Bounty, you make a very valid point and I can definitely see where you are coming from.
I really hope you are right, I have held for so long that i'd sell at a loss now but not currently where I am sitting! It does make you wonder what 2017 looks like. I'm hoping we have a stupid spike with waterflood and new wells which give me the opportunity to exit before the LO invoice comes in!
Cardiff boy, I think the exact opposite. I think so many people are in so deep now that if they are holding on now, that they will likely hold on to a specific target. With things coming together, they will likely be filled with hope. This time around I will not be greedy, I have my exit clearly marked in my head, things may well change that will cause me to re-evaluate my position. BUT with lots of other oileys facing tough times, it could be a case that we are the shining light for the first time in a very long time.
Am quite optimistic at the moment, just hoping the incurred debts to date are not too big and we are in a strong position once the Annual accounts are published.
Hi Celtic, today RNS has finally given me some hope and looks very positive! I am still very much down on my investment as you know but new wells coming online, new rig up ready to rock, Waterflood coming online it's all starting to come together.
I believe in this BOD and will do even more so once the new wells and waterfloor start producing some oil. What worries me is profit taking as I imagine so many people are down in the red they cannot wait to get out of this which could hold us back a little.
Mick, I may be wrong but the 3 wells are not necessarily targeting the same reservoirs, I think that is the point. They would be directional wells as opposed to vertical wells hence the point made. But as I have said, I am not an expert and leave in in the hands of those who get paid to analyse these things.
workover Surely the more wells you drill from a pad the quicker the pressure drops? I think the reduced pay zone may also have effected the decision. I know it is cheaper to drill multi from the same pad but from a purely exploration point of view I'd prefer to see more drills spread around. Who knows what is lying under the old Niko concessions? The only concern is that Niko were supposed to have done a full survey of the site and Range don't seem to be in any hurry to test any of it.
Range Resources Yet more good news from RRL this morning as they update the market on their Trinidad drilling programme. The current well, MD 251 has reached TD ahead of schedule and encountered 60′ of oil pay in the middle cruse sands. This well and the MD 250 will now proceed to production testing and the company anticipates bringing them both into production ‘in the current quarter’. Meanwhile, the RRDSL rig, 18, has received Government approval and will drill the LD-1 which is now next in the 2016 programme and located at the Morne Diablo field. LD-1 is a vertical well and replaces the LD-3 which had been planned to be a directional well, it seems to be just as efficient and doesnt change forecast production levels. Range still plans to drill a development well each on Morne Diablo and Beach Marcelle and an exploration well on the Guayaguayare block this year.
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.