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Range Resources narrows losses as production levels rise
Exploration and production company Range Resources saw average production for its most recent trading half move forward 22% thanks to its ongoing waterflood programme.
Range's production from its waterflood project continued to increase, up approximately 30% year-on-year, as the firm also successfully drilled and brought into production two development wells and completed more than 130 workovers during the period.
Total production hit 111,338 barrels of oil, pushing EBITDAX 87% higher to a loss of just $543,518.
Range said its financial performance had "materially improved" after its reduced its pre-tax loss for the six months leading to 31 December by 77% to $8.5m due to a 39% increase in revenues to $5.4m and a 40% decrease in expenses to $3.2m.
Cash and other liquid assets were nearly halved to $10.9m from $20.6m as a result of investments made in new acquisitions and the funding of a drilling programme in Trinidad.
Range continued to benefit from credit terms offered by LandOcean Energy Services across various funding arrangements with an average maturity profile of in excess of two years.
Yan Liu, Range's chief executive officer, said, "We continue to invest in growing the asset base and completed two important acquisitions during the period. Throughout the remainder of this year, we look forward to seeing further improvements in key metrics such as operating costs as a result of RRDSL acquisition, and revenue growth from our upstream assets."
The AIM-quoted firm's loss per share narrowed to 0.13p from 0.52p.
As of 1040 GMT, shares had dropped 1.14% to 0.173p.