RRL provided all the information, to enable the financial analysis to take place. They had to to raise the funding in the first instance.
This showed how the profit from water flood is used to cross subsidise the drilling activity, hence the current manufactured drilling delays.
They appear to have hit a problem in making the capital investment on water-flood, without the water to optimise it's usage. This delays the ability to repay the loan, hence they are pushed out by a further 12 months plus interest.
You can say that the drilling may not succeed and then there might not be enough cash (obviously that is the case with all new exploration backed by credit, however long the payment terms), but you can't say that drilling cannot succeed and so therefore interest cannot be repaid as an absolute. There is a clear and obvious future in which output hits thousands of bopd and then obviously interest CAN be repaid along with providing a big return to shareholders, such as myself. Hence my investment and interest.
This share does have a history of being over-hyped. Somalia was a disaster. Texas was a shambles. Georgia was a failure. Russia was mindblowingly dumb/immoral. You can only judge the current merits, however. Bygones and bygones and thankfully Pete has by-gone some miles away back to Native Australia.
There is NOW a very large scale drilling campaign in Trinidad that for reasons that elude me has never been seen within Range before, instead we bailed out Russians, Columbians, Somalians, etc. This waterflood should have been done years ago, but it is now happening and is progressing. So judgements remain on whether you believe it likely to succeed.
This is the position NOW. If you doubt 100bopd per drill fine. An opinion. If you doubt waterflood, fine. Celtic over-ramps, fact. You guys are looking to de-ramp and buy in, opinion. That said, I know why Celtic is here, I don't know why people who hate a company so very much are constantly using their valuable time clogging up message boards so I can't see legitimate opinions, just self-interested de-ramping to prey on the vulnerable which personally I take offence to. Facts are FACTS, bs is BS. Now please take your agenda elsewhere and stop being an irritant.
Otherwise post nice well rounded arguments beyond dumb arguments that they can't meet interest for INCREASED OUTPUT from the CURRENT OUTPUT levels. That's just dumb and unintelligent. Please be more intelligent.
Honestly. As daft as it sounds Celtic is right. What a load of nonsense.
New drills are targeting 100bopd EACH on a CONSERVATIVE basis. Waterflood is 250bopd plus 2500bopd. There is more potential from further Waterflood projects on a similar magnitude. All this will come very fast and I sure hope these guys don't trick a 0.2p buy in out of long suffering holders just before all gets good.
Let's be honest here. These are not Samaritans who out of the goodness of their hearts post day in day out negatives about a company. They are not posting as investors sharing their own convictions, they want to be investors without paying a fair price.
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