QUARTERLY ACTIVITIES REPORT
Range, an international company with oil and gas assets and oilfield services operations in Trinidad and Indonesia, provides its quarterly activities report for the period ended 30 September 2018 (Q1 FY19) with the following highlights:
- Average daily production for the quarter of 594 barrels of oil per day (“bopd”);
- Beach Marcelle waterflood project expansion underway to increase the number of active producer and injector wells;
- In excess of 20 workovers, reactivation and swabbing activities completed;
- RRDSL successfully and safely completed drilling services for Touchstone in Trinidad with no LTI or HSE incidents;
- Programme of infrastructure upgrades revised (subsequent to the quarter end) with completion date deferred to Q3 2019. This delay is expected to have an impact upon production growth. It is expected that it will be into late 2019 until that growth can be achieved; and
- In Indonesia, well reactivations are ongoing. G&G studies are planned to improve reservoir understanding and to assist in establishing a longer-term development plan for the field.
- £1 million placement completed to accelerate growth strategy and continue investment in infrastructure and facilities upgrade in Trinidad;
- Agreement signed to increase Range's interest in the Georgian project to 65%; and
- Cash and liquid assets position of US$6.6 million (unaudited).
Range's Chief Executive Officer, Yan Liu commented:
"We are clearly disappointed and frustrated with the delay in infrastructure upgrade programme and the knock-on effect it is having on our drilling programme and production in Trinidad. Our focus is to complete the upgrades as quickly and as efficiently as possible to allow the team to move onto drilling. In the meantime, we are continuing with other work programme in Trinidad with waterflood expansion underway and over 50 workovers and reactivations planned before the end of the year.We continue to see significant value in the Trinidad asset base and are determined to unlock its value in the years ahead as production growth is delivered.”
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