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Range Resources achieves second quarter production target

Target now is 1,000 barrels per day and to generate cash flow
Oil well
Range's production in Trinidad is rising

Oil producer Range Resources Limited (LON:RRL) exceeded its target of 800 barrels per day in Trinidad towards the end of its latest quarter.

Total output in the quarter to June was 60,376 barrels of oil or 663 per day on average, though production rose to more than 800 barrels per day in the second half of the period. Overall, output dropped 9% compared to the previous three months due to storage issues at the start.

READ: Range Resources to raise £1mln to accelerate development of Trinidad assets

Range said it is still being hampered by tanks being full and having to shut down production, especially as Trinidad oil company Petrotrin reduced the frequency of oil sales. To compensate, Range is investing US$800,000 in new tanks and associated facilities to give it more production flexibility.

Petrotrin buys the oil the company produces.

In Indonesia, operations started at the Perlak field, with 145 barrels produced over a two-week period.

Yan Liu, chief executive, said: "During this quarter our focus was on achieving our production target of 800 bopd in Trinidad and commencing operations in Indonesia.

“Maintaining production rates at consistent levels is still a challenge that we face in Trinidad.

“We are actively working to address this and have already completed initial upgrades to the oil handling and storage capacity at the Beach Marcelle field.

“With an active ongoing work programme, we are now focused on delivering on our key objectives of a production target of 1,000 bopd and cash flow growth.”  

 

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“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”

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