I suggest you go back to basics. Why do a 3 drill pad in the first instance. It is not to drill the same reservoir 3 times. It is normally used to explore 3 different potential areas which can be accessed from one point.
The 3 areas remain the same regardless of the result of the first drill, so you can not imply as you attempt to do, to say the first well must be very good and hence work continues. It could be very poor. The 2nd and 3rd targets remain independent.
RRL initially said they were going to undertake production testing and then changed their minds. They have done logging, this would give an indication of the commercial viability and yet all they say is a non-technical summary. Encouraging could mean they have enough information to confirm the results of their pre-drill evaluation and hence move to a 2nd, based on the same evaluation methods. It can’t be taken to mean it is commercially viable.
Looking at the net-pay compared with others they have reported, it looks to be no more promising than other drills that end up on pump.
Hi Photo/Bounty - Good to talk again. I was practically out of Range as needed to sell but built up my holding again so difficult to tell what my real average is. I have a couple of holdings. In my SIPP, I will never break even unless I get the chance to average down by selling another stock. Average is double figures.
Was going to average down if/when MXO hits 3 or 4p - didn't sell at 5p. Anything higher would be a bonus.
In my ISA, my average is quite low - around 2p - but not a bagger. In my trading account, I have about 400,000 at .5p so a bagger is possible.
Overall, I doubt if I will break even but plan to sell at anything over 2.5p unless there is an asset purchase which would improve our outlook.
Like you, my business was not going too well and I had to sell the office to cover debts, salaries and tax. I am back on my own again - no staff - BLISS!!! But still have a long way to go - and retirement is just two years away!!
I also have a million in MXO so 4p would be very handy. I need to make £85k from RRL, MXO and RMP to be debt, overdraft and mortgage free. I remember dogpog - who was a great advocate of RRL - pull out completely at double figures because of something he detected about Landau. He didn't elaborate on what it was but it turned out to be a wise move.
Bounty - Thanks for your kind words. There is a lot to look forward to - at long last - but anything above 2.5p to 3p depends on an asset purchase.
OMA, it is clear that you are speculating wildly with no real foundation. You know they have not done any productions testing on the 1st well so can’t report on this.
Do you believe that they would use the word encouraging, along with providing the amount of pay found and bother to drill another 1 possibly 2 wells from the same platform if they did not think it was worthwhile and beneficial for the company.
You have nothing to support your statement and once again you are scaremongering.
If you are so confident, again, why not put a short on and then you could show us what a strong intelligent investor you believe yourself to be.
Range Resources As has been mentioned here a few times recently Range appears to be getting its act together, today the company announce that the Beach Marcelle waterflood project has commenced with the start of two injectors. First oil is expected 1Q 2017 and will average 1,600 b/d over its 8 year timescale, plateauing at 2/- b/d. Over at the Morne Diablo project waterflood is ongoing and the long term increase in production over the two projects will be material and the economics are significantly improved by $50 oil. - See more at: http://www.malcysblog.com/2016/05/oil-price-range-resources-victoria-oil-gas-amerisur-resources-finally/#sthash.89m7NBhl.dpuf
Hi mate, sorry to hear that you had to sell an asset. Nothing changes for me, but it could have done for the same reason as you... PL. As you know, he's been up before the Beak and had his assets frozen pending the case for alleged Fraud or whatever it is. You can read about him online. I said from the start he was a bad egg.
I am still try to keep my business afloat but have no real assets apart from my House. I am now going to sell an Antique watch, c1920s ish, 40+ diamonds all around the outer casing, plus I have my coin collection to sell, some Roman some Silver/Victorian. I need to get my other car fixed for July so sadly, they need to go to pay for it. Overall, business in general isn't that good as 'nobody' has any money and I can feel a recession coming on later.
See what happens on the 23rd, but it's unlikely we will be 'Out'...too much Brain Washing and many will vote with 'Better the Devil you know' and 'Remain' (under the unelected 'Corrupt' Dictatorship).
I have been here for (lost count now) but this must be my 8th or 9th year and down by about 99% which is several thousand pounds. Lots to me, Peanuts to others. My business would last ages on that amount being the careful person I am with money, my boy :)
I have a relatively short while to go before I can draw my State Pension but will have to carry on working and doing something. I can pay my mortgage and live on State & Private Pension...but only just. It mean no Holidays or a cheap week in a Tent which I enjoy. Heinz will do well out of me, that's a lot of tins of beans which 'does exactly what it doesn't say on the tin!'
Can't ever see Range of being much cop. What was your buying price or daren't you say? Bet I can beat it!
I said I stay here until I realized a profit, unless you have bought in at less than a couple of pence or so, the chances are that Investor's who are under 30, mat stand chance of getting a profit rather than my whacking double figure buy price :(((
Indeed Volley, think we had c. 1 billion share in circulation when we were at 24p as opposed to around 7 billion at the moment so 3p is the new 24p it would seem. That was with all of the hype surrounding Georgia and Puntland.
I hold around 2m at the moment at an average of 0.5p, have been in and out of the shares over the time I have been holding, even shorted it at one point around the Puntland oil to water fiasco.
Firmly see a positive future. I am hoping that the news is loaded for the most impact (though how many times has this been said). I hope that MD250 (all three drills) are finished around October time, same time as the waterflood starting to up lift the BOPD.
Also we still plan to drill 4 other wells this year which, again, are designed to be high impact wells.
Hope you don’t miss out on any sizeable jump as we know when Range moves it can move fast.
My target of c. 2p still remains, however, I feel this my be more towards this time next year rather than the end of 2016 as I would have hoped.
Yes I have been here since I was a whippersnapper. LOL. Just wondering because I have corporation tax to pay at end of June so may have to sell my holding and then build it up again. But it looks as if I will have time to do that. I hold over a million here currently.
Yes I am looking forward to 2017 but this company will never reach the previous heady heights with so many shares in circulation now.
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