Range beats daily production target with five weeks left in the quarter
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Range Resources has beaten its quarterly production target in Trinidad with five weeks to go before the end of June.
The Trinidad and Indonesia-focused oil and gas company (ASX:RRS) has reached its target of 800 barrels of oil a day (bopd).
It had planned to reach this by the end of June.
In the March quarter it reached 731 bopd, and received prices of on average $US12 ($15.89) a barrel.
“During this quarter our focus in Trinidad has been on achieving our production target of 800 bopd,” said chief Yan Liu.
“We are currently in the process of reviewing our plans in Trinidad for the remainder of the year with a view to increasing the work program and achieving continued production growth.”
The production growth is from a well optimisation program, which has revitalised 34 wells. Range plans to upgrade another 24 by the end of June.
Range shares were flat at midday on Thursday, at 0.4c.