportunities.
Range Resources shares were down 11% to 0.80 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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