I know it is none of my business but you should reconsider your investment strategy of investing nest eggs in high risk outfits such as this. I don't know how old you are and all that so I might be way off with my concerns......
Perhaps have a good look at your personal circumstances and portfolio etc. Nest egg and RRL doesn't make sense.
Ditto! I have a nest egg of well over 1.5 million of these. If my money was not here, it would have been in the bank earning 001% interest. I think and believe we will live to see that dream yet and hopefully not the nightmare. Read CH's comments below. Hope that sheds some light on RRL' near term future. He quite clearly explains why they have to work in the winter month in Russia. Swamps become liquid in the summer season hindering any work. Winter month swamps become frozen and work is far easier. Lets hope that 16km pipelines gets built and we see another 4000bopd added. That's some serious production increase and will help fund other projects.
Agree also however when you have put a decent lump of finance into a company and are now sat on pocket change it's difficult to remain positive especially as most if not all of ranges problems have been self inflicted and revolved mainly around poor management....of all company aspects. But, we live in hope or rather dream, perhaps nightmare.
Range Resources predicts production growth Wed, 22nd May 2013 13:41 Range Resources said it is well positioned to grow production as it plans to merge with International Petroleum to build an AIM- and ASX-listed oil and gas company.
The acquisition of International Petroleum is expected to bolster Range's current production by 300% to 76m barrels of oil equivalent (mmboe) of 2P reserves (proven and probable) and by 750% to 233m barrels of 3P reserves (proven, probable and possible).
International Petroleum's oil and gas projects in Kazakhstan and Russia will combine with Range's Georgian exploration properties.
Chief Executive Officer of International Petroleum, Chris Hopkinson, said he expects the merger to be completed in September.
He will take the helm of the newly merged company, which will focus exploration
in Trinidad, Russia and Africa.
In Trinidad, the QUN 141 well is being completed with logs indicating 160 feet of gross oil pay. Drilling is also currently underway on the QUN 142 well which is expected to encounter the same well-developed oil pay.
Hopkinson said the company was able to keep a tight rein on costs as it owns its own operating and drilling subsidiary in Trinidad.
In Russia, the firm is waiting for the "big freeze" to access towns that are surrounded by swamps in the summer.
The group plans to put an additional 10 wells into production, which are projected to increase output by 4,000 barrels of oil per day (bopd). Another 20 well targets have also been mapped.
Cashflows from Trinidad and Russia will then be used to fund exploration opportunities in Africa.
"We have an advantage over other mining companies in Africa because we have the cash flow and resources to back exploration. It gives us a huge leverage," Hopkinson told Digital Look and Sharecast.
International Petroleum recently acquired exploration assets in Niger, Africa which covers 7,000 square kilometres of highly prospective and underexplored land in the Western Central African Rift System.
Range has received commitments for an AU$20m placement from major funds and institutions which will provide a secured loan for the assets which will complement the company's current portfolio.
Hopkinson added the merged company expects to make £150m a year profit by 2016.
He also said it would consider exiting the ASX to become solely AIM-listed once its market capitalisation reaches around £250m. Range currently has a market cap of £82.76m on AIM.
Shares in Range fell 2.5% to 2.93p at 15:18 Wednesday.
But let's remember that Range has never been an oil company/developer. Their plan was always to prove up and sell. PL mentioned that one time about Puntland. Pity it failed on the first attempt, but I don't for one second doubt there is no oil in Puntland. Range became a developer when they got their hands on Trinidad. Being inexperienced on how to develop or fast track that asset has been one factor why we are sat at 3p +-. The mistake was having PL controlling Range, as he has/had very little experience of oil exploration. He has not been on top of situations. The rigs in TT being one example. Not having the repairing facilities in place etc. CH could be the person to change the face of RRL. I am as much peed off about RRL as anyone else, but given the circumstances and change put in place, perhaps in a year or two we will be singing praises instead of cursing and whinging.
Pretty much agree with all that.....think we are all a little frustrated with pace of progress....still trying to see the bigger picture......all those who invested for the long term have to try and remember this is still a relatively young company and therefore bound to make the odd gaff here and there along the way (and there have been quite a few) But as one of my colleagues here is constantly reminding people....if we'd hit in Puntland we'd be singing a very different tune.....plenty to come here IMO
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.