Ta guys! NewIsh to aim.should have sold a few stocks an would hve been 70k up at least instead of 100k down.rrl holding is the main worry weighing me down just have to hope it turns good its 24p days seem miles way now.just have to wait LOL.
The fact PL resign from NKWE board as well , takes away the "conflict of interest" element with regards to IOP/RRL merger too ( which many PIs raised before as a concern )
In my view , alot is been done to make this merger happen and its my opinion that the due diligence will be passed by PL/RRL in coming 2 weeks.
The merger is a formality as the IOP shareholders dont have majority and Timis wants this ( as you rightly stated ) more than anything to happen and make Range a bigger player in the oil industry.
- We certainly will have a great Director in CH ( CEO maybe too ?? ) - Will have 2 x Producing assets ( Trini + Russia - Q1 2014 collectively 6k bopd! ) - Raft of Exploration assets ( Gautemala , Colombia , Georgia , Kazakstan , Niger ) - Texas sale to provide much need working capital for aggresssive exploration program ( hoping Colombia re-entry as proven 7.8mil PUT-1 well already there - that will give much needed increase in sentiment and 1 out of 4 drills success ) - Having a raft of reputable IIs invested in the new co will be massive benefit and will most certainly reduce the
Thats just a snippet , sure others can mention alot more things that spring to mind , but the above alone makes me more positive than negative about Ranges future.
Yes , IOP is very prospective at the moment...but so too were Range 3 years ago and look what happened to the SP once the explo plays were been done ( for those not sure...it grew 4-5 fold! ) and to add to that tose explo plays arent even over yet! ( Georgia will possibly sidetrack the Mukhani-1 well and Puntland will have 2nd phase in Nugaal/Dharoor later this year(seismics) ) So , the upside is definitely there.
So all , dont stress , remember why you invested here. Got the Range website , do some "googling" , do whatever to get more info on Range ( and repeat the same for IOP ) and you will start to see theres alot to be had here.
Could the RRL-IOP merger be voted down? . Mark I have posted on this a few times - this is all down to Timis in my opinion.
He is a proud guy - check out some of his interviews - he's like Tony Soprano! - he wants a flagship oil company on a prominent exchange. He is not happy languishing on NSX and has been seeking a way to reverse what he sees as a snub from ASX and AIM to being allowed to be listed. IOP don't want Range for our assets or management - The dual AIM/ASX listing is the prize for IOP
This merger is Timis's listing by the back door. As an entrepreneur he will always ultimately want an exit route - that is difficult on an illiquid exchange. He will have to sell down from 14% to 10% to jump through the initial regulatory hoops but will just increase his stake either directly or through associates once the merger goes through.
Just my view - but this has always been about the listing for IOP and the Operational Management for Range.
From one of CH's responses posted here on NKWE, it sounds as if something is afoot - PL will naturally be privy to this as a Director of NKWE. If the Tubaatse sale goes through it will be a huge coup and almost justify the merger from Range's perspective in one fell swoop.
We've been here (several times) before though so no chickens being counted by me
I understand the spare parts and sourcing issues have been addressed to an extent, but a broken mud pump is still a broken mud pump and still requires fixing and possibly being signed off by autocrats once fixed. I imagine if a mud pump broke down last year it may have taken longer than two weeks to address.
Confirmation of what many of us suspected - that 248 has had another (minor in this case) operational hitch. At this stage I am less fussed (although a little concerned for Rig 8 on Herreras!) because Lower Cruse are looking increasingly positive and that is a huge long-term filip for the company.
Glad to have confirmation that Pete is stepping aside - he has many qualities but operational management and shareholder communications are not his forte.
I would also like to think that his undoubted skills as a Corporate negotiator will be less needed in the future as the combined company just focuses on what its got on its plate at the moment!
Plenty of assets already - Niger looks very promising indeed and along with Nugaal can be the exploration play with production cash - no need for any further acquisitions in the next 18 months to 2 years in my book.
I had quite a heated discussion with Pete last night and I expressed my disgust regarding several issues, but my main issue was the fact that the drilling schedule published just three weeks ago stated that the first Herrera would spud in mid-May. I argued that he must have known this was impossible bearing in mind that 248 was still over 1000ft from TD alone without testing etc. He blamed the breakdown of a mud pump and said it had set them back by two weeks. If this is to be believed then TD should be within the next two weeks, but that remains to be seen.
I suggested that the delays may have been orchestrated until they could afford to drill a Herrera as they are seriously down on bood projections and therefore on working capital projections too, but he assured me this was not the case
I told him I had been hearing this for the best part of a year now and he said we have turned a corner in TT and that he would be out in 2-3mths anyway to baced by CH who he said had a better technical knowledge.
I have learnt many lessons from my experience with Range but I still think that there is money to be
The fact that keeps my optimism afloat is the capex already spent in TT which must have improved knowledge and technique and eventually I'm sure we will begin to turn a profit from TT alone.
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