Range Resources tumbles as Trinidad update disappoints

Shares in Range Resources tumbled as an update on its Trinidad operations disappointed investors.

The exploration and production company said average production in Trinidad fell by 8% in June and July compared to the last reported production of 620 barrels of oil per day in May as a result of several factors including lack of drilling activity, natural production decline and electrical outages.

Despite the fall in average production, Range remains cashflow positive at current levels and said the next six months will show substantial improvements in operational performance.

Range expressed disappointment over recent production but said access to four additional brand new drilling rigs in the second half of this year will be pivotal to improving capabilities and limiting the downtime of Range's development and exploration operations.

In addition, the company said that the initial work programme on the “highly prospective” St Mary’s exploration block has commenced with the audit of existing field infrastructure facilities and wells currently underway. Range is planning to commence the tendering process for drilling rigs, equipment, and other oilfield services during August.

At 09:13, Range Resources shares were down 9.3% at 0.59p.