LONDON (Alliance News) - Oil and gas company Range Resources Ltd said on Monday it has set its production target for calendar 2018 following increased production in the third quarter of its financial year.
For the three month to the end of March, average production in Trinidad came up to 731 barrels of oil per day, up 16% from the quarter before. Additional water storage facilities were installed at the Beach Marcelle field and 57 workovers were completed.
However, Beach Marcelle production fluctuated during the quarter due to insufficient oil handling and storage capacity at the field, which led to some of the production wells being temporarily suspended to prevent overflow.
Shares in Range Resources fell 14% to 0.22 pence on Tuesday.
In Indonesia, two offices have been established with a management team in place, with preparations to start field operations underway and a rig expected to be mobilised in Range's current quarter. Field operations are expected to start in Indonesia, with production targeted in mid-2018 and expected to add up to 200 barrels of oil per day in production.
The company will continue its work programme in Trinidad, and is targeting production of 800 barrels of oil per day in the current quarter and 1,000 barrels for the end of the calendar year of 2018.
"We are pleased to be reporting our third consecutive quarter of significant production and revenue growth. As stated in the report achieving continued growth in production is not without its challenges but we have a clear plan in place to achieve our set targets, and I am fully confident that we can deliver on this goal," said Chief Executive Officer Yan Liu.
"I am also hugely excited with upcoming field operations in Indonesia, targeting a rapid return to production from this historic field. All preparations for first well reopening are progressing well and on track for commencement during the current quarter. We look forward to updating our shareholders on the progress in due course," Liu added.