To clarify I did not post anything misleading, Range stated that they expected to Spud "early next month" (July). That was not a precise date but an approximation, drilling is not an exact science as we all know so the 15th is fine by me. How many days earlier would it have taken to satisfy some of the serial complainers I don't know. Maybe if they had spudded in the first week the complaint would have been that it was at the beginning of the month rather than early, who knows :)
Celtic, firstly before any accusations of me deramping, I hold c 2m shares and want this to increase as much as the next person.
You are simply posting misleading posts, Range missed early July, you cannot spin it any other way. Pedantic or not it is yet another missed target. This is even more frustrating when the general stance of the company of late is vague statements such as soon and shortly. I am exceptionally frustrated that it has taken so long since the last well to drill a new well a number of feet away. LGO, from memory, managed a much quicker turnaround than we did so there really are no reasonable excuses.
As for your comment over there not necessarily being a 3rd well. You should really be hoping there is a 3rd well or this would indicate to me that these well results have been less than desirable. That said these are seen as “extra wells” to the 5 planned this year. The level of drilling for a O&G E&P company with a BOPD of c 500 BOPD (probably less now they have scaled back workovers) is shocking. We get paid on selling the stuff we get out of the ground. We should be pressing ahead. Delivering positive figures and making the island look like swiss cheese given the size of our acreage. YET the idea of TRIN sounds like a good idea. LO cannot even get the rigs signed off to try and drill ahead.
Pete/mini, as frustrating his can be to read, continues to call the company as he sees it. I am massively hopeful but little things like this add up to a bigger frustration on my behalf.
Also, I agree that there are the potential for massive uplifts next year with the waterflood BUT at present we don’t have sufficient water (and will sign the contract for Petrotrin’s waste “SOON”) and also do not have the funds to deliver the project in it entrity as we still have not signed the Sinosure deal which again should be signed soon (or shortly – I forget which kick a date down the road adjective they used last time…)
As I say I hope for the best and have been here for 6 (maybe more years) so think that I have seen all the sides of Range in the times I have been invested.
If only the Chines would adpot a 'can do' or even better 'can do ontime' attitude. Rex, if they have a cunning plan NOT to drill much as you hint at they should tell shareholders and not constantly lie to us.
Others not taking account of low oil price and prime policy of water flooding.
Range need higher production levels and preferably a higher oil price. This has to be done via water flood to maximise returns and use of funds. Basic economics that the Chinese understand but many shareholders do not. We have been dealt this hand when the alternative was losing everything. Time to suck it up and leave it to the professionals on the BOD who have stopped the company haemorrhaging money and have accepted lower pay. Thank goodness we are leaving the EU since so many have been infected by their can't do attitude. Time for the British bulldog spirit to come back.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.