Range Resources Revises Work Programme To Focus On Waterflood Sites

LONDON (Alliance News) - Range Resources Ltd on Monday said it has reviewed its 2016 work programme and will now focused on the most attractive wells on its books amid the tough operating environment for oil and gas companies.

Range said it has identified the implementation of its waterflood projects as the highest priority and will expedite work on these projects given the most cost-efficient nature of these sites.

It will focus on the Morne Diablo and Beach Marcelle projects in Trinidad under the revised work programme and said it was considering making further acquisitions to boost its portfolio.

Range shares were down 8.9% to 0.255 pence on Monday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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