LONDON (Alliance News) - Range Resources Ltd Monday said it is solely focused on its assets in Trinidad, but said production fell quarter on quarter in the country due to a lack of drilling and because the rig fleet was operational for less time than it hoped.
During the quarter ended December 31, net production averaged 583 barrels of oil equivalent per day. Of the total production, 524 barrels of oil per day came from the company's assets in Trinidad, whilst 59 barrels of oil equivalent per day came from Texas.
The total production does not include figures from its assets in Guatemala, as Range is still awaiting to receive final production numbers from the operator of the license, it said.
Average production from Trinidad decreased 7% quarter on quarter, due to a lack of drilling activity and poor uptime of the rig fleet on site, which it said was a result of "historical underinvestment".
The company drilled five development wells in Trinidad during the quarter, with two of the wells subsequently put into production. Two of the wells are awaiting completion whilst one well is still being drilled, it said.
The company also completed 57 work-over operations on wells during the period.
Range Resources is completely focused on Trinidad and said it will restrict any further investment into other projects in the immediate future.
"The company's focus on its core assets in Trinidad, Range is seeking to restrict any further investments into all non-core assets," said the company.
The company has other interests in Georgia, Somalia and Colombia.
In the first quarter of 2015, the company is expecting to drill the first shallow onshore well at the Guayaguayare licence, also in Trindad, subject to approval from the Ministry of Energy and Energy Affairs, it said in a statement.
At the end of December, the company reported a cash balance of USD1.5 million.
Range Resources shares remain suspended from trading AIM as it continues discussions with Lind Asset Management LLC, after the financier recalled the outstanding amount under a USD15 million loan facility it provided.
Range Resources said it has so far drawn down USD5.5 million on the facility, and said the initial facility has a face value of USD7.25 million.
Range Resources communicated to Lind that it wishes to repay the facility in cash using the financing it has secured with Core Capital Management Co Ltd, but until the pair find a resolution, Range Resources shares will remain suspended from trading.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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