News: Range pushes ahead with development plans

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Range Resources Limited (ASX:RRS, LON:RRL) has provided an output and financing update while also advising it has missed the deadline for selling its Texas assets.

 

The dual-listed oil and gas company achieved average Trinidad production of 533 barrels of oil per day in March. The company says three of its fleet of six drilling rigs are fully operational and drilling is occurring ahead of schedule.

 

On the financing front Range Resources’ new management team are now reviewing a number of financing options as they work to implement appropriate financing for projects. 

 

The company has also conceded it has been unable to finalise the sale of its Texas assets within the agreed timeframe but says it will continue to pursue the divestment process. 

 

Shares in Range Resources jumped 16.67 per cent to close at $0.014 in Australian before the announcement was made yesterday and rose 0.75 per cent in London following the news.  

 

Range Resources reported a net loss of $20.3 million in the first half of the 2014 financial year.