Range Resources making progress but losses flat

Oil and gas group Range Resources reported the same level of losses in the first half of its fiscal year, despite soaring revenue, as operating costs increased significantly.

Revenue from continuing operations increased from $1.1m to $12.8m in the six months ended December 31st. However, as operating costs surged from $0.6m to $8.3m, the pre-tax loss was flat at $2.2m.

The firm completed five out of the 21 development wells at its Trinidad assets during the period, with production totalling 90,000 barrels of oil. The group is now running a 24-hour operation in the region after adding over 70 employees.

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In Georgia, Range spudded it first exploration well but further drilling at the next well has been delayed by severe weather in recent weeks.

The company also reported successful drilling in Texas and said that the Smith #2 well is expected to come on-line into production shortly.

Shares were up 1.75% at 14.5p in early trading on Friday.

BC