The Board of Range Resources Limited (“Range” or “the Company”) provides the following commentary regarding its activities during the three months ended 30 September 2013 to be read in conjunction with the Appendix 5B (Quarterly Cash Flow Report), which is attached.
TRINIDAD
Operations Overview
Subsequent to quarter end, Range provided an update where it acknowledged that it has been a difficult year thus far for all involved in the Company, resulting largely from a delay in the timing of key events and a fall in the value of the Company’s share price.
From the board’s view, Range is now positioned to fulfil its key corporate and operational goals moving forward, namely to lift and maintain production in Trinidad to 4,000 bopd by the end of 2014 and to 9,000 bopd by the end of the 2015.
A key milestone in the delivery of this goal has been the completion of a comprehensive field development plan (“FDP”) in Trinidad, compiled by management and independent technical experts as part of the process of finalising a reserve-based lending facility. The FDP sets out the geological, operational and financial parameters for the exploitation of the Company’s P1 Reserves over the next three (3) years. This represents more than three (3) months’ work by both internal and external sources and provides a clear development framework for our initial production increase in Trinidad.
To view Report please download PDF below:
