19th Oct 2016 08:57
LONDON (Alliance News) - Range Resources Ltd on Wednesday said production was broadly flat in the third quarter but said its output ramped up in September to give a higher exit rate for the period.
Range said its oil production for the quarter to the end of September was 40,888 barrels, or an average of 444 barrels of oil per day, flat on the previous quarter.
Range said production ramped up in September following a development drilling programme and workovers. The exit rate for September was 600 barrels per day.
The company drilled two development wells at the Morne Diablo project in Trinidad and completed production testing on the two wells. The final two development wells for the project are expected to spud in the fourth quarter of 2016, while the Canari North well at the Guayaguayare block is set to spud in the first quarter of 2017.
Shares in Range were down 8.3% to 0.42 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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