Thankyou for your comments, and yes, I had forgotten. Reason: Not spending enough time reading all your posts as I am running my own business which is probably going worse than Range was. However, apologies for being rather blunt, but hopefully, what you say about the Waterflood. Trying to forget the Old Range is like trying to forget my poor old Moggie who was put down last week after 15 years. That was a 1000 times worse than a delist and losing Four Grand which I would have gladly sacrificed to ensure two more years of her life. That can bring even the hardest of us to our knees. Did me, and some of you know what I mean................won't go on about that now, it does me in and I've had enough Booze in one hit to last me a month! Nuff said but getting there. :(
I am fine, Thankyou! Sorry for the pessimism but it goes with the share (as it WAS) rather than what I/we hope it will be. Passed experiences with how this has been is hard to shake, as you and Carve' well know, so I will need to see more than just words to change my opinion although it appears that we now have a fighting chance of this actually amounting to something at last. A NEW company, yes, a new, profitable and succeeding company remains to be seen overtime. I would like to get 25% of my £4k back so it's in my own interest to wait and see with everything crossed.
I am a realist, always have been and until I can see tangible evidence of an improved performance or that which makes it much more certain, such as the use of the funding actually *proving* to work for our benefit. For now, I remain sceptical until nice Blue numbers up the top indicate it's going the right way unrelenting, with matching news that is conclusive to indicate that Range will not delist for the forseeable future and production is going well. Words from CEO's on the AIM have mostly been cheap talk and fantastic deals that never or rarely materialise.
Drilling is going cost a mint; look what happened at Puntland, if they get it right we're quids in. Get it wrong and a lot of that cash is down the Swanney and we stand only fair chance of a full recovery. I think the result may be money depletion very quickly with little chance of any more funding due to debt with a further hike on Placings before any extraction of oil creates a break even situation. Break even would be a very good result. Purely my guess ONLY, so we will see.
Well it's both. Recover the proven oil with modern waterflood recovery techniques and get the cash rolling in. Then gradually step up the exploration of our massive acreage in a proven prolific oil region. We've got a very big chunk of the pie on Trinidad by anyone's standards so it's just a case of doing something with it instead of very little as happened previously by our "brilliant" management. LGO's success only serves to highlight the potential out there of which we have a much much larger position in. So fingers crossed the funding is finally secured and they can become a model to learn from in a good way rather than a bad way.
I agree about the waterflood regenerating the shallow wells but let's not forget the step out wells that have yet to be drilled and the brand new deep drilling rig that LO have on order. I have a strong suspicion that, in light of what LGO have achieved our long term focus will be more deep drills.
Andy. You seem to be missing out on the waterflood development and LO. There must be hundreds of thousands of acres where the shallow wells are so depleted as to be worthless. Waterflood seems to be the answer in flushing out a large part of the remaining oil at an impressive, all be it short lived rate. We need to stop thinking of Range in the same way we did in Landau's day. WE have 100s of thousands of acres more, we contract out the drills at a competitive fixed rate and we only have a limited number on the payroll. Forget the old range!
Well depletion is a problem, that’s why water flood is actually a primary recovery method rather than secondary or tertiary.
They will probably use a 5 star water-flood. 4 injectors to one producer. The depleted wells have a second life as water injection points. This sweep / pressure means that the producer suddenly hits a high bopd for a sustainable period of time.
Profit margins per barrel are increased on a forward looking basis because a significant amount of costs have already been incurred.
Hope you are well :+). A lot of what is coming out in recent news sounds very positive, but at what price to private shareholders??
DC has cleared the baggage which has long weighed down RRL i.e. divesting from Texas / Georgia etc. They are potentially getting in some rigs which can undertake proper commercial drilling of T+T rather than the array of scrap metal Landau acquired, we all know the Rig L8 stories.
Assuming they continue to clear up the §h!t in the kitchen the question remains can T+T be commercially viable?? Well depletion remains a problem and is substantiated by RRL struggling to have ever achieved a production level near 1000bopd let alone the 2000~3000 bopd they need to make this company profitable, this also assumes a considerable increase the price of oil.
I truly hope the current flurry of potentially good news comes true, and is not just more of the same old same old whilst large salaries and fees continue to be drawn, RRL shareholders deserve to have the company focus upon producing oil rather than all the Machiavellian bs which has prevailed over the last three years.
You were fortunate to get out when you did, good on you mate. All this funding sounds as though it's going to really get things going at last......Hmm. We are all curious as to what the Share Price will be once this come out of suspension? I would guess at much less than 1p. Why, because production isn't yet anywhere good enough to get it much more than it is now. We have funding but a small product and not enough 'ooomf' behind it to excite the Market until it's put into good use and viable product with excessive costs. I reckon this latest funding will be mostly gone within a year, then what? I am here at 15.9p, I think the chances of anywhere near 3p for the next year is remote, but not impossible. Philistine that I am, there will be even more dilution and for a share with 'billions' of shares in issue, we're going have to procure some very serious business to make this share ever work. Wonder how much of this funding will be absorbed in 'essentials'? See what happens in a tear or two!
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