Range Resources Limited Range Exceeds Production Target (1132P)
24 May 2018 - 4:00PM
UK Regulatory
TIDMRRL
RNS Number : 1132P
Range Resources Limited
24 May 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE
("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
RANGE EXCEEDS PRODUCTION TARGET
Range, an international oil and gas company with assets in
Trinidad and Indonesia, and an oilfield services business in
Trinidad, is pleased to announce that it has reached production
milestone of 800 barrels of oil per day ("bopd"). This target was
achieved ahead of schedule, and exceeded the previous guidance with
average production over the last week delivering approximately 820
bopd, a 43% increase in production in the last 12 months.
The growth in production was mainly attributed to the
optimization programme on the Company's producing wells. Since
April 2018, optimization activities (including workovers,
perforation, swabbing and reactivation) have been completed on 34
wells, with up to 24 further wells planned for optimization during
the current quarter.
Range is also pleased to advise that it has completed an upgrade
on its oil handling facilities at the Beach Marcelle field. The
Company has acquired an additional truck which has enabled it to
increase the frequency of sales of the produced oil from two to
three times a week.
The Company is also working on upgrading its oil storage
facilities at the Beach Marcelle field by installing an additional
500-barrel tank, which will increase the oil storage capacity at
the field to 2,100 barrels. Work is underway and the Company
expects to complete the installation by mid-June 2018, subject to
government approvals.
As previously announced, the Company was looking to drill a
minimum of two developments wells in Trinidad this year. The
Company is currently reviewing an accelerated and increased
development drilling work programme to continue its production
growth and minimise anticipated fluctuation in production rates.
Further details will be provided to shareholders once the review
has been completed.
Range's Chief Executive Officer, Yan Liu commented:
"During this quarter our focus in Trinidad has been on achieving
our production target of 800 bopd. It is my pleasure to report that
we have exceeded this goal, which is a clear demonstration of our
ability to deliver on the set targets and strategy of production
growth. We are currently in the process of reviewing our plans in
Trinidad for the remainder of the year with a view to increasing
the work programme and achieving continued production growth."
Contact details
Cantor Fitzgerald Europe (Nominated
Range Resources Limited Adviser and Broker)
Evgenia Bezruchko (Group Corporate David Porter / Nick Tulloch (Corporate
Development Manager) Finance)
e. admin@rangeresources.co.uk t. +44 (0)20 7894 7000
t. +44 (0)20 3865 8430
Note relating to statutory disclosure of significant
shareholdings
Statutory disclosure of significant shareholdings (as defined in
the AIM Rules) is different for Australian companies and may not
always ensure compliance with the requirements of Rule 17 of the
AIM Rules. All shareholders who are holding (directly or
indirectly), 3% or more of the issued and outstanding Ordinary
Shares are requested to notify the Company without delay of any
changes to their holding which increase or decrease such holding
through any single percentage. Likewise, shareholders who acquire
3% or more of the issued and outstanding Ordinary Shares are
requested to notify the Company without delay.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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