Sign up Australia
Proactive Investors - Run By Investors For Investors

Range Resources details plans to get Perlak field into production

"We are hugely excited to be announcing an accelerated work programme in Indonesia,” said Yan Liu, chief executive
oil and gas operations
It targets 200 bopd of oil production at Perlak

Range Resources Ltd (LON:RRL) has detailed plans for a new work programme for the Perlak field in Indonesia where the company is targeting first production in mid-2018.

The field programme, targeting early production, is due to start in the second quarter and is expected to add up to 200 barrels of oil production per day.

READ: Range Resources' drilling arm wins Shell contract in Trinidad

"We are hugely excited to be announcing an accelerated work programme in Indonesia,” said Yan Liu, chief executive.

“Following the completion of the initial study work, Range and its partners have developed a plan to target a rapid return to production by undertaking a low risk, focused work programme.”

Liu added: “This is a first step towards unlocking the full potential of this highly prospective asset, which has the potential to deliver significant benefits to our shareholders in the form of increased production, cashflows and new development opportunities."

The work programme will include the reopening of up to 10 existing, previously producing wells in addition to two workovers of past producers.

Produced oil will be sold to Indonesia's premier oil firm, Pertamina, which has a collection point approximately 160 kilometres away. It will be transported by truck.

It is anticipated that expenditure for the 2018 work is forecast at US$6mln gross and, under its partnership terms, Range funds 60% of the operating company.

View full RRL profile View Profile

Range Resources Timeline

Related Articles

picture of Canada
September 29 2017
Hillcrest Petroleum Ltd eyes big footprint in Saskatchewan and Alberta
rig
January 30 2018
The oiler posted its 2017 year-end reserves evaluation and guidance for this year's capital budget and guidance

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use