LONDON (Alliance News) - Range Resources Ltd on Friday said that its recently reopened POG-D well at Perlak field, Indonesia, is now producing oil.
Shares in Range Resources were up 14% at 0.20 pence on Friday.
Since it began reopening at the end of May, POG-D has produced 145 barrels of high-quality light oil. The oil and gas company is now testing the well to see if production there can be made more stable.
Another well at Perlak field, POG-E is in the process of reopening and work is being done to remove an obstruction.
"The work programme is expected to add up to 200 barrels of all per day of gross production. The produced oil will be...exclusively sold to Pertamina, an Indonesian state-owned oil and natural gas corporation," Range said in a statement.