You really need to understand what is going on with the relationship with our strategic partners rather than gloss over the with BS. How much as it cost to drill ? Where does the money come from to cover the costs?
Who asked to remove my post pointing out there were some serious operational problems a few days back ? What were they trying to cover up ? Why all the sells of recent days ?
I would also like to point out that, although we currently have no infrastructure in place for gas production, Trinidad is the biggest gas producer in the Carribean, who knows, this could be an unexpected bonus:
Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere. The Phoenix Park Gas Processors Limited (PPGPL) natural gas liquids (NGL) complex is located in the Port of Savonetta. It has a processing capacity of almost 2 billion cubic feet (Bcf) per day and an output capacity of 70,000 barrels per day (bbl/d) of NGL. After processing the gas is then transferred to the various power generators (POWERGEN, TGU or Trinity power) for generation of electricity and to the petrochemical plants for use as a feedstock.
The electricity sector is fueled entirely by natural gas. Trinidad Generation Unlimited power plant, the second combined cycle plant in the country with a generating capacity of 720 Mega Watts was opened on October 31 2013.
Before we get the usual trollfest following the quarterly report I would like to point out some key points:
Range continues to focus its efforts on longer term production growth from waterflood projects. The Company's production guidance of 2,500 bopd net to Range by the end of 2017 (calendar year) remains unchanged.
During the quarter, the Company announced the results of a reserves audit compiled by the independent petroleum consultants, Rockflow Resources Limited as at 30 June 2016. The audit showed an increase in the Company's total 2P reserves in Trinidad by 11% from the previously reported 22.0 million barrels of oil equivalent ("mmboe") (30 June 2015) to 24.4 mmboe, which validates the quality and potential of the Trinidad assets.
The first production from the South East block as a result of waterflooding is anticipated during Q1 2017.
Acquisition strategy: In line with the growth strategy of the Company to create value for shareholders, and to provide Range with additional production and revenue, the Board continues to evaluate potential acquisitions of high quality assets at attractive valuations.
What I would also like to point out is that this management reports with total honesty and is not afraid to spell out any problems in full, something we have not had for a very long time.
I'm sure I won't have been the first to notice that most of the trades in this stock are very small numbers. Out of 20 trades today, 10 are for less than £100 and a further 7 are for less than £500. Quite perplexing.
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