Sign up Australia
Proactive Investors - Run By Investors For Investors

Range Resources exceeds oil production targets thanks to recent well optimisation work

Range had hoped to be producing 800 barrels of oil per day by the end of the second quarter, but it achieved a production rate of 820 bopd last week
workover rig at well
Range has completed work on 34 wells and there are still another 24 slated for optimisation this quarter

Range Resources Ltd’s (LON:RRL) recent work to optimise its producing wells in Trinidad has allowed the oiler to exceed its production targets.

The AIM-listed firm had set itself the goal of producing 800 barrels of oil per day (bopd) by the end of the current quarter.

But the recent work, including workovers, perforation, swabbing and reactivation, allowed average production to reach 820 bopd last week – a 43% increase compared to this time last year.

READ: Range increases production for third quarter running

There is scope for that figure to rise in the coming weeks as well, with Range planning to work on 24 further wells between now and the end of next month (June).

The company is also upgrading its oil storage facilities at the Beach Marcelle field with the installation of a new 500-barrel tank which will take the total storage capacity at the field up to 2,100 barrels.

Work is already under way and, subject to approvals, Range expects to complete the installation by the middle of June.

“During this quarter our focus in Trinidad has been on achieving our production target of 800 bopd,” said chief executive Yan Liu.

“It is my pleasure to report that we have exceeded this goal, which is a clear demonstration of our ability to deliver on the set targets and strategy of production growth.

He added: “We are currently in the process of reviewing our plans in Trinidad for the remainder of the year with a view to increasing the work programme and achieving continued production growth.”

View full RRL profile View Profile

Range Resources Timeline

Related Articles

January 30 2018
The oiler posted its 2017 year-end reserves evaluation and guidance for this year's capital budget and guidance
picture of Canada
September 29 2017
Hillcrest Petroleum Ltd eyes big footprint in Saskatchewan and Alberta
oil and gas operations
March 23 2018
“Like most E&P companies, Range is trading at a material discount; and has not seen a significant uplift in price following the rally in crude prices”

© 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