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Range Resources increases production from Trinidad asset
Exploration and production company Range Resources increased average net oil production in January by 23% over the previous three months , topping out the month at 777 barrels of oil per day.
AIM-listed Range told investors on Wednesday that its focus for the current quarter was on completing work intended to up water injection rates at its SE waterflood project to a rate of no less than 1,500 barrels of water per day.
Waterflooding is a low-cost secondary production solution that is designed to increase the amount of oil that can be recovered from an oilfield. The process involves converting some oil production wells into water injection wells by injecting water into the reservoir to encourage oil production from the remaining producers
The Western Australian-based group said it had planned a minimum of two new development wells at its Beach Marcelle and Morne Diablo fields and was anticipating to undertake as many as 30 "heavy" workovers across its assets, at the same time as it continued to seek approvals for its waterflood operations.
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, 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."
Separately, Range announced the appointment of Lubing Liu, a non-executive director at Range since 2016, as its new chief operating officer, effective 1 March.
In his new role, Liu will take control of overseeing Range's upstream and oilfield services operations, particularly focusing on Trinidad.
Chairman Kerry Gu said, "Lubing has made a significant contribution to the company since joining as a non-executive director in 2016 and we look forward to continue working with him in his new role."
As of 0840 GMT, shares had fallen 6.74% to 0.163p.