US-based oil and gas company Range Resources (ASX:RRS) has reported positive oil production results at its recently drilled operations in Trinidad.
The Beach Marcelle field in Trinidad is flowing a stable 120 barrels of oil per day (bopd) since recently being put into production.
Range’s CEO Yan Liu commented that the production results from the latest well are pleasing and are one of the best producing oil wells drilled by Range in recent years in Trinidad.
Production growth from the waterflood programme which makes up 40 per cent of the current production is also showing a positive trend with a steady increase in production. The company is planning to expand its waterflood programme, with initial work expected to commence towards the end of 2018 and into 2019.
The resources company’s average production of oil for the quarter is more than 600 bopd, with daily oil production at around 700 bopd.
Shares in Range Resources (ASX:RRS) last traded at $0.004.