Commencement of Operations in Indonesia

RNS Number : 3917P

Range Resources Limited

29 May 2018

 

Range Resources Limited                                                                 

('Range' or the 'Company')

28 May 2018

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

COMMENCEMENT OF OPERATIONS IN INDONESIA

Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is pleased to announce commencement of operations at the Perlak field, located in Northern Sumatra in Indonesia.

The rig to be utilized for the work programme has been successfully rigged up at the POG-D well location, which is the first well identified in the work programme. The reopening of the POG-D well has already commenced and is expected to be completed by the end of this month. Following reopening of the well, the same rig will be used to undertake a workover on the well.

Following completion of operations on the POG-D well, the rig will move to the second well (POG-E), which is also planned for reopening and workover. As announced on 22 March 2018, the agreed programme for the year comprises reopening of up to ten existing, previously producing wells; two workovers of previously producing wells (POG-D and POG-E wells); and geological, geophysical and integrity studies.

The work programme has been designed to swiftly reinitiate production from the historically producing oilfield, and is expected to add up to 200 barrels of oil per day of production (gross).

Yan Liu, Range's Chief Executive Officer, commented:

"We are hugely excited to be announcing the commencement of operations in Indonesia, on track with the previously announced schedule. The Perlak field is one of the oldest producing oilfields in the world, geologically similar to our producing assets in Trinidad. Our objective in Indonesia this year is to reinitiate production from this mature field, commence cashflows and firm up the future development plan. We believe this asset has the potential to deliver significant benefits to our shareholders and we look forward to sharing details of our progress in future announcements."                     

Contact Details
Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager) e. [e-mail] t.   [phone]	Cantor Fitzgerald Europe (Nominated Adviser and Broker) David Porter / Nick Tulloch (Corporate Finance) t.   [phone]

Notes:

Reserves Estimate

Please refer to the Company's announcement of 6 April 2018 ("Indonesia Update").  There has been no change to the petroleum reserves estimate on which the production forecast is based since the date of that announcement.

Statutory disclosure of significant shareholdings

Statutory disclosure of significant shareholdings (as defined in the AIM Rules) is different for Australian companies and may not always ensure compliance with the requirements of Rule 17 of the AIM Rules.  All shareholders who are holding (directly or indirectly), 3% or more of the issued and outstanding Ordinary Shares are requested to notify the Company without delay of any changes to their holding which increase or decrease such holding through any single percentage. Likewise, shareholders who acquire 3% or more of the issued and outstanding Ordinary Shares are requested to notify the Company without delay.

 

END

 

 

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