Range provides the following update with respect to its Trinidad operations with the following highlights:
The average production in Trinidad for June and July was 570 barrels of oil per day. The overall production decreased by 8% compared to the last reported production of 620 bopd in May, due to a number of factors, including lack of drilling activity, natural production decline, and electrical outages. Despite the decrease in average production, the Company remains cashflow positive at current levels of production.
The Company believes that the next six months will show substantial improvements in operational performance. The access to additional four brand new drilling rigs during 2H 2015, will be pivotal to improving capabilities and limiting the downtime of Range's development and exploration operations.