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Range Resources

Half Yearly Report highlights

Informed Discussion. No ramping. No deramping.

Half Yearly Report highlights

Post Fri Mar 16, 2018 7:16 am

Yan Liu, Range£s Chief Executive Officer, commented:
£We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results.
We continue to invest in growing the asset base and completed two important acquisitions during the period. Throughout the remainder of this year we look forward to seeing further improvements in key metrics such as operating costs as a result of RRDSL acquisition, and revenue growth from our upstream assets.
We are confident that as we focus on growing the business, we will continue to deliver substantive value and results to our shareholders.£

Highlights for the period include:Operational

The average production for the period of 605 bopd was 22% higher than comparable prior year;
Increase in production is mainly attributed to the ongoing waterflood programme, selective£development£drilling and workovers;
The Company continued with implementation of the Beach Marcelle waterflood project, which accounts for the vast majority of Range's reserves in Trinidad;
Production from waterflood continued to increase with approximately 30% attributed to this programme;
Two development wells successfully drilled and brought into production;
Over 130 workovers completed; and
Independent Competent Persons Report (£CPR£) published confirming net 2P reserves of 16 MMstb and net 2C contingent resources of 8 MMstb.

Financial performance has materially improved with a 77% reduction in loss before tax to US$8.5 million (prior year: US$37.8 million);
Revenues increased by 39% to US$5.4 million (prior year: US$3.9 million), principally due to an increase in production;
Operating expenses decreased by 14% to US$34.5 per barrel (prior year: US$40 per barrel);
General, administration & other expenses decreased by 40% to US$3.2 million (prior year:
US$5.4 million);
No impairment charge has been recognised for the first time since 2013;
Cash and other liquid assets at the end of the period of US$10.9 million (prior year: US$20.6 million). The reduction in cash is due to a number of factors including the investment into the new acquisitions and the funding of a drilling programme in Trinidad; and
Range continues to benefit from the generous credit terms offered by LandOcean Energy Services Co., Ltd across various funding arrangements. The average maturity profile is in excess of two years and none of the credit arrangements have any security, and nor do they have any financial covenants or restrictive controls.
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