Range Resources' Trinidad operations turn cash flow positive in May

Oil and gas explorer Range Resources said daily production from its operations in Trinidad & Tobago averaged 620 barrels of oil per day last month.As a result, the London-listed company reported positive cash flow in May, adding it expected the business to remain cash flow positive at the current oil prices and with a production rate of over 510 barrels per day.May was the first in the company's history that the business had been cash flow positive, Range said.Meanwhile, the company reported that operations on well QUN 158 at the Morne Diablo field have been suspended after an accident occurred whilst the rig, was being pulled out of the well.Range added the investigation over the incident could take up to a month."Despite being disappointed by the recent incident, Range management believes it further highlights the importance of the four new drilling rigs to be added to the fleet by Land Ocean this year, as these new rigs will be crucial to improving capabilities and limiting the downtime of Range's development and exploration operations," the company said in a statement.Range shares were up 4.67% to 0.560p at 11:07 on Monday.