It's not easy to know what has been going on with Trin mainly because of protection from the Fsp, so anything stated leans closely to speculation, we don't know what happened with citibank, they may have tried some tactic which made Trin go for bankruptcy protection, and nothing yet is known about the refinancing but I doubt very much if liquidation will be the remedy at this stage, it's a shame that it has been allowed to get to this level considering it is a profitable business with Wti at this level,
AA I appreciate what you are saying but TRIN seem to have real problems. The BOD have been saying for many, many months that they are in negotiations to sell assets, they announce a sale and eventually it all falls through. They are producing over 2000bopd which they say is profitable down to $15. Where has this cash been going to? Are they doing any new drilling? Do they have an outstanding tax bill as well as the money they owe Citibank. The BOD don't seem to have a good relationship with Citibank, don't seem to have made any effort to bring down the debt and have now burned their bridges with Citibank and will have difficulty finding another lender after the way they have treated Citibank. My comparison was with your current BOD and ours under the Landau regime. I hope for the sake of the TRIN shareholders that something can be sorted out. New finance might be achievable but will require millions if not billions of new shares being issued. I think the sharks are circling!
Over the weeks/months both TRIN and LGO have been related to Range in a variety of ways including takeovers. We were assured that LGO would quickly rise to the mid thirties on a forthcoming RNS. The only RNS has been one announcing a further 750,000,000 shares being issued and queries on the BBs about Ritson and where has the money gone. TRIN appears to be on the way out and the major problem seem to have been corporate expenditure and poor BOD leadership. Both these problems are all too familiar with the LTH who came through the Landau era. It also reinforces why our current BOD have been so prudent on the corporate expenditure side. Unfortunately for the LGO shareholders they now have to sit and watch their SP drop as the company who received the 750 million shares offload them to pay the debt the issue of the shares covered as we did with Landaus Wonga loans. I think Range is now sitting a lot better on AIM than many companies which might help explain our recent rises.
Cheers Trump, I have been around Range a very long time. They are one of the shares that I admittedly have somewhat of an emotional attachment to as it has given me exceptional highs and exceptional lows. I have invested in as high as 18p and I have also shorted Range at times following bad news so I am certainly not simply always positive on the share.
I am fully confident going forward that the board can develop me some final profit so I can walk away from AIM once and for all and have fond memories of it and Range. The resurgence of the POO over the past week is no doubt working in our favour. From memory, due to taxes/royalties the POO of $49 is better than up to about $62, but someone would be able to clarify this.
Would hope for an RNS first thing Monday, sticking with the recent trend of drilling on or ahead of schedule, with some decent net pay. This should hopefully be followed by flow rates on the 2 recently completed wells then hopefully some news over the next location they intend to drill at.
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