22nd Apr 2014 08:55
LONDON (Alliance News) - Range Resources Ltd Tuesday announced an update to its operations and financing plans, and noted that it has failed to complete the sale of its Texas assets within an agreed timeframe.
The hydrocarbon exploration firm said its average Trinidad production for March was 533 barrels of oil per day, with three of its fleet of six drilling rigs fully operational and drilling ahead of schedule.
The company said that at its Morne Diablo field in Trinidad, the QUN 148 and QUN 149 wells have been completed and are either on production or in production tests but the sidetrack on its deeper MD 248 site has just started operations, following delays in sourcing equipment.
Range Resources said its QU 452 well in the South Quarry field showed an influx of oil after drilling to 1,945 feet and is currently awaiting regulatory approvals for further perforations.
The company said it is in negotiations with funding providers and is reviewing a number of financing opportunities, including a possible reserve-based lending option for the company's development projects in Trinidad.
The firm said the purchaser of its Texas assets has failed to complete the deal within an agreed timeframe, but the company will continue to pursue sale completion with the purchaser while also running a simultaneous process to re-market the assets in order to divest the development project.
Range Resources shares were quoted flat at 0.670 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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