Range Resources: Commencement of Operations in Indonesia

Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is pleased to announce commencement of operations at the Perlak field, located in Northern Sumatra in Indonesia.

The rig to be utilized for the work programme has been successfully rigged up at the POG-D well location, which is the first well identified in the work programme. The reopening of the POG-D well has already commenced and is expected to be completed by the end of this month. Following reopening of the well, the same rig will be used to undertake a workover on the well.

Following completion of operations on the POG-D well, the rig will move to the second well (POG-E), which is also planned for reopening and workover. As announced on 22 March 2018, the agreed programme for the year comprises reopening of up to ten existing, previously producing wells; two workovers of previously producing wells (POG-D and POG-E wells); and geological, geophysical and integrity studies.

The work programme has been designed to swiftly reinitiate production from the historically producing oilfield, and is expected to add up to 200 barrels of oil per day ("bopd") of production (gross).

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

"We are hugely excited to be announcing the commencement of operations in Indonesia, on track with the previously announced schedule. The Perlak field is one of the oldest producing oilfields in the world, geologically similar to our producing assets in Trinidad. Our objective in Indonesia this year is to reinitiate production from this mature field, commence cashflows and firm up the future development plan. We believe this asset has the potential to deliver significant benefits to our shareholders and we look forward to sharing details of our progress in future announcements.”

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