The 1P (proved) are down but see the table which shows why they are down - Revisions and production (FY 2016) However the 2P reserves (proved plus probable) are up 11%. I expect this has more to do with the accuracy of LO's analysis against the analysis of the previous management. Malcy wrote"1P reserves are up to 17.3 mmboe whilst 2P increase by 11% to 24.4 mmboe." I don't think he was saying that 1P reserves have risen just that we have up to that figure available in 1P.
Range Resources Its been a busy time recently as Range update the market on a number of things although at least it is positive news coming through. After Tuesday’s waterflood update we now have a CPR from Trinidad which is pretty positive. 1P reserves are up to 17.3 mmboe whilst 2P increase by 11% to 24.4 mmboe. As I said recently, the company is sticking to the knitting, working hard on the waterflood projects and hoping to deliver the goods, long-suffering shareholders of Range are probably finding the change rather cathartic…
My interpretation on reading the RNS was that Landau happily paid Forest Gump for 3P figures so he could use them in his spin and rampfest. This lot however seem more sensible and won't pay for something they don't immediately need.
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