Range Resources Limited
(ASX:RRS) has agreed to sell its Drilling Services Company in Trinidad for $8.8 million to help fund its Trinidad oil operations.
The asset will go to a wholly owned subsidiary of Land Ocean Energy Services, Range’s strategic partner in the Trinidad oil fields.
The two companies are also well advanced in plans to waterflood the licences Range holds in Trinidad with all environmental and government approvals received and funding secured.
Waterflooding is a process by which filtered water is injected into the oil reservoirs forcing oil to the surface for recovery.
LandOcean will supply all technical services to implement the waterflooding plans. Deputy General Manager of LandOcean, Dr Wang Guohui, has been appointed to head up the project.
Range Resources made a net loss of $108.9 million for the 2014 financial year.
