That could not be further fro the truth, we are making good solid progress but waterflood takes time to build up pressure and we are drilling multiple wells from the same platform which can't be fully tested until completion but very positive indications so far. Give this a few more months and you will see the progress we are making.
all is quiet. I haven't looked here for a while but I see it is going nowhere but then what news has there been to move it. I'm hoping that it will turn around one day and as I have always said I will wait patiently until that day. I can't see much movement in 16 but maybe 17 was the year, I'm sure i said that in 15 or maybe it was 14!
Not sure if already posted but see below: Range Resources More good news from Range this morning as they announce that MD 251 (Was MD 51-2) spudded on Friday. The well is a ‘development well’ for the MD 250 as it is also a directional well to test the middle and upper Cruse sands encountered in the 250 well. Initial logs there identified ‘multiple hydrocarbon bearing zones in the 140+ feet of pay. This is the second in a six well programme designed to increase the company’s reserve base, expect two more Morne Diablo wells, one at Beach Marcelle and an exploration well in the Guayaguayare block.
Which ones are those Ch? Shouldn't you be more concerned with the opening trade at just shy of 0.45p, has given a big red candle for the day? Someone happy to sling in £700 at any price caught by a wide spread on open but it's turned the PSAR around. Still broadly aligned to the rising trendline from February and March, so arguably no reason for paranoia about what some algo bot may or may not be up to skimming pennies here and there.
Personally I have come to terms with the fact that the company has to have a restrained drilling campaign until there is sufficient cash flow to pay for drilling to be ramped up.
That will come once the water flooding results in a substantial increase in oil production. All the moaning in the world will not change the BOD's sensible approach.
All those who want a Gung Ho drilling campaign should invest elsewhere. Landau has gone and you should all be grateful that more sensible professional oil men are in charge. They will carry out the necessary work in line with budgets.
Don't expect too much since increasing the BOPD a multiple of 5 times from 500 to 2,500 may only increase the share price from 0.34p to 1.7p.
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