New CEO for Range Resources
Junior explorer Range Resources announced Monday that it has appointed Rory Scott Russell as its new CEO and that it has appointed two new non-executive directors.
Just 34 years old, Scott Russell has built up 10 years of international experience in upstream positions at Royal Dutch Shell. Most recently, he was finance manager for Shell Exploration in Europe and Russia.
Range also announced that Executive Director Peter Landau is to step down from his position with immediate effect. Landau will continue to support the business by remaining on the board as a non-executive director.
The two new non-executive directors are: Graham Lyon, who has more than 30 years’ experience in the oil and gas industry and currently holds board positions at Hawkley Oil and Gas Ltd, Tarbagatay Munay LLP and Soncer Ltd; and Dr Christian Bukovics, who has more than 33 years’ experience including executive positions held at Shell.
In addition, the company said that it has begun a recruitment process for a full-time chief operating officer.
Range also reported that its average production for the three months to December 31 amounted to 594 barrels of oil per day, compared with 636 bopd in the previous quarter. Range said the decrease was due primarily to no drilling rig activity during this period because of regulatory inspections of rigs, along with continued execution of the company’s rig fleet maintenance and spare parts program in Trinidad.
The rig maintenance program is required to execute the Trinidad Field Development Plan, which Range expects to result in increased production, cash flow and proved reserves through drilling and testing.
Meanwhile, Range confirmed that a previously-proposed merger with International Petroleum Ltd will not be proceeding, with “constructive negotiations” continuing with regards to Range’s $8 million loan to International Petroleum.
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