Range acquires more acreage in T&T

Range Resources has entered into a binding sale and purchase agreement to acquire offshore assets from a Trinity Exploration & Production subsidiary, the company announced in a press release last Friday.

Under the deal, Range will pay USD 4.55 million for a 100% stake in Brighton Marine and 70% in Point Ligoure-Guapo Bay-Brighton Marine. The company will operate both shallow-water assets.

The blocks, together holding 2P reserves of 2.6 million barrels and currently producing around 200 bopd, are known as the West Coast Assets. The acquisition will increase Range’s presence in Trinidad and Tobago, raising the company’s production to more than 800 bopd, representing an increase in output of around 33%.

“We are extremely pleased to have agreed a second acquisition of upstream assets this month,” said Range chairman Kerry Gu in a press release. “Expansion of our existing portfolio of producing assets in Trinidad will not only provide additional production, cashflows, reserves, drill targets and enhanced oil recovery potential, but it is also expected to result in further improvements to the cost structure across our Trinidad business.”

The deal is expected to be finalised in Q4 2017, pending ministry regulatory approval and the waiving of state-owned Petrotrin’s pre-emption rights.