Range Resources upgrades reserves total at Trinidad licences

Range Resources, the AIM-listed oil and as exploration group, has posted an increase total possible reserves at its three onshore Trinidad licences by 5.6m barrels to 25.2m, a rise of 29 per cent.

Proved reserves having climbed from 15.4m to 17.5m, while probable reserves rose from 2.2m to 2.7m and possible increased 3.0m to 5.0m.

The proved valuation has jumped 34%, or $173m, to $680m. The firm's net unrisked prospective resources (best estimate) increased by 30.5m barrels to 40.5m barrels.

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The company has also entered into a $15m loan agreement, with the possibility to increase it to $25m based on production milestone (1,500 barrels of oil per day).

Range's Executive Director, Peter Landau said: "The company is extremely pleased with the progress made in the first year of operations and the material increases in reserves and resources that we have added to the existing reserves and resource base. As development continues, so too will the increase in reserves along with the reclassification of the prospective resources into reserves following discoveries on our deeper exploration targets."

The share price rose 1.94% to 5p by 13:26.

NR