Celtic - I'm not going to get into an argument with you as there's enough trolls for that as you well know. However when I say there is no reason for a bounce I say it for a reason. I'm actually still positive on the company. The assets are the reason this hasn't folded considering the hash that's been made of it so far. Having said that I sold after the last batch of RNSs because they basically said it's really **** and going to take a minimum of 2-4months to see any improvement (and proabably make you endure horrible finance pressure in the intervening period). So, I plan to buy back in, and the past few days probably caught a few. But I see no reason to. The single only thing which would change that is a Geo sale for a big sum. Possible, but I wouldn't bet on it, so I'm not.
"The upcoming onshore exploration well on the Guayaguayare licence, due to spud by Q1 2015, will be the deepest well to be drilled by Range to date and will test two sandstone targets in the highly prospective Gros Morne formation with a combined P50 resource estimate of 22 million barrels."
Surely drilling contractors would have to be involved .... with a working rig of course :) MDF248 comes to mind for some reason :0.
Crikey, CH. 2m!!! And you have siad what your average now is. I reckon you are on a pretty sure bet with Range. If they go to 4p (which they surely will reasonably soon), you can buy the whole of the Rhondda valley. 20p and you will be made Prince of Wales.
My apologies too to manos. I assumed. It amazes me that so-called traders jump on here all the time to try to ramp and deramp to try to make quick money. Does it happen on other boards - haven't noticed it much. For some reason, RRL seems to attract that sort of person; those who hold no shares but, for historic reasons, want RRL to do badly; those who stalk and troll; and those who still think the share should be priced at 40p and it is fault of the present BOD (RSR, CH, Helen and Eva, I think) that it is languishing between 0.61 and 2.7p this year.
But another good day today, and who knows what Tuesday will bring.
I too only have two shareso right now having consolidated my position, Range and Aminex, so we have that in common, I have two million in Range and 1.5 million in Aminex so I figure I only need one of them to fly to make it a worthwhile investment. Personally I think they both will. Apologies if I have misjudged you but if you have read the history of this board you will understand why. Lots of new names appear from nowhere but seem to know a lot of my history. I will reserve judgement for now though and see where this goes (or Aminex). GL :)
i only hold two aim shares PLE AND AEX one doing terrible the other going great so far .sold out of LGO today with a very tidy profit I only dabble in a small way complete amateur. I just think rrl will drift until the black stuff starts to flow if you think otherwise fine each to their own opinion . I Help train kids at ashington amateur boxing club ( hirst centre ) check it out the fat guy in the picture is me ,put a few pounds on since my hey day well 5 stone to be exact ,anyway a few bob curtesy of Leni gas oil will help in a small way
Certainly there is plenty of scope for Trinidad to right the company's finances - there are 22 million barrels of 2P reserves, an impressive 19 million of which are in the 1P category, and plenty of upside – but it needs investment to keep the drillbit spinning, rehabilitate old wells and invest in second recovery techniques.
Of course the blow for shareholders this week was that the big disappointment was another missed production target in Trinidad, where Range has confirmed it won't hit its 2014 exit rate of 1,000 bpd.
Scott Russell is hopeful, however, that the company will meet this target during H1 2015; current production is 564 bpd. Further out, these oilfields could be pumping so much more but Scott Russell has been rightly cautious in releasing production targets.
He is looking forward to chasing down some of the upside in the portfolio. The upcoming onshore exploration well on the Guayaguayare licence, due to spud by Q1 2015, will be the deepest well to be drilled by Range to date and will test two sandstone targets in the highly prospective Gros Morne formation with a combined P50 resource estimate of 22 million barrels.
If this comes in, it would be highly material for the company, not just because of its volume but also the productivity of these sandstones, which have been known to deliver IP rates of 200-400 bpd.
Beyond Trinidad the company has been trimming its exposure to high cost assets. In Colombia, for example Range has this week exited from the PUT-6 and PUT-7, where it faced expensive exploration commitments. Exiting from these blocks means the company has had to write-off a US$3.48 million performance bond – cash it can ill afford to loose but it was in even less of a position to fund the work commitments.
This isn't a total exit from Colombia: the company retains its fully carried 10 per cent interest in the PUT-5, VMM-7, and VSM-1 blocks in the Putumayo and Magdalena Valley Basins, where the next round of exploration work – 2D seismic and one exploration well on each block – will be carried by the operator.
In Guatemala, the company there has been a partial sale of its stake in Citation Resources and in Puntland, while it retains its onshore exposure, it has rightly decided not to exercise its option to participate in offshore exploration. It is also making progress to dispose of its assets in Texas and Georgia, but this moving slowly and is largely out of the company's control.
A lot is riding on the company's ability to realise value from the promising asset base in Trinidad. Shares in the company were back under a penny at 0.85 pence per share on Thursday, having been as high as 2.7 pence over the summer months.
Datafeed and UK data supplied by NBTrader and Digital Look.
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.