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.

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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.

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