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Range Resources revenues rise as production ramps up

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Range Resources’ (LON:RRL ASX:RRS) revenues soared in its latest half-year as the group ramped up its operation in the Caribbean. 

Revenues rose to US$12.8 million from US$1.1 million, though net losses were little changed at US$2.2 million after heavy drilling costs. Gross producton for the half was just shy of 150,000 barrels of oil and 827 mcf of gas.

Range added it had drilled another three wells on its Trinidad acreage since the end of December, which had increased output to about 750 barrels of oil per day. 

Range is in the middle of an extensive drilling campaign in Trinidad and said the number of rigs operating on its onshore licences will double during March and April when another two rigs join up.

The remaining two company rigs will also begin work towards the end of June and this will mean a significant ramp up in drilling activity and production.

Range added that work is nearing completion on the reprocessing of its 3D seismic database in Trinidad.

This is expected to improve Range's ability to identify and image deeper drilling targets across its Morne Diablo and South Quarry acreage, including the Herrera Formation.

The company believes that improved imaging of its 3D dataset will help define existing targets and lead to additional prospects.

Once data reprocessing is completed, the company will look at its deeper drilling targets with the expectation of drilling its first deep test well in the third quarter of 2012.

In the US, Range said work is currently underway to revise the reserve estimates at North Chapman Ranch and is expected to be finalised once the Albrecht #1 appraisal well comes on line.

Elsewhere, Range is part of the consortium drilling the first wells in Puntland, Somalia for twenty years.

The highly anticipated first well spudded in January and will take 90 days to drill and evaluate.

Shares rose 0.5p to 14.75p.

 

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AIM:RRL
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