Range Resources Share News (RRL)

(ShareCast News) - Low oil prices forced Range Resources to reevaluate its work in Trinidad and Tobago on Monday, with the company focusing its attention on waterflood projects in the country.The AIM-listed company said it had the most active onshore work programme among independents in Trinidad for 2016, and had commenced the largest-scale waterflood project on the southern Caribbean island since Texaco's efforts in the 1970s and 1980s.Range Resources said there were five high-impact wells to spud this year, with its work programme fully funded."Given the current volatility in oil prices and slower than anticipated availability of the new drilling rigs, the Company has completed a review of its 2016 work programme, and has selected the most attractive wells based on anticipated production and economic returns," the company's board said in a statement.It revised its production guidance, with a stabilised production goal from its current work programme of 2,500 barrels of oil per day by the end of 2017. The average production year to date in Trinidad was 570 barrels of oil per day, the company confirmed.Range said implementation of its waterflood projects was the highest priority, as it was a more cost-efficient way to grow production in the current oil price environment.During 2016, it planned to drill three development wells at Morne Diablo, one at Beach Marcelle, and an exploration well at Guayaguayare.Range reassured investors of its strong cash position of $22m (£15.53m), and said it was continuing to seek suitable value-enhancing production and development acquisitions."Range is therefore fully funded for its exploration, development and waterflood programme and has significant financial flexibility to consider any potential acquisition opportunities in accordance with its strategy," the board concluded.