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
Been in this share for over 12 months now and saddened to see epic slide. I think problem is not what assets the company may have or whether they are factored in or not, the market sees and is aware that Range have constant trouble running a p*ss up in a brewery and have constantly churned the same promises over and over and not delivered whilst raiding the coffers to pay for all sorts of b*ll****. The market sees this and has labelled the company accordingly. Smart money would not touch range with a barge pole, or rather smart money does touch provided it has mates on the inside. We are the losers and always will be. I can even see a day when maybe Range will stubble across a nice sizeable find and I would not be surprised for one minute to then find out that there was some funding dilemma or we did not actually own it or some rubbish. There is always an unexpected drama behind everything but funnily enough someone connected with the company always seems to prosper. I really hope I am wrong and it all comes good and I can retrace my loss but I'm not holding out much hope at the moment. The way things are at the moment I see CH being put in place as a beacon of hope to convince all us losers whilst the Range becomes bigger and more fragmented so that in reality we will not actually know wtf is going on at all because the structure and development will become so onerous.
You got some weight there, but remember new assets are coming from the merger and have some value, hence 5 billion shares. Expect a big upsurge once 4000 come online in Russia. Yes we had less shares in issue when at 24p, but we also have new assets as a result of the dilution. We just need the markets to wake up and the bopd to increase. Give CH that chance where PL failed and we will see a different picture here. CH is an experience oil man, PL is an ex solicitor. Nuff said.
Thanks - wits have been kept about for over 18 months!!!
People talk about assets still to be priced in - but again this talk has been on-going for nearly 2 years. When do they *actually* get priced in!!
Much like hawkey's post, people tend to list of what's to come. But with PL constantly missing his deadlines/promises, its difficult to believe things will actually materialsie at all.
Now, I'm not aiming to deramp, etc. as I'm effectively forced in here and sitting on a substantial loss given my average, maybe like some of you (though equally I'm sure there are plenty who bought in sub-4p), just trying to understand when things will get moving after nearly 2 years, and what others in the same boat are thinking.
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