....and Malcy also has good things to say about them.
Range Resources
A quarterly report from Range but so much has been released lately that there is little new news in it. However the production in the period was 731 b/d up another 16% on the previous quarter due to increased water storage facilities at Beach Marcelle and 57 workovers. The Trinidad operations had positive operating cash flow during the quarter of $0.8m equivalent to $12 per barrel of production. In addition the oilfield services business was awarded a new contract by Shell.
Target production in Trinidad is 800 b/d in this quarter and 1,000 b/d by the end of the year. In Indonesia, with two offices established and a management team in place, preparations to commence field operations are underway and first production is targeted in mid 2018.
With cash of $9.5m and a fully funded cured work programme the company’s financial position is strong and revenues should also be increased by new clients at the oilfield services side. Range is now looking more strongly positioned than for a long time.
RRS Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
