LONDON (Alliance News) - Range Resources Ltd on Monday said it will not hit its production target for its Trinidad operations until early 2016 as it continues to ramp up the operations.
Range said its previously-announced annual production target from the Trinidad wells of 1,000 barrels of oil per day will now not be hit until the end of the first quarter of 2016, having been previously targeted for the end of 2015.
The production level from the wells in October was 560 barrels per day and Range said it expects production in the fourth quarter to be broadly flat from where it currently is.
The downgrade to the target is due to fewer wells being drilled than originally forecast, owing to widespread delays on rigs arriving at the project area.
Shares in Range were down 2.3% to 0.41 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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