LONDON (Alliance News) - Range Resources Ltd Thursday said production from its Trinidad operations has increased following successful drilling operations at the site.
Range said production at its Trinidad operation has increased 5% to 592 barrels of oil per day from 564 barrels since September 30. The figure is up 15% on its production average in January.
The group said the rise in production is down to development drilling and successful workover operations, with two shallow development wells in the Morne Diablo field drilled since the end of September. The two wells are both producing now, Range said.
It said it is continuing to work with LandOcean on technical studies related to its waterflood projects in Trinidad and is on track to start water injection in 2015.
"We are now seeing the start of results from our investments in our Trinidad production projects, staff and rigs. We look forward to seeing steady progress with production continuing to ramp up in the coming months. We expect to complete a number of additional shallow development wells by the end of the year by which time we will have several rigs drilling in parallel, as well as continuing to progress with our workover programme," said Chief Executive Officer Rory Scott Russell.
Range shares were up 0.4% to 0.773 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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