31st Jan 2019 17:51
LONDON (Alliance News) - Range Resources Ltd said Thursday its production in the second quarter was slightly lower than the previous quarter due to "adverse weather conditions" in Trinidad and "limited storage capacity" as its Beach Marcelle field.
Range Resources average production in the three months to December 31 was 572 barrels of oil per day, a 4% decrease on the quarter before.
"There are a number of key objectives that we are focusing on, which include balance sheet restructuring and improving operational efficiencies in Trinidad. We continue discussions with LandOcean and are working to reach a solution for the benefit of all parties during this year. In the meantime, we continue with prudent cash management and preservation of our liquidity," said Executive Chair Kerry Gu.
Gu added: "At times when Trinidad is undergoing a rapid transition of its oil sector, we also recognise the need to undertake restructuring of our own operations in the country. The process has already commenced and we are hoping to achieve a reduction in costs and improve the competitiveness of our business. By delivering on our set objectives together with continuing with our work programme, we remain optimistic that we can achieve longer term value for our fellow shareholders."
Range Resources' cash and liquid assets held at the end of the quarter was USD5.8 million.
Shares in Range Resources closed down 6.7% Thursday at 0.035 pence each.
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