Press

Range Resources Half -Yearly Report


Range today releases its half-yearly report (unaudited) for the 6 months ending 31 December 2017. 

 

Yan Liu, Range's Chief Executive Officer, commented:

“We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results.

We continue to invest in growing the asset base and completed two important acquisitions during the period. Throughout the remainder of this year we look forward to seeing further improvements in key metrics such as operating costs as a result of RRDSL acquisition, and revenue growth from our upstream assets.

We are confident that as we focus on growing the business, we will continue to deliver substantive value and results to our shareholders.”

Highlights for the period include:

 

Operational

Trinidad:

  • The average production for the period of 605 bopd was 22% higher than comparable prior year;
  • Increase in production is mainly attributed to the ongoing waterflood programme, selective development drilling and workovers;
  • The Company continued with implementation of the Beach Marcelle waterflood project, which accounts for the vast majority of Range's reserves in Trinidad;
  • Production from waterflood continued to increase with approximately 30% attributed to this programme;
  • Two development wells successfully drilled and brought into production;
  • Over 130 workovers completed; and
  • Independent Competent Persons Report (“CPR”) published confirming net 2P reserves of 16 MMstb and net 2C contingent resources of 8 MMstb.

 

Indonesia:

  • The Company has been building an experienced operating team, and undertaking initial geological and geophysical studies;
  • Upcoming work programme and budget are being finalised; and  
  • Independent CPR published confirming net 2C contingent resources of 10.9 Bscf and 3.1 MMstb.

 

Corporate:

  • In line with the growth strategy, the Company completed two new acquisitions:
  • - 23% indirect interest in an established oilfield in Northern Sumatra, Indonesia;
  • - 100% interest in Range Resources Drilling Services Limited (“RRDSL”), an oilfield services provider based in Trinidad with a fleet of modern drilling rigs, workover rigs, and equipment.
  • AIM re-admission completed; and
  • Group Chief Operating Officer and Trinidad General Manager, Mr Lubing Liu appointed subsequent to the period end.

Financial:

  • Financial performance has materially improved with a 77% reduction in loss before tax to US$8.5 million (prior year: US$37.8 million);
  • Revenues increased by 39% to US$5.4 million (prior year: US$3.9 million), principally due to an increase in production;
  • Operating expenses decreased by 14% to US$34.5 per barrel (prior year: US$40 per barrel);
  • General, administration & other expenses decreased by 40% to US$3.2 million (prior year: US$5.4 million);
  • No impairment charge has been recognised for the first time since 2013;
  • Cash and other liquid assets at the end of the period of US$10.9 million (prior year: US$20.6 million). The reduction in cash is due to a number of factors including the investment into the new acquisitions and the funding of a drilling programme in Trinidad; and
  • Range continues to benefit from the generous credit terms offered by LandOcean Energy Services Co., Ltd across various funding arrangements. The average maturity profile is in excess of two years and none of the credit arrangements have any security, and nor do they have any financial covenants or restrictive controls.

To view the full report please click here.  



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

rangeresources.co.uk/investors/regulatory-news/

Range ResourcesReportTrinidadIndonesiaProfit

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 11 days agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 4 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 9 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 9 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 9 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice