Range Resources Continues To Focus On Developing Trinidad Assets

LONDON (Alliance News) - Range Resources LTD said Wednesday that it had continued to focus on its core development assets in Trinidad during the quarter to the end of June, completing changes to its management and seeing an increase in its proved resources in Trinidad.

Total gross oil production was 48,173 barrels in Trinidad, an average of 529 barrels of oil per day.

Range Resources saw an increase in total proven reserves of 9% to 22.1 million barrels, up from 20.2 million barrels.

The company said it had seen excellent results at its South Quarry QU 452 development well, and this out step development well is expected to results in additional development drilling targets and an increase in the company's proved reserves.

The Government of Trinidad and Tobago had approved budget incentives which reward companies with accelerated development and exploration programmes, which includes Range, which it expects to be a boon for its cash flows and returns.

In Georgia, the company's joint venture partner and operator, Strait Oil & Gas UK, continued to advance discussions and negotiations regarding potential transactions related to the joint venture and its production sharing contracts in Georgia.

Range decided to partly withdraw from Colombia, and relinquished its investment obligations on the PUT-7 block during the quarter.

During the quarter Range appointed Nick Beattie as CFO, and saw the resignation of Peter Landau and Anthony Eastman from the board of directors. It has since appointed Ian Macliver and David Riekie as new non-executive directors, said the company.

Shares in Range Resources were trading down 4.7% at 1.82 pence Wednesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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