Range Resources says production target in Trinidad won't be met until 2016

Oil and gas explorer group Range Resources warned it will not meet its production target at its Trinidad operations until early next year.

Earlier this year, the London - listed said it expected annual production from the Trinidad wells to be 1,000 barrels of oil per day, although on Monday it warned it will not be able to hit the target until the end of the first quarter next year.

The news comes a setback for the group, which had expected to achieve its target by the end of the current year.

However, Range said it was forced to downgrade its target due to fewer wells being drilled than originally expected, because of a number of delays on rigs arriving at the project area.

The group added the production level from the wells last month was 560 barrels per day and it is expected to remain approximately unchanged throughout the final quarter of 2015.

Range shares were down 1.60% to 0.413p at 1126 GMT on Monday.