LONDON (Alliance News) - Range Resources Ltd said Monday it commenced operations in the Perlak field in Indonesia, where it expects production to reach 200 barrels of oil per day.
In an announcement released on Tuesday, the oil and gas company said it successfully rigged the POG-D well location. The reopening of the well has begun, and the company expects it to be completed by the end of May.
Range shares were trading 10% higher at 0.25 pence.
Following completion of the POG-D well, the same rig will be moved to a second well POG-E planned for reopening and workover.
The full programme includes the reopening of 10 wells in total.
Chief Executive Officer Yan Liu said: "The Perlak field is one of the oldest producing oilfields in the world, geologically similar to our producing assets in Trinidad.
"Our objective in Indonesia this year is to reinitiate production from this mature field, commence cashflows and firm up the future development plan."