feeling sad for you...your boot is already filled up otherwise you could have bought some more now or bit later under 1P...I will top up @0.8P as this is where we will be soon as no news is impending for next couple of days.
silly me despite of having repeated urges of selling up before the results I didn't sell. This company is disgrace, and there should me an EGM to oust RSR. He can not deliver, Company needs someone with much more experience. Results are bit like story of a kid who blames everyone but himself for getting poor grades. Enough of previous management theory. RSR is looking to exploit shareholders grudge against previous management to his advantage. Being the captain he need not repeating old story, and need to take responsibility for his poor performance. The irony is that he didn't miss the target of 4000BOPD set by Landau, but his own target of 1000BOPD which he set only after couple of months, and detailed review after taking over rein from Landau. How could he blame Landau for missing 1000BOPD disgraceful.
Hi mate! Good to see you last night and others that turned up and a good evening was enjoyed by all. Pity about today though, which has rather coloured our day. A great time to invest in Range............well, I'm not making recommendations today! Will Range stay or go?
If theres one thing this share can be relied on to do its disappoint.
However being underwater and not prepared to give up at this late stage the only thing to do imho is look at the positives, ok there arent many but compared to our situation 12 months ago we are at the very least in possession of the facts as unpleasant as they are.
Every deal the gap toothed prat made has proven to be a disaster and the new management has clearly had a task extricating us and reducing our exposure. Promises of growth and riches from these deals have proven to be false but I agree the least worst option was to go the route Rory has gone, there was never going to be a win situation with any of this, what was presented today was the least worst option far as I can see.
Trinidad despite the epic mismanagement and lack of investment while Landau was playing coprporate monopoly somehow still managed to be profitable. Just imagine how different the news would be today (and the SP) had all the shonky deal money been invested in the one good core asset we had all along.
Look at LGO- their increase in NAV is based wholly on Trinidad with a fraction of what we already have and theyre at 6p and with plenty of their own shenanigans playing in the background too.
Puntland- offshore- hmmmm maybe something that wouldve been better kept but its an extremely long haul and potentially extremely expensive, offshore isnt our area so I can see why we divested that. Keeping onshore Puntland a good move, one day this will reignite and we have good low risk exposure. A small positive there then.
Columbia- another bum deal but again I think the crumbs we have retained are again the least worst option.
Georgia/Texas- as with anything PL forget it, its all but dust and none of the potential revenue features in our SP now, if something actually comes of it all then good, it can be used to pay down some of the new borrowing.
Loan Terms- horrendous which is why the market 'rerated' us 30% lower ****e deal but still better than PLs shonky dilution loans.
Positives- well I said there werent many and to be frank the only one is we know that Trini IS profitable. We know now that Range will only be expending effort on this asset and have demonstrated this intention with the pain we have witnessed here today. Trini is actually worth the SP alone.
Another BIG postive tucked away in the webcast and repeated for good measure was they have cut loose on the 'consultancy and other fee's' which I read as PL is now history.
However the problem remaining is trust. If this company issued an RNS to say grass was green most investors would go outside and double check, so many lies, so much hidden incompetence cant just be washed away overnight.
If Rory has any sense he will be liasing with RIG and individual shareholders at every opportunity, every scrap of positive news will be needed to keep this SP afloat, with 6 months waiting time again, we really cant affor
Carve, the problem is people don’t like to hear bad news about their investments a lot of the time as it makes there decisions to invest bad ones, be that financial or otherwise. I am the same and just want to see this back to where it should be. However, I have taken out (for me) quite a big long today. Will sit on my isa’d funds for a couple of years but it may be a while before I see the fruits of these labours. It could be a long dark winter for a lot of Range holders unless 1 of a couple of things happen. 1) we drill some good wells similar to Leni or 2) we flog one of Texas/Georgia.
Need to really re-read everything in the cold light of day but am still optimistic long term but I think there is a the potential for some further pain and suffering in the coming weeks and months.
Do I feel let down by RSR, yes for the reasons you state regarding being debt free only to take out a loan of Landau-esque make up. I was upbeat yesterday following the loss of the monies in Columbia, for the reason I believed there was some money around the corner to offset the loss of $3.48m, I was sadly wrong.
This share is an emotional rollercoaster, I think this is why it has so many followers. IF RSR can get the company drilling, there is NO reason why the promise cant be fulfilled.
Because the loans had to be repaid. Only way was to inflate the sp with an injection of cash at favourable terms, in comparison to what they could have done at 0.7p, and repeat. Which is what they have done today. Does anyone really think $10 m is enough to get Trinidad producing what it needs to, to get enough cash to improve things? What amazes me is people actually believe in this company after all the missed deadlines and targets.
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