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I can�t take the credit for the post. This is from Nedkellylandau who posted on Worldstocks. They make some points about Landocean that need answering
That's a great post Delft, there are a lot of points in it that are worthy of discussion. Waterflood IS expensive despite what the rampers would have you believe and it is not straightforward either. Intimate knowledge of the reservoir is required.
Nedkellylandau posted this early today on Worldstocks. Would be interesting to see others thoughts on this �As time goes by we seem to be becoming more aware of the apparent failings of Landocean. Why did we get what appeared to be such a good deal with favourable payment rates and why did Landocean bail out of T&T? When Landocean came on board they were heralded as world leaders in secondary recovery including waterflood. They spent months and millions of our dollars on geological and technical surveys, allegedly to get the best results, promising several thousand bopd by end of 2017. Look where we are now. Few of us, if any, have expertise in waterflood but even I could have established that we had enough "water" for a waterflood and this obviously doesn't seem to have been the case. Take one step back. If you are a world leader in waterflood you should be aware of what pumps are required and what is available - not the case, another step back. Morne Diablo waterflood is so problematic that further work has been halted aqnd poor production rates. How come? What about the millions of dollars spent on surveys - at least two steps back! Lanocean has charged us millions but given very preferential payment schemes. Is this hindering legal action against them? In my view we should be chasing Landocean for reimbursement and compensation on the cock up that is apparently Waterflood It may not be the Chinese way of working but should we be taking action against LO. Some views for/against would be appreciated�
Celtic, this little question seems to have stumped you.
Celtic, the statement "It is only a matter of time before the US is forced to cut back its production as there is little point producing massive amounts of oil with no market for it. " Is that written by yourself, ie your opinion, or did you read it somewhere.
�While today�s announcement lifts some of the uncertainty on whether and when OPEC and Russia would increase production, we do not view this as a material change to our bullish oil outlook,� Goldman Sachs wrote in a research note last Friday. https://oilprice.com/Energy/Energy-General/Goldman-The-Oil-Price-Rally-Isnt-Over-Yet.html
WTI might have retraced (though not the price of oil in general) but check out the 1 year chart. The current issues are specific to the US market NOT to the global position of Oil as a commodity. In my opinion WTI has not stopped its climb just retraced temporarily with short term trading. http://markets.businessinsider.com/commodities/oil-price?type=wti
As you can see it�s very difficult to call at the moment https://www.dailyfx.com/forex/fundamental/article/special_report/2018/06/01/Crude-Oil-Weekly-Trade-Forecast-June-OPEC-Shale-Platts.html?ref-author=DFXGeneric
Another good piece https://www.energyandcapital.com/report/oil-outlook-2018-long-lost-recovery-or-price-crash/2494
Good article on the challenges around the world https://www.bloomberg.com/view/articles/2018-06-01/this-is-what-an-oil-shock-looks-like
Opinion is split currently. This view would be bad for all oilers https://www.cnbc.com/2018/05/29/cramers-charts-show-there-could-be-more-pain-ahead-for-oil.html Makes it a lot harder for any company wanting to pay debts back Perhaps Range will reduce production till Oil price rises as one poster recently mentioned
Celtic, the statement "It is only a matter of time before the US is forced to cut back its production as there is little point producing massive amounts of oil with no market for it. " Is that written by yourself, ie your opinion, or did you read it somewhere.
Because it affects the price of WTI at the moment
If it doesn�t effect us why post about it?
Simple answer we are not using their pipelines so it doesn’t affect us. The problem is they can’t deliver their oil, we can. Clear enough for you?
So if a producer in the US are forced to cut back their production, will RRL be forced to as well. If not then why not
The drop in the price of WTI is largely to do with US companies producing to capacity but the problem is the pipelines are full and transporting by road or rail is too expensive and couldn't handle the volumes. The global price of oil is dropping as can be seen by the widening gap with Brent Crude. It is only a matter of time before the US is forced to cut back its production as there is little point producing massive amounts of oil with no market for it. We are also just starting the driving season in America which creates a big draw on oil reserves. Just my opinion but I don't think the rise in WTI is finished, just resting, far too much negative geopolitics happening for it not to affect the POO long term.
Friday, June 1, 2018 According to a survey conducted by Reuters, OPEC oil output fell to a 13-month low in May due to declining Venezuelan production, Nigerian outages and strong compliance with the cartel�s supply-cutting deal among members and non-members. Reuters� survey found that 32.00 million bpd were produced in May, down 70,000 bpd from April�s revised figure. The May total is the lowest since April 2017, according to the survey. https://www.petroleumafrica.com/opec-oil-output-hits-new-lows/
Hi again Bounty. I believe, a few month ago, that I read the current BOD maybe voted down at the next AGM. I may be wrong on that, so apologise up front if I am. This would throw another dynamic into the ring, where it seems the big investors who bought in at 0.08p as I recall, are just tossing the dice and will bring in another board to try and salvage their investment. What any company on the brink needs is consistent management with incremental and progressive results. This may well already be happening based on the Indonesian project update recently and I hope it is for all invested here. TT actually saved Range from going under years ago and was the only good thing Landau ever did. With the failure of Puntland and Georgia, Range would have folded years ago without the TT lifeline. But it was always just a life line, and was never going to be a significant generator of profit IMHO, as I posted at the time. They now need to break out of the apathy and start ramping up production, anywhere they can. Range needs a spark, based on fact not fantasy, as happened in the past. That will lead to better communications with the outside world and new investor interest. They can't just bumble along hoping positive sentiment and renewed vigor will miraculous reappear.
bounty, you might be right. The Ramper is like a self flagellating monk who uses this board as his whip in a public expression of faith in RRL
Its a shame to see this backing off from its highs but more frustratingly is the difference between WTI and crude. Anyhows. Time for a sunny weekend. Have a good one all. KRO
Nov, I appreciate your view and given the horrid times this has brought on so many people it is hard to disconnect the carp times we have been through. I think your view is, in my opinion, where we were a few (6 maybe) months ago. I think there is definate progress being made and the POO has really given Range a chance. There is a large element of a gamble here as a drop in POO could cripple once and for all Range. As ever with Range, we only know so much and that raises concerns with how much the BOD is saying. But given the updates of late, I think they are doing the right things. Also I can see a point where in a few year T&T is not the main event. I do wonder what we are doing though. We have lots of licences but have barely drilled any new wells in a number of years. Hope you are well and ATB. KRO
Surely, I stuggle to understand Celtic's position. I almost believe (hope) it has become almost a character rather than who he actually is. Perhaps these board have become a hobby to let off some steam. KRO
Hi bounty. You too are a reasonable fellow who quite rightly has the right to post your opinions and comments as well. My take on current Range (and I'll try not to let the past influence my views as much as I can, Considering what we all went through in the past)... I liken the current Range Board to a trophy company, controlled by rich people who like the idea of owning an Oil Company. Similar to when a foreign consortium takes control of a lower league football team. A bit of a hobby, which could come off but could also fail. If it comes off, then great. If it doesn't, then they can walk away having been paid handsomely while in situ. The debt is staggering, regardless of whether future income can service it. This was once an investment based on lies. It is now an investment based on luck and can they pull off a lucky boxers punch while they are on the ropes? Who knows. Good luck all. Nov!!!