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Range Resources Ltd Share Chat (RRL)



Share Price: 0.475Bid: 0.46Ask: 0.49Change: 0.00 (0.00%)No Movement on Range Res.
Spread: 0.03Spread as %: 6.52%Open: 0.46High: 0.50Low: 0.46Yesterday’s Close: 0.475


Share Discussion for Range Resources Ltd


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Celticheart
Posts: 9,499
Observation
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 11:07
So just the one drill then Oma from the one rig, unlike RRDSL who are drilling multiple drills off the one rig.
 
OMADAWN
Posts: 1,576
Off Topic
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 11:04
LGO used contracted Rigs and moved quickly to avoid down time costs.

You need to understand the Regs. in this area. You can flow test with the safety equipment in place from the drill. You can’t go into production because of a number of safety related matters. Particularly the presence of gas in an area where you are not using intrinsically safe drilling equipment. Production equipment is significantly different from testing equipment.
Celticheart
Posts: 9,499
Observation
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 10:32
So how many drills did LGO carry out from the same rig on Goudron then, as I understand if they brought in a second rig for the second drill? The rule about not flow testing before all drills are complete only applies to multiple drills from the same rig I believe.
OMADAWN
Posts: 1,576
Off Topic
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 09:37
And to prove that RRL are misleading investors, here is lGO's version.... (note to Celtic. This is the first well on the pad)

Initial Production Rate Well GY-675, Goudron Field, Trinidad

LGO today announces that production testing has started on well GY-675, the first well drilled on Pad-5 in the Goudron Field in Trinidad. After initial clean up the well delivered a natural flow rate of approximately 325 barrels oil per day through a 7/32-inch choke with a well head flowing pressure of 640 psi. The measured oil gravity was 43 degree API. The well was completed over a 95-foot interval in the C-sand reservoir below 1,750 feet TVDss.

The well is now undergoing a series of production tests in line with the Company's policy on data gathering from new wells.
OMADAWN
Posts: 1,576
Off Topic
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 09:34
of course it is, but not when they clearly provide conflicting information via an RNA
Celticheart
Posts: 9,499
Observation
Opinion:Strong Buy
Price:0.475
RE: MD250/MD51-2
Sat 09:31
There is a big difference in testing log samples, which was done on MD250, to production flow testing which wont take place until all drills off this pad are completed:

"As previously announced, initial log evaluations on the MD 250 development well identified multiple hydrocarbon bearing zones, with an estimated net pay of over 140 feet

Accusing RRL of deliberately misleading investors is a serious accusation by the way.
OMADAWN
Posts: 1,576
Off Topic
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 09:20
well it appears RRL are telling us one thing in one RNA and something else in another. Reality is that you have to undertake production tests to evaluate the well potential and economics / risks of further wells. I 'm inclined to believe that RRL are misleading investors as LGO who operate under the same regulatory regime always gave initial production test results before proceeding with the next drill from the same pad.
Celticheart
Posts: 9,499
Observation
Opinion:Strong Buy
Price:0.475
MD250/MD51-2
Sat 09:13
"The 3rd well from the pad is dependent on the results of the 2nd, indicating again that the 1st wasn’t very good"

Really? read this extract from May's RNS.

"Range is pleased to announce that following the highly encouraging results of the recently drilled MD 250 well in Trinidad, the Company has made a decision to drill a follow up development well from the same drilling pad, named the MD 51-2 well. This will be a directional well to be drilled to a total depth of 3,900 feet to test the Forest and Cruse sands, which were encountered with the MD 250 well. The Company will be submitting the relevant approvals to spud the well to the regulatory bodies in Trinidad shortly.

As previously announced, initial log evaluations on the MD 250 development well identified multiple hydrocarbon bearing zones, with an estimated net pay of over 140 feet. In line with safety requirements, production testing operations of the MD 250 and MD 51-2 wells will be performed only once all drilling operations on the pad area are completed."
OMADAWN
Posts: 1,576
Off Topic
Opinion:No Opinion
Price:0.475
RE: MD250/MD51-2
Sat 09:10
Celtic, why are you trying to mislead... The following extract from RRL, tells you what happens. Production testing is undertaken and the results are used to evaluate further action. If the action is to drill further wells is decided then the well is not brought into commercial (operational) production. It is clear that production TESTS have been done and no results released. You fail to understand the reality of the situation, the process that takes place or are you deliberately misleading. LGO always gave initial flow rates before commencing the next drill from the same pad.

"As previously announced, during 2015 RRDSL successfully completed construction of a three-cellar drilling pad on the location. Once production testing on the MD 250 well has been completed, the Company will evaluate the possibility of drilling any follow on wells from the drilling pad dependent on the results from this well. As a standard practice and in line with safety requirements, production operations on a pad area are performed after the drilling of all the wells on that pad is completed. Therefore, if the Company decides to drill follow on wells from the drilling pad, all wells will be brought into production only once all drilling operations on the pad are completed."
Celticheart
Posts: 9,499
Observation
Opinion:Strong Buy
Price:0.475
MD250/MD51-2
Sat 08:58
Now here is the factual account rather than the previous post which claimed RRL will not, rather than can't release the production flow test results from MD51-1 (I guess that should have read MD250 as there was no MD51-1).

"As announced on 12 May 2016, in line with safety requirements, testing operations of the MD 250 and
MD 51-2 wells will be undertaken ONLY once all drilling operations on the pad area are completed. Flow
rate testing results will not be available until such time as these drilling operations and the subsequent
testing operations have been completed."




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