I think the price will now drop back into the 30's says someone who toped up last week at 55!!!!! The waterflood news and reserve figures failed to move the price. We have been waiting for weeks now on the well flow rates and the time delay could mean disappointing figures so it's a gamble - buy now in the hope of good figures or hold back until all of the news is out.
Been in here since puntland those of you who remember those heady ramparama dats will know my pain. Have averaged down a little, thinking of a few more anybody willing to suggest where the bottom for this is ??
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…
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