... Zak Mir called it right for once. His piece on Friday mentioned a possible dead cat bounce. I'd be inclined to think further suggestions of Georgia news today would have been the likely fuel rather than anything else... as Rich highlights last Tuesday's shocker hasn't altered and the company has a lot of shattered trust to rebuild. Whilst one might question the timing of JH's appearances, the content seems credible. Unfortunately CH the company has to deliver to stop this being a volatile trading share that delights canny traders and makes long termers ill.
The company’s timely seizing of opportunity in Trinidad significantly shifts its focus away from a heavy reliance on exploration, paving the way to growing oil production and potentially setting the company up to fully fund its future activities. Range has successfully arrested pre-existing declining daily oil production, increasing this by 120% since its arrival. Daily oil production crossed the 1,000bopd mark in July 2012 and is targeted to increase to 5,500bopd by the end of 2015.
An interesting and informative article from Oil barrel. Apologies to those traders only wanting to highlight negatives to facilitate that next lucrative trade:
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.
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