An early morning 15% jump in share price has followed an announcement by Range Resources that is has received an independent reserves report.
Range announced on Monday that it received an independently audited increase in reserves across the company’s onshore licences in Trinidad at the Beach Marcelle, Morne Diablo and South Quarry licences.
The company's share price jumped from a close of A$0.027 (US$0.025) on 13 June to a morning high of A$0.033.
The company’s proved and probable reserves have increased from 20.2 million barrels to 22.1 million barrels.
These increases are a result of the company’s ongoing drilling and development programmes in Trindidad.
The report was completed by Forrest A. Garb & Associates.
Range has also reported an 18% increase in production in Trinidad from 533 barrels per day to 630 bpd.
The company said this was due to “excellent results” at a South Quarry development well which is producing at a stabilised rate of 70 bpd.