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Range Resources clarifies forecasts at Indonesia investment
Range Resources updated the market on its operations in Indonesia on Friday, referring to its previous announcement on 22 March and clarifying that the reported forecast production figure of 200 barrels of oil per day gross had been extrapolated from the company's 1P reserve estimates of 279,055 barrels gross.
The AIM-traded firm said that, based on its initial 23% indirect interest in the Indonesia project, the net forecast production to Range was estimated at 46 bopd and net 1P reserves of 64,183 barrels.
"Range does not consider its interest in the Perlak field in Indonesia to be a material oil and gas project for the purposes of the ASX Listing Rules in light of the significance of its oil and gas assets in Trinidad," the board said in its statement.