Foreign oil and gas exploration firm Range Resources has recorded a 29 per cent increase in oil reserves across its three onshore licences in Trinidad.

Proven, probable and possible oil reserves have risen by 5.6 million barrels to 25.2 million, which has in turn added US$173 million to the assets' value which according to Range now stands at US$680 million, the company said in a statement last week.

The licences also have an extra 30.5 million barrels of unrisked prospective resources, with the new estimate standing at 40.5 million barrels.

The upgrade is the result of an independent review which assessed the projects after one year in Range's control – during this time the company has completed over 20 wells.

It has also bolstered the programme with six drilling rigs in operation (two more are expected), and around 200 new employees.

"The company is extremely pleased with the progress made in the first year of operations and the material increases in reserves and resources that we have added to the existing reserves and resource base," said executive director Peter Landau.

"As development continues, so too will the increase in reserves along with the reclassification of the prospective resources into reserves following discoveries on our deeper exploration targets."

Range also announced that it has agreed to a US$15 million loan facility which is being provided by Yorkville Advisors, via its YA Global Master fund. It could also borrow more up to a total of US$25 million once Range is producing 1,500 barrels of oil per day.

The loan can be drawn in tranches of $5 million and it carries ten per cent interest.

The company says the injection of cash will support its operations in Trinidad, as well as in its newly acquired Colombian venture.

The company is extremely pleased with the facility given its flexible nature and will utilise the funds to continue its development programme in Trinidad along with initial funding of the Colombia exploration programme. 

"Coupled with the current sale process of Range's Texas assets (completion scheduled for this current quarter), the company is well placed with its short and medium term funding requirements," Range said in its statement.