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Range Resources boosts Trinidad production on improved flowrates
AIM-quoted exploration and production company Range Resources increased average net oil production to 777 barrels of oil per day in January, a 23% uptick on its most recent quarter, after completing work to increase the water injection rate at its Trinidad operations.
In addition to further work on its water injection system at the SE waterflood project, bringing flow rates to a minimum of 1,500 barrels of water per day, Range intended to begin drilling two new developments at the Beach Marcelle and Morne Diablo fields after earmarking 30 locations for heavy workers and obtaining approvals.
Yan Liu, Range's chief executive Officer, said, "During 2018, our work plan will be aimed at achieving continued production growth mainly through the secondary recovery programme (waterflood), which accounts for the majority of our reserves. Having successfully brought two waterflood projects into production to date, we see significant potential in expanding the programme to other areas of our fields."
"We are also continuing with the integration of the oilfield services business and are aiming to secure third-party contract work and grow revenues," Liu added.
Range also announced that its newly appointed executive director Lubing Liu had signed his contract, making him chief operating officer of the group, as well as the general manager of the firm's Trinidadian operations.
Liu was set to make $84,000 per annum as a result of his role as operating officer, and a further $60,000 as general manager of the Caribean nation.
As of 1110 GMT, shares had fallen off 3.71% to 0.169p.