(Alliance News) - Oil and gas firm Range Resources Ltd on Friday reported a fall in full-year revenue and a widened loss due to an impairment charge in Trinidad and Indonesia.
In the year ended June 30, the company's pretax loss widened to USD49.5 million from USD17.5 million which the company attributed to a net impairment charge of USD30.2 million. Revenue fell by 5.4% to USD12.4 million from USD13.1 million.
Range, which also provides oilfield services, said USD11.6 million of its revenue was generated from discontinued operations with just USD759,975 from its continuing work. Earlier in September, the company sold its Range Resources Trinidad Ltd unit to LandOcean Energy Services Co Ltd to repay debts.
Production during the period fell by 17% year-on-year to 538 barrels of oil per day from 650 barrels of oil per day but realised oil price rose by 8.6% to USD59.1 a barrel from USD54.4.
In Indonesia, Range is not intending to make further investments "and is exploring opportunities to dispose of its interest".
Chair Zhiwei Gu said: "During the year, our main focus has been on securing debt restructuring agreements that would allow us to restore the company's financial health. I am delighted that our efforts have been rewarded with the signing of a milestone agreement with LandOcean, which will allow the company to be completely debt-free and have sufficient cash resources to progress with new opportunities.
"Our aim for the remainder of 2019 (calendar year) is to secure the necessary approvals to complete this transformative transaction. As part of a wider strategy, we are continuing to evaluate attractive acquisition targets and exploring options in respect of the drilling business in Trinidad. Having successfully delivered on our agenda with a positive outcome for all stakeholders, the company's future looks very exciting. I look forward to reporting on our progress in the upcoming months."
Shares in Range Resources were 2.4% higher at 0.044 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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