LONDON (Alliance News) - Range Resources Ltd provided an update on its Trinidad operations on Thursday, saying production is up and it has made further drilling and development progress made, although it downgraded its production guidance for the year.
Range said total production from its Trinidad operations is at 645 barrels of oil per day, but the company said that it will not hit its production target of 1,000 barrels per day until the fourth quarter of 2015, having initially said it was looking to hit that target by the end of the first half.
The downgrade is due to a revised internal production forecast and based on the anticipated USD60 million funding deal with Core Capital Management Co Ltd.
Range said testing on two wells in the South Quarry field is ongoing and said one further well is drilling ahead in the field. Range added strategic partner LandOcean has committed to add four new drilling rigs this year, with the new rigs set to be made available in the third quarter.
It added the sale of its Range Resources Drilling Services Ltd business is on track to complete by the end of March.
Elsewhere, it said preparations on the Waterflood prospect are ongoing, with the first preferred target now identified in the Beach Marcelle field.
Range shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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