I didn't mention the SP, we can all spot trading opportunities . Your predictions for the fate of RRL have so far been pretty poor. I've been bearish on RRL for a long time, the latest update was the first positive we have had in years, in fact it's the only one I can remember that surprised me in a positive way. I actually bought some of this dog recently and I'm confident I will turn a profit.
Regarding the company turning a profit, a PLC can make a turd into a profit with a good accountant
Actually Bobo, my prediction over the last 4 years has been pretty spot on all the way from 5p! I also made a bet with several people here that SP would not be over 10p at the end of 2013 and I don't know how many owned up....
I said it would not be over 1p for long post Abrahams and it wasn't. Told people to take profits at 2.5p spike. Quite a few people thanked me. Lots of very good SP prediction over the years rather than consistently backing a basket case stubbornly.
In any case, the notes are a red herring. They haven't got to convert. They can convert if SP is more than 0.88p. In effect, you are no better off except that you pay 2% less in interest but if the SP goes up over 0.88p, the slice of your cake is smaller. There is no celebration on this note... SP is telling me the market is not convinced....I am not convinced. Small spikes are just driven by foolish emotions on large spread.
bobo/carve There is naturally a lot of suspicion over LO but when you read the report it is easy to see why LO would want to be in a position to retain it's preferred operational status. 5 wells this year 6 wells next year 21 wells in 2019 and 17 in 2020 - all of these projections excluding Guaya. and St Mary's Production costs estimated to rise from $16m in 2017 to $100+ m from 2019 through to 2030. A huge amount of money at stake for LO even if LO are only looking at a fraction of the expenditure. It is all of course dependant on waterflood producing the results.
the estimated LO costs are spelled out, capex for waterflood and drilling for years to come. As an independent report there will have at least a certain amount of DD, far more than anyone here can carry out. Its the best we have and is well worth a read.
So far your predictions for RRL have been pretty poor, thats not a personal attack.
Bobo, I think I have made some valid points there but of course some posters are just fond of personal attacks. I have lost a lot of money on GKP. My mistake like yours here was not selling early enough especially when you are in profit. That is called GREED. I live and learn and I hope I am wiser.
FYI, I did trade GKP for decent profits and I bailed out well before the ship sank! My average was 67p and I started derisking it when it fell below 50p and sold the last lot at 30p. It was evident that mktcap and lack of buyers would mean the company would eventually fold. The Afren fiasco has shown me enough of what would happen to a company once the SP falls beyond a point of no return. You can read all the reports you want from the company but ultimately, you cannot fight actual numbers.
If Range does manage to turn a profit this year, then there maybe light at the end of the tunnel but I just can't see how looking at the numbers.
Mick, the 440bpd production was just used as an example to annualise the revenue. I accept that in 2017, it could well be 1000bpd but even then, there is no profit for Range. Only profit for LO which is the part anyone here should be very very uncomfortable with.
I am sitting here wondering why none of you can see that having the main supplier running Range's management is a huge conflict of interest and one that every PI should be wary of. If PIs somehow has couple of ~NEDs on board, then in might work but right now, you can just be fed any sort of BS.
Carve I know that you don't seem to update before you spread your doom and gloom. In your last post you write about monthly figures of 440 barrels when a recent RNS spoke of year end in excess of 800 bopd. The annex report of the GM notification is done by an independent assessor appointed by the ASX. I appreciate that the figures he works on are supplied by the Range BOD but he has also done his own research and has to submit a report that is open to scrutiny as many of have done so. Your views are too blighted by Lanauism and you don't seem to have moved on. We either have to accept that the current Range has no comparison with Landau's Range or we don't and you obviously don't. The planned expenditure as production increases in 2018-20 explains why as sole agent, LO are so keen for a bit of the pie. You are of course entitled to your opinion which is what BBs should be about. I'm sure bountyman will give you an invite to the 10p party which could be towards the end of next year perhaps!
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