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Range Resources updates on quarterly production in Trinidad

Range Resources is advancing waterflood programmes to grow production
oil barrels in stack
Production amounts to 567 barrels per day

Range Resources Ltd (LON:RRL) told investors it had produced some 51,055 barrels oil per day in the three months ended March 31, up 4% from the preceding quarter.

That amounts to 567 barrels per day.

In its quarterly activities report, the company highlighted that it continued with the implementation of the waterflood projects in Trinidad, with a view to delivering production growth and sustainable positive cashflow.

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Waterflood projects are being advanced at the Beach Marcelle and Morne Diablo, where water injection rates are due to be ramped up - which will, in theory, build further production.

The company added that it is continuing negotiations with the Trinidad government over the production sharing contract for the Guayaguayare block, and it is re-evaluating the Canari North exploration well prospect.

Range is presently in the process of acquiring its rig contractor, via a reverse acquisition, and once that transaction is complete it intends to publish new forecasts for work programme and production.

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