Range targets production from Indonesian asset by 'mid-2018'
By Iain Gilbert
Date: Thursday 22 Mar 2018
(ShareCast News) - Oil and gas company Range Resources has agreed on an early production focused work programme on its Perlak field asset in Indonesia, with first oil production targeted for mid-2018.
With field work, principally comprising well re-openings and work-overs, expected to kick off during the second quarter, Range's planned work programme is expected to add up to 200 barrels of oil per day to its production levels.
Since completing the acquisition of Perlak in October, Range, working with the Indonesian state-owned oil and natural gas firm Pertamina, the group has built an experienced team in Indonesia, focused on finalising a work programme and budget for the projects, as well as undertaking initial geological and geophysical studies.
The AIM-quoted group now plans to reopen as many as ten existing, previously producing wells, in addition to completing workovers of two wells.
"This work programme has been designed to swiftly reinitiate production from the historically producing Perlak oilfield in 2018," the firm told investors on Thursday.
The total forecast expenditure for 2018, including well reopening, workovers and other required fieldwork was estimated to be approximately $6m.
Yan Liu, Range's chief executive, said "Following the completion of the initial study work, Range and its partners have developed a plan to target a rapid return to production by undertaking a low risk, focused work programme. This is a first step towards unlocking the full potential of this highly prospective asset, which has the potential to deliver significant benefits to our shareholders in the form of increased production, cash flows and new development opportunities."
As of 1040 GMT, shares had slipped 8.89% to 0.20p.
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