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.

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.

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

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Best savings accounts – February 2023
Savings

Best savings accounts – February 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now
3 Feb 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

Interest rates are now at 4%, and they could rise further in the months ahead.
3 Feb 2023
NS&I brings back one-year fixed bonds with highest rates since 2010
Personal finance

NS&I brings back one-year fixed bonds with highest rates since 2010

NS&I’s one-year fixed bonds are back on sale after being pulled off the market in 2019 - but is the rate any good?
1 Feb 2023