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Gold/Mining/Energy : Ranger Oil -- Ignore unavailable to you. Want to Upgrade?

To: claud_c who wrote (341)	7/9/1999 10:19:00 AM
From: RIK	Read Replies (2) \| Respond to of 395

CALGARY, July 9 /CNW-PRN/ - Ranger Oil Limited announces that production from the Banff Field (interest 26.2%) located in the U.K. sector of the North Sea, is shut-in and will remain so for a period of approximately 15 to 20 days. This will allow the operator of the Banff floating production vessel (FPSO) to carry out necessary remedial work on the vessel, including repairs to the windsail damaged in a fierce storm last winter. This work should enable the field to reach estimated peak production of approximately 60,000 barrels of oil equivalent per day by September, 1999. As a result of the priority being given to the Banff FPSO repairs, tie-in of the Kyle Field operated by Ranger (interest 40%) previously scheduled for this summer with first production by the end of 1999, has been deferred. The Kyle group is therefore now considering in conjunction with the regulatory authorities the use of alternative development schemes for the Kyle Field with a view to preserving early first oil production. The Pierce Field (interest 15.6%) has recently achieved full production of approximately 45,000 barrels of oil per day following commissioning of gas re-injection facilities. Ranger's average daily oil production in 1999 is now estimated to be approximately 75,000 barrels of oil equivalent. This is an increase of approximately 8% over 1998 production levels.