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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:

Trinidad

  • 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;

Indonesia

  • 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;

Corporate

  • 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);

Outlook

  • 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

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

Range ResourcesTrinidadIndonsiaQuarterly UpdateOilgasProductionOilfield Services

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