Range Resources Limited (?Range? or ?the Company?) 29 August 2016 Range Resources Limited Australian Office Range is pleased to confirm that the QUN 159 well which was spudded on 8 August 2016 has reached target depth of 2,500 feet. This is the third development well drilled by Range in Trinidad this year. The well is located at Morne Diablo field and was targeting the Lower Forest and Upper Cruse horizons. Preliminary analysis of the well indicates approximately 40 feet net oil pay . The programme to perforate the well has been approved by the government and Range intends to proceed with production testing of the well during early September. Production testing on the two previously drilled development wells (MD 250 and MD 251) is also underway. All three wells are expected to be brought into production during Q3 2016.
LGO like many other Aim shares was/is just one giant money racket. Set up by 'businessmen' to make as much money out of us poor mugs with the false promises and dreams of making a fortune. While individuals milk the company dry and issue more and more shares to fund their lifestyles. ( remind anyone of a certain someone ? )
All legal of course ..the government have to look after their mates and their party donations.
There is still a major trust issue with the share (not surprising given history) but If the next news is another well drilled within target, decent flows of last wells and other rigs signed off I think the buy on news brigade will outweigh the sell on news. With water flood to come we could soon be the company most of us thought we were buying into. Time will tell.
Be aware of the risk of a 'sell on news' event even if any RNS is good, particularly given the recent largely unexplained rise. The key market participants seem to be keeping their powder pretty dry, huge spread 0.50-0.60 and the keen having their arms removed.
Celtic, I fully get your point about the timescales on the drill and I am wise enough to understand that minor delays are possible. I don’t think its unreasonable to be a little suspicious when no news is forthcoming. It’s only a few days but given “old range”, MD248 etc and the fact we hung the bunting out over the last 2 drills being drilled ahead of schedule makes me a little worried.
More than happy to see a gamechanger RNS with flow rates, TD, water contract or Sinosure deal.
It’s not necessarily a bad thing that the SP rise has taken a breather. Allows a new push when and if positive news is forthcoming.
Not sure now whether I want the RNS now with a Bank holiday Monday or to wait until Tuesday to get the full effect next week of any increase.
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