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Range Resources Production Rises, Outlines 13 Well Work Programme

Wed, 13th May 2015 08:12

LONDON (Alliance News) - Range Resources Ltd Wednesday said production has risen in May from its operations in Trinidad as it announced a 13 well work programme that will be conducted in 2015 and another programme that will start towards the end of 2015 and stretch into 2016.

The oil and gas company said production has averaged 650 barrels of oil per day so far in May from its operations in Trinidad, representing a rise from 617 barrels of oil per day in April.

Range Resources also has finalised a 13 development and exploration well programme in Trinidad which will be conducted in 2015, and is in the process of finalising an additional 9 well programme which would be drilled as part of the company's 2015/2016 drilling programme with LandOcean Energy Services Co Ltd, its strategic partner in the country.

All necessary approvals have been received on the first three wells, including an exploration well on the Guayaguayare licence, the Canari North well, and preparations are underway to drill these wells during the current quarter, it said.

The company said the funding for these wells is available under the extended 12 month credit facility with LandOcean, and said it is holding additional talks with China-based Sinosure and LandOcean about the previously announced USD50 million trade financing package.

Range shares were up 4.7% to 0.560 pence per share on Wednesday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance