Range Resources: Range Resources repeats production target; lower output in latest quarter

Range Resources Ltd (LON:RRL) repeated its production target of 2,500 bopd from Trinidad by the end of 2017, although it reported reduced output in the three months to end June. The period saw 40,527 barrels produced - 19% lower than the previous quarter, due to the previously announced scaling back of its workover programme due to costs. Only the most profitable wells are now being reworked. Water injection on the South East Block of the Beach Marcelle project began during the latest quarter with first production anticipated during the first quarter of 2017. Water injection at the Morne Diablo project kicked off in December last year and first output is expected in the second half of 2016. Range also said it continued to evaluate potential acquisitions of high quality assets at what it called "attractive valuations" and said cash as at June 30 was US$21mln compared to US$21.6mln in the preceeding quarter.