Range Resources: Quarterly Activities Report

Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, provides its quarterly activities report for the period ended 31 March 2018 (Q3 FY18).

Key highlights:


  • Average production of 731 bopd, an increase of 16% from the previous quarter;
  • Third consecutive quarter of significant growth in production achieved in Trinidad operations;
  • Additional water storage facilities installed at the Beach Marcelle field;
  • 57 workovers completed;
  • Oilfield services business awarded new contract with Shell. Operations successfully completed during April 2018;


  • Two offices established and management team in place;
  • Preparations to commence field operations are underway;
  • The rig is expected to be mobilized to site during the current quarter;


  • Trinidad operations demonstrated positive operating cashflow from activities during the quarter of US$0.8 million (equivalent to US$12 per barrel of production);
  • Strong cash and liquid assets position of US$9.5 million;
  • Chief Operating Officer and Trinidad General Manager appointed;
  • Legacy issue with Colombia successfully resolved (subsequent to the quarter end);


  • The Company will continue its work programme in Trinidad with production target of 800 bopd during the current quarter and 1,000 bopd prior to the end of 2018 (calendar year);
  • Field operations expected to commence in Indonesia, targeting first production in mid-2018 (calendar year);
  • It is expected that the planned well reopening and workovers in Indonesia could add up to 200 bopd of production (gross);
  • Fully funded current work programme activities;
  • Discussions with potential new E&P clients for the provision of oilfield services are ongoing with a view of securing further third-party work and increasing revenues.

Range's Chief Executive Officer, Yan Liu commented:

“We are pleased to be reporting our third consecutive quarter of significant production and revenue growth. As stated in the report achieving continued growth in production is not without its challenges but we have a clear plan in place to achieve our set targets, and I am fully confident that we can deliver on this goal.

One of the notable achievements during the quarter was a new contract award for our oilfield services business with Shell. The operations were completed safely and successfully during April, which is a testament to the quality of RRDSL's services, HSSE standards, equipment and personnel. We are aiming to capitalise on the recovering market by securing further contract work and establishing a solid client base.

I am also hugely excited with upcoming field operations in Indonesia, targeting a rapid return to production from this historic field. All preparations for first well reopening are progressing well and on track for commencement during the current quarter. We look forward to updating our shareholders on the progress in due course.”

Visit source site

Range ResourcesTrinidadIndonsiaQuarterly UpdateOilgasProductionOilfield Services

More items from oilvoice

Bowleven - Etinde Operational Update - Spud of IM-6 well, Etinde, Cameroon

Etinde Operational Update  Spud of IM-6 well, Etinde, Cameroon  Bowleven, the Africa focused oil and gas company traded on AIM, is pleased to announce the spud on 21 May 2018 of the IM-6 appraisal well at the Etinde block, Cameroon, by the block's operator, New Age Cameroon Offshore Petroleum S ...

OilVoice Press - OilVoice

Posted 12 hours agoPress > BowLevenCameroon

SDX Energy - Result of Kelvin-1X exploration well, Egypt

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, announces that the Kelvin-1X exploration well at South Disouq, Egypt (SDX 55% working interest and operator) has been drilled to a total depth of 8075 feet, encountering 606 net feet of high quality reservoir interval i ...

OilVoice Press - OilVoice

Posted 12 hours agoPress > SDX EnergyEgypt

Falcon Oil & Gas - Four additional potential plays in the Beetaloo Basin, Australia

Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to report that Origin Energy Limited ("Origin") presented a technical paper, headlined - "Australia's premier shale basin: 5 plays 1,000,000,000 years in the making", at the Australian Petroleum Production and Exploration Association (" ...

OilVoice Press - OilVoice

Posted 7 days agoPress > Falcon Oil & GasBeetalooAustralia

Mayan Energy - Development of Zink Ranch Field, Oklahoma

Mayan (AIM: MYN), the AIM listed oil and gas company, is pleased to announce that the Company has concluded discussions with its Farm-In partner and consequently will now revert back to retaining a 100% working interest in the Zink Ranch Field in Osage County, Oklahoma ('Zink Ranch' or the 'Field') ...

OilVoice Press - OilVoice

Posted 7 days agoPress > Mayan EnergyOklahoma

Touchstone announces an operational and drilling update

OPERATIONAL AND DRILLING UPDATE  Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX / LSE: TXP) announces an operational and drilling update. Highlights Achieved first quarter 2018 average crude oil production of 1,543 barrels per day ("bbls/d"), a 21% increase relative to the ...

OilVoice Press - OilVoice

Posted 8 days agoPress > Touchstone ExplorationCalgary
All posts from oilvoice