(Alliance News) - Range Resources Ltd on Wednesday reported a 12% quarter-on-quarter rise in first quarter production, mainly due to a higher output at the Beach Marcelle field, following commissioning of upgraded storage facilities.
The company's average net production for the three months to September 30 stood at 563 barrels of oil per day, with total production amounting to 51,823 barrels of oil. The first quarter output figures include production from the Beach Marcelle and Morne Diablo, both located in Trinidad, which continued at average rates of 166 barrels of oil per day and 22 barrels, respectively.
The Australia-based company completed 30 well workovers completed during the first quarter of financial 2020.
Range Resources shares were down 18% at 0.03 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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